acuho presentation 06 28 09
DESCRIPTION
TRANSCRIPT
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Portfolio
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Certified Small Business
Founded 1988
Principal: Jon Grant, AIA, NCARB
Vice President of Design: Gordon
Ingerson, AIA, LEED AP
At a Glance
Design Focus:
- Student Housing
- Higher Education Facilities
- Research Facilities
- Senior Housing
- Professional Office Buildings
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Architectural Design
Site Planning / Selection
Master Planning
Renovation & Expansion
Adaptive Reuse
Historic Preservation
Interior Design
Space Planning
Senior Community Design
Facilities Surveys & Reports
Project Management &
Coordination
Our Services
Facility Space Programming
Zoning Studies
Project Animation
3-D Computer Modeling / BIM
Facilitation & Focus Group
Sessions
LEED Design
Specification Writing
Programming Research
Construction Administration
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• Carnegie Mellon University / West Virginia University Institute for Scientific Research Huntington, WV
• Salisbury University University Village, Halloway Hall Campus Commons Salisbury, MD
• California University of Pennsylvania Student Housing California, PA
• University of Connecticut Student Housing Storrs, CT
• Grove City College Student Housing Grove City, PA
• Glassboro University Student Housing & Academic Village, Glassboro, NJ
• University of Arkansas Master Plan Magnolia, AR
• Gallaudet University, Natatorium, Washington, DC
• St. Mary's College Classrooms & Lab, St. Mary's City, MD
• Marshall University Student Union, Huntington, WV
• Prince George Community College Bladen Hall Largo, MD
Higher Education Clients
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Award Winning Design
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The Institute for Scientific ResearchFairmont, WV
Award-Winning Design
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The Institute for Scientific ResearchFairmont, WV
Award-Winning Design
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The Commons,Salisbury UniversitySalisbury, MD
Award Winning Design
Educational Design
ExcellenceIn American
School & University
1998
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The CommonsSalisbury State UniversitySalisbury, MD
Award-Winning Design
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Colonial Hall,Grove City College
Award Winning Design
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Village at Waugh ChapelGambrills, MD
Commercial Projects
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Community Focus
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Higher EducationGallaudet UniversityWashington, DC
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Higher Education
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Halloway HallSalisbury UniversitySalisbury, MD
Higher Education
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College of Southern MarylandLeonardtown, MD
Higher Education
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Marshall UniversityHuntington, WV
Higher Education
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Bladen HallPrince George’s Community CollegeLargo, MD
Higher Education
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Bladen HallPrince George’s Community CollegeLargo, MD
Higher Education
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DUQUESNE UNIVERSITY SUPERBLOCK
Higher Education
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Higher Education
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Higher Education
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Higher Education
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Higher Education
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John Hopkins Graduate HallBaltimore, MD
Student Housing
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Student ApartmentsCalifornia, PA
Student Housing
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Storrs, CT
Student Housing
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Student Housing
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Academic VillagesAcademic Village & Student HousingGlassboro, New Jersey
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Academic VillagesAcademic Village & Student HousingGlassboro, New Jersey
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Academic VillagesAcademic Village & Student HousingGlassboro, New Jersey
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Colonial Hall,Grove City CollegeGrove City, PA
On-Campus Housing
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Colonial HallGrove City CollegeGrove City, PA
On-Campus Housing
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Colonial HallGrove City CollegeGrove City, PA
On-Campus Housing
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Glenville State CollegeGlenville, WV
On-Campus Housing
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Glenville State CollegeGlenville, WV
On-Campus Housing
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Colonial HallGrove City CollegeGrove City, PA
On-Campus Housing
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University VillageSalisbury UniversitySalisbury, MD
Off-Campus Housing
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University VillageSalisbury UniversitySalisbury, MD
Off-Campus Housing
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Salisbury UniversitySalisbury, MD
ON-Campus Housing
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Salisbury UniversitySalisbury, MD
On-Campus Housing
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Salisbury UniversitySalisbury, MD
On-Campus Housing
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University of VirginiaCharlottesville, VA
Off - Campus Housing
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University of VirginiaCharlottesville, VA
Off - Campus Housing
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University of VirginiaCharlottesville, VA
Off - Campus Housing
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University of PittsburghPittsburgh, PA
ON - Campus Housing
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University of PittsburghPittsburgh, PA
ON - Campus Housing
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University of PittsburghPittsburgh, PA
ON - Campus Housing
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University of PittsburghPittsburgh, PA
ON - Campus Housing
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University of PittsburghPittsburgh, PA
ON - Campus Housing
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University of PittsburghPittsburgh, PA
ON - Campus Housing
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University of PittsburghPittsburgh, PA
ON - Campus Housing
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University of PittsburghPittsburgh, PA
ON - Campus Housing
GrantArchitects
University of Pittsburgh Freshman HousingA Silver LEEDS ProjectBeds 577
Parking Spaces 52
Land Acquistion
Land and Building Acquistion $0.00
Total Land Acquistion $0.00
Construction Costs Area Cost/sf Total Cost
Parking Garage* 14,588 $65.00 $948,220.00
Residential 113,958 $156.25 $17,805,937.50
ClubHouse 5,384 $300.00 $1,615,200.00
F&F (1,800 per bed) 577 $1,000.00 $577,000.00
Retail 7,129 $65.00 $463,385.00
Telecomm/ security 577 $1,200.00 $692,400.00
Total Construction 141,059 $156.69 $22,102,142.50 Price per Sq. Ft.
