Cedar Grove Apartments
1 site · 80 units · 9pct · TCAC 2026
Sources
Permanent Debt Financing$11,050,000
Investor TC Equity - Federal Tax Credit$15,748,000
Investor TC Equity - State Tax Credit$4,897,000
Cash Flow from Operations - Cedar Grove Apts.$0
MGP Equity Contribution$100
Deferred Developer Fee - Elective$1,523,634
Deferred Developer Fee - Ineligible$0
GP Equity - Permanent$0
Total: Sources$33,368,734
$417,109/unit
Uses
Land Cost or Value$1,800,000
Improvements Cost$16,200,000
Construction$8,336,736
Relocation$965,000
Architectural$150,000
Survey & Engineering$60,000
Construction Loan Interest$998,320
Construction Loan Related Fees$196,000
Permanent Financing Costs$195,500
Legal$325,000
Capitalized Reserves$631,731
Contingency$926,956
Other Project Costs$550,000
Developer Fee$2,033,491
Total: Uses$33,368,734
$417,109/unit
Source / Use Balance+—✓ Balanced
TCAC Tiebreaker22.162%
Y1 Stabilized Cash Flow$113,588
Debt
Permanent Loan
$11,050,000
Construction Loan Amount
$12,000,000
Subordinate Soft Debt
—
Net Operating Income
$871,251
Developer Fee & General Partner Equity
Gross Potential Developer Fee
$2,033,491
Paid Developer Fee
$509,857
Deferred Developer Fee
$1,523,634
General Partner Equity
—
Tax Credit Equity & Credits
$0.850 / credit
Total Federal Credit
$18,528,430
Federal Tax Credit Equity
$15,748,000
$0.800 / credit
Total State Credit
$6,121,128
State Tax Credit Equity
$4,897,000
Investor Returns
LP IRR (After Tax)
8.45%
Pre-Tax IRR
7.53%
Yield on Contribution
1.75x
Total Tax Benefit
$4,773,230