270 Dorchester Avenue South Boston, MA - - PowerPoint PPT Presentation

Confidential – Not for Distribution 1 1

270 Dorchester Avenue South Boston, MA

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Confidential – Not for Distribution 2 2

Development Overview

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DEVELOPMENT OVERVIEW

• The 270 Dorchester Avenue project (the “Property”) is ideally situated in South Boston – nestled between the

Seaport, the newly evolved 24-hour waterfront district awash with vibrant restaurants and retail amenities, and the South End, a culturally rich neighborhood offering a unique view into Boston’s historic past.

• As a result of there being a City owned garden area adjacent to the Property, the units will enjoy unobstructed

views of Boston’s Seaport area, along with the sightlines to the surrounding cityscapes.

• The Property comprises 114 residential condo units over five stories with an average unit size of just under

700 square feet, along with:

• 2 retail units at street level
• 2 retail units below grade
• Two-level below grade parking garage accommodating 120 parking spaces
• 83,939 net square feet of living and retail space
• 20 affordable condo units
• The Property benefits from its close proximity to public transportation hubs and employment centers located

downtown and in the Seaport, making it convenient for future residents to live, work, and play in the most desirable neighborhoods.

• The relatively small average unit size represents a unique opportunity to bring to market a highly demanded

and completely under-supplied unit size and price point.

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Confidential – Not for Distribution 4 4

Project Photos and Design Renderings

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AERIAL PHOTO OF THE PROPERTY

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SITE PLAN

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VIEW TO NORTHEAST FROM DOT AVE

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VIEW TO SOUTH FROM DOT AVE

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VIEW TO NORTHEAST FROM B STREET

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VIEW TO NORTHWEST FROM WEST 6TH ST

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RENDERING - DOT AVE PERSPECTIVE (1/2)

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RENDERING - DOT AVE PERSPECTIVE (2/2)

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RENDING – RAISED DECK PERSPECTIVE

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Confidential – Not for Distribution 14 14

Transaction Overview

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DEVELOPMENT DETAIL

• Total purchase price for project is ~ $15.7

million representing 31% of the total project costs

• Construction costs represent ~ $28.3 million or

$245 per square feet

• Total loan proceeds of $31.0 million (excluding

Mezzanine placement) equate to a 60% loan-to- cost value, at a fixed interest rate of 6%

Purchase Price $15,250,000.00 Closing Costs at Purchase $457,500.00 Gross Square Footage 115,364 Square Footage - Parking 15,000 Square Footage - Retail 4,465 Square Footage - Common 16,425 Square Footage - Net Living Area 79,474 Construction Costs $28,264,180.00 Construction Cost per Sq. Ft $245.00 Purchase Costs Construction Costs Total Loan $31,000,000.00 Interest Rate 6% Loan Commitment Fee (0.5%) $155,000.00 Initial Construction Phase $775,000.00 Fully Drawn Construction Phase $1,240,000.00 Stabilization/Sell Out Phase $465,000.00 Mezzanine Interest (15% per annum) $2,550,000.00 Taxes, Insurance, Etc. $175,000.00 Total Carrying Costs $5,360,000.00 Bank Loan Carry Costs Acquisition Fee - (1% of Purchase Costs) $157,075.00 Developer Fee - (4% of Construction Costs) $1,130,567.20 Building/Permit Fees $388,632.48 Environmental $25,000.00 Architect $125,000.00 Legal $25,000.00 MEPs $80,000.00 Structural $80,000.00 Civil Engineering $65,000.00 Geotech $25,000.00 Contingency $50,000.00 Total Soft costs $2,151,274.68 Combined Carry and Soft Costs $7,511,274.68 Soft Costs - During Construction

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SOURCES AND USES

• Debt sources represents 77% of total project

cost allowing for enhancement of returns

• 60% loan-to-cost in traditional bank

financing

• As-completed loan-to-value is a 61.3%

(inclusive of Mezzanine)

• Construction costs represent ~ 55% of total

project cost, while soft and carry costs combined represent ~ 15%

LP Equity Partner $8,982,954.68 Development Sponsor $3,000,000.00 Mezzanine $8,500,000.00 Debt $31,000,000.00 Total Project Cost $51,482,954.68 Purchase $15,707,500.00 Soft Costs $2,151,274.68 Carry Costs $5,360,000.00 Construction $28,264,180.00 Total Project Cost $51,482,954.68 Total Project Cost per Unit $444,278.17 Total Project Cost per Net SF $647.80 Uses Sources

