Summary of Financials
Capital Plan
Development Plan
Investment Opportunity: Bear Development Partners is seeking a Limited Partner to co- invest in the Equity Funding for two 6 story mixed-use buildings, consisting of 3 types of senior housing: Independent and Assisted Living, as well as Memory Care. Cornerstone is designed to appeal to adults 55 years and older, seeking to downsize and continue living active lives near transit, reducing vehicle dependence. Buildings will also house medical office space including PT, audiologist, lab service (Lab Corps), optometrist, as well as commercial food and other retail.
Construction Loan Payoff
Construction Loan
$79,800,000 $79,800,000
$79,800,000 $27,000,000
Perm Loan
Land
Equity
$53,200,000 $212,800,000
Construction $106,000,000
Total
Total
$212,800,000
Unit Mix
Financials
Total Units
261
Parking Spots
45
Total development Costs
Assisted Living
Memory Care
Independent Living
Residual cap rate
8.25%
Total
$133,000,000
Equity
40% 60%
Studio 51
25 33
25 33
101 131
Debt
1 BR 2 BR
65 15
Levered IRR Unlevered IRR
19.79% 14.95%
7
7
29
Total
131
65
65
261
NPV to Equity Multiple
2.3x
Pricing Unit Pricing ($/sq ft)
Proposed Equity Split
Base Rent
Studio
$14.22
Limited Partner General Partner
90% 10%
1 BR 2 BR
$9.15 $6.23
average
$11.37
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