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PROJECT MILANO 18 UNIT PRO FORMA Revenues & Expenses                       Total Project % Per SqFt   Per Unit RENTAL/Condo Sales - Base Price         8,100,000 99% 375             465,000 Condo Sales -Options/Premiums         Low Income 2 units   1%               195,000 Gross Revenues         8,100,000       Incentives, Commissions, & Closing Costs             372,600 -4.6%     Warranty Set Asides               56,000 -0.1%     Net Revenues         7,671,400 94.6% 564             584,631 Land & Development         Land Acquisition         1,100,000 13.5%     Relocation, disposal, demo, taxes, & Fees             113,400 1.4% 8   Finished Land Development Cost         1,213,400 14.9% 85               88,000 Construction & Hard Cost         Building Permits             267,300 3.3%     Direct Construction - Base (Condo)         2,700,000 33.2%     Direct Construction Contingency             170,100 2.1%     Field Overhead             332,100 4.1%     Bridge Inspection Fee               24,300 0.3%     Commercial Hard Costs             364,500 4.5%     Total Construccion & Hard Cost   47.7%     Indirect & Sort Costs         Insurance             251,100 3.1%     Preperty Taxes                 8,100 0.1%      Architecture and Engineering             170,100 2.1%     Contigency               32,400 0.4%     Closing Costs / Misc.                 8,100 0.1%     Total Indirects & Other Costs             469,800 5.8%     General & Administrative         Builder Overhead               72,900 0.9%     HOA Monthly Subsidy                 8,100 0.1%     MAS Legal Overhead               16,200 0.2%     MAS Due Diligence Fees                 8,100 0.1%     MAS Accounting Expenses                 8,100 0.1%     Contractor Legal & Accounting                 8,100 0.1%     Total General & Administrative             121,500 1.5%     Sales & Marketing         Sales & Marketing Overhead               64,800 0.8%     Total Sales & Marketing               64,800 0.8%     Total Costs Before Financing         5,645,700 69.7%     Profit Before Financing Costs         2,016,900 24.9%     Construction Interest & Fees         Bank Found Preferred Return             275,400 3.4%     Builder Preferred          Return             243,000 3.0%     Bank Found Fees               32,400 0.4%     Construction Loan Interest             243,000 3.0%     Construction Loan Fees               56,700 0.7%     Total Interest & Fees             745,200 9.2%      Total Costs & Preferred Payments         6,390,900 78.9%     Net Profit after Preffered Returns Condo         1,263,600 15.6%     Net Profit after Preffered Returns Rental            715,500 11.2%                                                                    Rental P&L         Gross Income    $ 496,000.00     Taxes  $   37,500.00       Vacancy Rate 5%  $   24,500.00       Expandture  $   62,500.00       Total Expandture  $ 124,500.00       Net Profit  $ 371,500.00 12.70%     PRODUCT MIX RENTAL SENARIO APTs                                                 # Units                      Sq Ft              Base Price             Total Price           Value  2BR 2BT Type A                                     9                 1,170                 2,200               19,800   2BR 2BT Loft Type B                            9                  1,300                 2,500               22,500   Total   Montly   Income                      18                 1,235                 2,300               42,300   Total   Yearly Income                         18                 507,600      7,106,400 PRODUCT MIX CONDO SENARIO Condos                                                 # Units                      Sq Ft              Base Price          Total Price        Revenues 2BR 2BT Type A                                     7                 1,170             465,000         3,255,000   2BR 2BT Loft Type B                            9                  1,300             495,000         4,455,000   Low income                                           2 1000 195,000 390000   Total / Average                                     18                 1,235             450,000             450,000         8,100,000 NET COST & PROFITS REV. Return      Total Costs & Preferred Payments      6,390,900 78.9%     Net Profit after Preffered Returns Condo      1,263,600 15.6%     Net Profit after Preffered Returns Rental         715,500 11.2%     Merabi and Sons, the premiere Real Estate Company in the world.

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