Total Union Construction Cost $26,522,571.00 $188.02
Hard Cost per Bed $45,966.33
Construction Services Fee Total Cost
Arch./Eng 6.00% $ 1,591,354.26
Arch.Eng Expenses 0.05% $ 13,261.29
Landscape Arch 0.50% $ 132,612.86
Interior Arch 0.50% $ 132,612.86
Civil Engineer 0.80% $ 212,180.57
Civil Expenses 0.05% $ 13,261.29
Permits 0.00% $ -
Fees 0.00% $ -
Misc Fees 1.00% $ 265,225.71
Total Services Costs $ 2,360,508.82
SOFT COSTS Fee Total Cost
Legal 0.25% $ 67,272.29
Accounting 0.25% $ 67,272.29
Studies and Reports 0.50% $ 150,000.00
Development Expenses 0.50% $ 134,544.58
Project Mgt/Development 3.00% $ 880,655.45
Contingency 5.00% $ 1,467,759.08
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University of PittsburghPittsburgh, PA
ON - Campus Housing
GrantArchitects
University of Pittsburgh Freshman Housing (cont.)Total Project Costs
Total Soft Costs $ 2,767,503.69
Total Hard Costs $28,883,079.82
Development Equity
Equity at 0% $ -
Construction Interest Reserve (50% @ $ @ 5% for 20 months) $ 1,318,774.31
Rental Operating Deficit $ -
Total Amount of Loan $ 32,969,357.82
Total Project Costs $ 32,969,357.82
Total cost per Sq.Ft. $ 233.73
Total Cost for Residential Component $ 27,893,499.18
Total Cost per Bed $ 48,342.29
Rental Income
Bed Per Unit Units Per Building Buildings Rent per Bed Yearly Income @ 95%
Retail Income 0.00 7129 sq.ft. 1 $20.00 $142,580.00
Double Units 2.00 288.50 1 $625.00 $4,327,500.00
Parking Income 0.00 52.00 1 $90.00 $53,352.00
Total $4,523,432.00
Project Return Yearly Return Monthly Return
Yearly Income $4,523,432.00 $376,952.67
Repairs and Maintenance (2%) ($90,468.64) ($7,539.05)
Property Management Fees (4%) ($180,937.28) ($15,078.11)
Insurance (3%) ($135,702.96) ($11,308.58)
Salaries and Wages (2.5%) ($113,085.80) ($9,423.82)
Utilities (8%) ($361,874.56) ($30,156.21)
Reserve (2%) ($90,468.64) ($7,539.05)
Other (2%) ($90,468.64) ($7,539.05)
Net Opertating Income $3,460,425.48 $288,368.79
Debt Service (30 yr Amort @ 5%) $2,314,448.92 $192,870.74 ($208,388.77)
Net Income $1,145,976.56 $95,498.05
Total Return
Yearly Income $1,145,976.56
Land Lease $350,000.00
Total Income $795,976.56
Financial Analysis
Debt Service Coverage Ratio 149.51%
Break Even Rate 43.17%
Project Value at 6% $57,673,758
Loan to Value 57%
Increase in Value $24,704,400.18
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Starview Plaza, Silver LEED Housing
Starview Plaza
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College University of MarylandPark, Maryland
Starview Plaza
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College University of MarylandPark, Maryland
Starview Plaza
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College University of MarylandPark, Maryland
Starview Plaza
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College University of MarylandPark, Maryland
Starview Plaza
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College University of MarylandPark, Maryland
Starview Plaza
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College University of MarylandPark, Maryland
Starview Plaza
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College University of MarylandPark, Maryland
Starview Plaza
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College University of MarylandPark, Maryland
Starview Plaza
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Project Delivery Options
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Project # of Stories / Project Details
Year Completed
Total Construction
Cost
# of Beds Cost / Bed
Starview Plaza, College Park, MD
6 Stories Elevatored + 1 Story Retail + 2 Sub-level stories of Parking and 80 Retail Parking Spaces
Estimated 2010
$43,000,000
($31,000,000 Just Housing Portion)
662 Beds $64,000 / Bed
($46,827 / BedJust Housing Portion)
Glassboro Student Housing, Glassboro, NJ
4-Story Elevatored
Union Labor
Estimated 2010
$26,132,800 884 Beds $29,561 / Bed
Grove City College, Grove City, PA
4-Story Elevatored
Union Labor
2006 $11,000,000 240 Beds $45,833 / Bed
University Village, Salisbury, MD
3-Story Walk Ups+6,000 SF Clubhouse
Non-Union Labor
2005 $14,000,000 588 Beds $23,809 / Bed
California University of Pennsylvania, California, PA
3-Story Walk Ups+6,000 SF Clubhouse
Non-Union Labor
2001 $11,000,000 450 Beds $24,444 / Bed
University of Connecticut, Storrs, CT
