Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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II. Permanent Fi iaacing Total project costs are estimated at $99,867,088 and will be funded as follows: 1. The project has a permanent loan commitment from Citibank, N.A. to provide conventional permanent financing in the amount of $49,159,000 which will be serviced from rental income. The term will be 15 years with a 30 -year amortization. The estimated interest rate will be 4.335%. 2. The Developer will defer a developer fee totaling $7,642,851. 3. The project has a committed equity investor -limited partner AEGON, that will make total equity contributions of $28,917,728 which includes $10,164,088 during construction. 4. The development will generate approximately $1,602,613 of lease up income. 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 the City of Redwood City in the amount of $3,500,000, to be paid from residual receipts with a 55 -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. 1199\09\2727850.8 353 Main Street Family Apartments Redwood City, California ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 67 of 143)