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SELL-OUT AND PROFIT ANALYSIS

• Pricing compares favorably to sales comps in

the marketplace allowing for some upside on view preferential units and parking

• Comp set defined as new build construction

with deeded garage parking within defined market area – see current comp listing addendum

• Unit mix contemplates Studio, 1 Bedroom,

and 2 Bedroom units; square footage per unit range approximates 650 - 850

Unit Projected Sale Price per Sq. Ft # of Units Unit Size (Sq. Ft) Parking $0.00 n/a n/a n/a Retail $2,870,000.00 $500.00 2 2,870 Market Condos $4,184,400.00 $300.00 20 697 Affordable Condos $57,335,250.00 $875.00 94 697 Total $64,389,650.00 116 Total Gross Sales $64,389,650.00 As Complete LTV 48.14% Closing Costs paid on Sales (4%) 2,575,586.00 Net Sales After Closing Costs 61,814,064.00 Net Sales per Unit $542,228.63 Net Sales per Net SF $777.79 Total Preferred Equity 11,982,954.68 Total Loan Amount 31,000,000.00 Total Mezzanine 8,500,000.00 Total Project Cost 51,482,954.68 Total Net Profit 10,331,109.33 Equity Multiple 1.9 Gross Margin 20.1% Project Profit Information Property Level Return

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PORTFOLIO EQUITY AND PROFIT RETURN

Total Equity Invested $11,982,954.68 20% $2,396,590.94 Hurdle 1 20% 29% $1,078,465.92 Hurdle 2 29% >30% $6,856,052.47 Hurdle 3 >30% Total $10,331,109.33 Tranche 1 100% Tranche 1 $2,396,590.94 Tranche 2 50% / 1/2 50% Tranche 2 $808,849.44 Tranche 3 40% / 1/2 60% Tranche 3 $4,799,236.73 Total $8,004,677.10 Equity Invested $11,982,954.68 Total Profit Share $8,004,677.10 Total Return on Equity 66.80% Equity Return Analysis (Base Case) Required Return Profit Tranches Return Tranches $ Tranches Total Return to DH / DH Investors

• DH Investors shall first receive up to 20% of the net return
• For any net return above 20% but below 30%, then DH Investors shall receive

50% of the net profit and DH and Navem shall split equally the other 50% of the net profit

• For any net return equal or greater than 30%, then DH Investors shall receive

40% of the net profit and DH and Navem shall split equally the other 60% of the net profit

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Confidential – Not for Distribution 19 19

Navem Team Biographies A Leader in High-Value-Creation REAL ESTATE Investment Opportunities within Dynamic Urban Environments

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Confidential – Not for Distribution 20 20

• 12 years experience investing and managing private capital for range of investors (institutions, families, high net

worth individuals)

• MBA, Harvard Business School; BA, Stanford University
• Prior roles at Bain Capital, Riverside Partners (private equity investor)
• Active personal real estate investor

PAT DOOLING – Managing Partner

We are on the ground, providing hands-on, day-in and day-out active management We operate in the markets we know and live in We get access to many opportunities before they go to the mass market of investors

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• 18 years experience in real estate, including general management of large-scale operations, financial planning and

analysis, corporate and human resources development, SEC reporting and control compliance, accounting

• perations, and strategy
• MBA, University of Chicago; MS, University of Virginia; Active CPA
• Prior roles include finance, accounting, and operational roles at AR Global (REIT), High Companies (developer),

EY (accounting)

• Active personal real estate investor

ANTHONY SALADINO – Partner, Head of Acquisitions JIM HEFFERNAN – Partner, Head of Legal / Deal Structure

• 12 years experience as a practicing attorney with focus on representing local, national and international clients in

all facets of real estate, including purchase and sale of property, condominiums, obtaining state and local zoning/permitting approvals, leasing between landlords and tenants, joint venture development agreements, construction contracts, EB-5 investments, and commercial and private financing

• JD, Georgetown School of Law; BA, Boston University
• Prior roles at Rich May and several other Boston-area law firms
• Currently also a part-time adjunct professor at Boston University Questrom School of Business

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