Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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*41M.Num Narrative of Financing Plan I. Construction 1+iiianchig: Total construction period development costs are estimated at $98,144,495 and will be funded as follows: 1. The project has a construction loan commitment from Citibank, N.A. in the amount of $53,247,500 (plus a $12,689,500 taxable construction trance, for a total of $65,937,000) with a 36 -month term at a variable interest rate. Citibank is providing this construction loan through their 4% LIHTC Construction/Permanent Loan Program. This conventional loan will be used during construction to fund a portion of the construction costs for the above referenced amount. 2. The Developer will defer a developer fee totaling $8,459,128. 3. The project has a committed equity investor -limited partner, AEGON, that will make equity contributions of $10.164,088 during construction. 4. The Developer will defer reserve funding totaling $1,039,383. 5. The project has a loan commitment from the County of San Mateo in the amount of $7,057,896, to be paid from residual receipts with a 55 -year term at a fixed interest rate of 3%. 6. The project has a loan commitment from HEART in the amount of $3,500,000, with a 5 -year term at a fixed interest rate of 3%. 7. The Developer will provide seller carryback financing in the amount of $1,987,000, with a 55 -year term at a fixed interest rate of 7%. 8. The project has met all of its readiness to precede requirements. 353 Main Street Family Apartments Redwood City, California ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 66 of 143)