3-Story Walk-Ups+6,000 SF Clubhouse
2003 $53,000,000 1,000 Beds $53,000 / Bed
Project Analysis
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Development Scenarios
1. Developer Owns and provides Building Lease to University – University operates
2. Developer Builds and Developer Operates
3. Public / Private partnership creates 501 c 3 – with University Foundation
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Development Scenarios
1. Developer Owns and provides Building Lease to University – University operates
Developer enters into annual ground lease with University
• Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental
• University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget
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Development Scenarios
1. Developer Owns and provides Building Lease to University – University operates
• Developer finances project (private placement) and builds project
• University manages facility at established Rent Rates for students
• Building purchased at Cap Rate after 3 years of operation
If Not purchased…
• Building donated to University after Debt Service period
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Development Scenarios
1. Developer Owns and provides Building Lease to University – University operates
Advantages: • University realizes annual income (from ground lease)
• University participates with project parameters
• Profits over established per be rent to developer realized by University
• University has asset at end of lease
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Development Scenarios
2. Developer Builds – Developer Operates
• Developer enters into annual ground lease with University
• Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental
• University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget
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Development Scenarios
2. Developer Builds – Developer Operates
• Developer finances privately – constructs and operates independently of University support
• University makes project an “Approved Residential Location” in its housing options to students
• University will not compete with new product unless market can support additional beds
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Development Scenarios
2. Developer Builds – Developer Operates
Advantages: University gets annual income from land Lease only
No risk for operation
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Development Scenarios
3. Public / Private Partnership – 501 c 3 – with University Foundation
University establishes a 501 c 3 Foundation
Developer enters into annual ground lease with University
Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental
University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget
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Development Scenarios
3. Public / Private Partnership – 501 c 3 – with University Foundation
• 501 c 3 obtains Bond Financing for the project- 100% LTV- Non Recourse basis
• Developer guides development management process- Developer is compensated on a fee for service basis
• Foundation splits operating profits with Developer- Foundation returns income to University
• Project is donated back to University at end of Maturation of Bonds- 40-year term
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Development Scenarios
3. Public / Private Partnership – 501 c 3 – with University Foundation
Advantages
• University shows no debt
• Nonrecourse Loan reduces risk
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Unit Breakdowns Residential Parking Retail Atrium/Lobby Total# of Units 177 353 # of Beds 662 # of Floors 6 2.5 0.5 9 Gross Building Area 227,538 117,118 9,482 12,425 366,563 Leaseable Area 180,400 63,540 9,482 0 253,422 Efficiency Ratio 79.28% 54.25% 100.00% 0.00% 69.13%Hard Construction Costs $28,442,250 $7,213,981 $423,422 $2,287,079 $38,366,731 Hard Cost per Gross Square Feet $125.00 $61.60 $44.66 $184.07
Hard Cost per Unit $160,691 per unit$20,436 per
space$45 per Lease
SF
SOURCES AND USES Totals Per Unit Per Bed % of TotalSF Costs
(Gross Rental SF)
