Investment Summary (All Investors)
Property Overview Project Name
12 Panoramic Berkeley, CA Berkeley, CA
Address
City / State Neighorbood
Southside
Vintage
1948 9900
Land Area (SF)
Gross Building SF (As Is / Pro Forma) Net Rentable SF (As Is / Pro Forma)
9,874 / 11,087 9,143 / 10,356
Units (As Is / Pro Forma) Beds (As Is / Pro Forma)
13 / 14 13 / 42
Stories
6
Capital Stack Sources Sponsor Equity Investor Equity
%
Total
$/Unit
$/Bed
$/SF
0.4% $40,000 43.0% 3,960,000 56.5% 5,200,000
$2,857 282,857 371,429
$952
$3.61
Investment Overview Purchase Price Price / Gross Square Foot
94,286 123,810
357.16 469.00 $829.77
$5,258,000
Senior Debt
$474
Total
100.0% $9,200,000 $657,143 $219,048
Price / Unit 1
$375,571
Fee Overview Acquisition Fee
Going in Cap / Stabilized Cap Rate 2
3.7% / 7.4% $2,226,423 $4,000,000
$200,000 (one time)
CapEx Budget Total Equity Sponsor Equity Loan Amount Leverage (LTC)
2.00% of Effective Gross Income 4.00% of Effective Gross Income 3.00% of Stabalized Value (one time)
Asset Management Property Management Completion Distribution Construction Management
$40,000
$5,200,000
5.00% of CapEx (one time)
58.5%
Total Accelerated Tax Losses 3
$2,219,835 (44.5% of total equity)
Waterfall Promote Structure Waterfall Hurdle
Investment Period Targeted Sale Price
60 Mos
Rate 8.0%
GP Promote
$12,690,492
Hurdle I Hurdle II Hurdle III
20.0% 35.0% 50.0%
Sale Price / Gross Square Foot
$1,145
14.0% 20.0%
Sale Price / Unit 1
$906,464
NOI at Sale (T12 / Tax Adj) Exit Cap Rate (T12 / Tax Adj)
$705,591 / $633,928
5.6% / 5.0%
Investment Timeline Closing
Feb-24 Sep-25 Feb-27 Feb-29
Stabalization
All targeted returns are stated in net-to-investor terms (i.e., net of fees and promote), provided by the sponsor, and subject to change. 1) Includes retail units if applicable 2) Going-in on purchase price, stabilized on all-in-basis. 3) Estimated. 4) Blended LP IRR between LP Investors A & LP Investors B
Refinance
Exit
Strictly Private and Confidential
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