USES: Land $6,000,000 $33,898 $9,063 9.84% $26.37 Pre-development Costs $550,000 $3,107 $831 0.90% $2.42 Land Development Costs (Site Work) $2,000,000 $11,299 $3,021 3.28% $8.79 Hard Construction Costs (includes parking) $38,366,731 $216,761 $57,956 62.92% $168.62 Hard Cost Contingencies $2,877,505 $16,257 $4,347 4.72% $12.65 Furniture & Fixtures $1,191,600 $6,732 $1,800 1.95% $5.24 Soft Costs $5,501,141 $31,080 $8,310 9.02% $24.18 Carry Costs $1,980,640 $11,190 $2,992 3.25% $8.70 Other Financing Costs $335,622 $1,896 $507 0.55% $1.48 Reserves/Escrows (incl lease-up reserve) $500,000 $2,825 $755 0.82% $2.20 Developer Fees $1,678,109 $9,481 $2,535 2.75% $7.38
TOTAL USES $60,981,348 $344,527 $92,117 100.00% $268.01
SOURCES: 1st Mortgage $45,736,011 $258,396 $69,088 75.00% Equity $15,245,337 $86,132 $23,029 25.00%
TOTAL SOURCES $60,981,348 $344,527 $92,117 100.00%
Financial AnalysisProject and Unit Data
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Rental UNIT MIX (no escalation)
# of Units # of BedsMonthly Rent
Per BedMonthly Rent
Per UnitAve. Unit Sq Ft Per Sq Ft Rent
4 Bed/2 Bath Unit (39.27% of beds)
65 260 $875 $3,501 1,000 $3.50
4 Bed/3 Bath Unit (3.63% of beds) 6 24 $885 $3,540 1,075 $3.29
4 Bed/4 Bath Unit (50.15% of beds)
83 332 $895 $3,580 1,131 $3.17
2 Bed/1 Bath Unit (3.63% of beds) 12 24 $950 $1,900 657 $2.89 2 Bed/2 Bath Unit (3.32% of beds) 11 22 $1,015 $2,029 654 $3.10
Total/Averages 177 662 $924 $2,910 903 $3.19 Weighted Averages $893 $3,339 1,019 $3.28
Other Revenue MIX (no escalation)
# of Spaces/Sq
FtW. Ave Mon
RentsGross Monthly Gross Annual Leaseable Sq Ft Per Sq Ft Rent
Parking 353 $120.00 $42,360 $508,320 63,540 $8.00 Retail $23,705 $284,460 9,482 $30.00
Project Revenue Breakdown
Financial Analysis
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Per Gross SF Total - Annual Per Unit Per Bed % of Total % of EGI Revenue: Residential $32.11 $7,305,656 $41,275 $11,036 95.18% 95.18%Parking $4.47 $523,570 $2,958 $791 6.82% 6.82%Retail $30.90 $292,994 $1,655 $443 3.82% 3.82%Vacancy Allowance ($446,939) ($2,525) ($675) -5.82% -5.82%
Total Revenue $7,675,280 $43,363 $11,594 100.00% 100.00% Expenses: Repairs and Maintenance $0.58 $132,407 $748 $200 6.57% 1.73%Property Management Fees $0.92 $208,211 $1,176 $315 10.33% 2.71%Property Taxes $2.73 $620,060 $3,503 $937 30.77% 8.08%Insurance $0.41 $94,297 $533 $142 4.68% 1.23%Salaries and Wages $1.43 $324,450 $1,833 $490 16.10% 4.23%Utilities (incl cable and internet) $2.15 $489,765 $2,767 $740 24.30% 6.38%Administrative $0.45 $101,713 $575 $154 5.05% 1.33%Leasing & Promotion $0.19 $44,321 $250 $67 2.20% 0.58%
Total Expenses $8.86 $2,015,223 $11,385 $3,044 100.00% 26.26% Replacement Reserves $0.52 $119,326 $674 $180 1.55%
NOI after Reserves $5,540,732 $31,304 $8,370 72.19% Debt Service Payment $3,290,526 $18,591 $4,971 42.87% Net Cash Flow (after debt service) $2,250,206 $12,713 $3,399 29.32%
Debt Service Coverage (DSC) Ratios by Selected Years
YEAR 1 YEAR 2 YEAR 3 YEAR 5 YEAR 7 YEAR 10 Start-up Year Stabilized Year DSC Ratio (on NOI after Reserves) 2.25 1.68 1.75 1.85 1.97 2.15 Residential Vacancy Rate 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Financial AnalysisProforma Recap (Year 2 – Stabilized)
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Our team is dedicated to supporting all efforts of reducing and/or waiving these fees. Establishing a strong working relationship with government officials is critical to this effort and we have a proven track record to that effort.
Impact Fees
Waivers for Impact Fees
-Priority Funding areas
- Fee Negotiation
- Brown Sites
-Town Center Districts
Impact fees
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Revitalization Tax Credit
Enterprise Zone Tax Credit
Clean Energy Incentive Tax Credit
Energy Efficient Commercial
Buildings
Tax Increment Financing
Transportation Enhancement
Program
Tax Incentive Highlights
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Offering Substantial relevant experience
Understanding Current Industry Trends
Integrating Principal Level Experience and Knowledge in the Design Process
Why Grant / SGA Team
Local code knowledge
Substantial relevant experience
Understanding of Current Student Housing Trends
Integrating Principal Level Experience and Knowledge
in the Design Process
Development Assistance Personnel
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10 East Baltimore Street, Suite 1500 Baltimore, MD 21202
T 410-230-0003 / F 410-230-0011
grantarchitects.com