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200 E. Beverly Blvd.

Suite 200
Montebello, Ca 90640
Tel 626-926-6444
Fax 323-727-7574
Email: Bnovodor@beverlyoncology.com
Optiflex Properties & Development LLC is developing advanced medical facilities in the
County of Riverside, California.
MORENO VALLEY MEDICAL VILLAGE will be 309,441 square feet on approx. 18.38
acres and INDIO MEDICAL VILLAGE will be 92,054 square feet on approx. 3.82 acres.
Both projects together comprise a total of 401,495 square feet on approx. 22.2 acres.
Moreno Valley Medical Village
The Moreno Valley Medical Village is being developed on a site within a one block
walking distance across the street from the Riverside CountyRegional Medical Center
(RCRMC) Hospital.
Riverside County Regional Medical Center
RCRMC is a 439 bed county hospital serving the Inland Empire in Southern California.
RCRMC is a teaching hospital and is accredited by the J oint Commission for Accreditation
of Healthcare Organizations (J CAHO). RCRMC offers training programs for interns,
resident doctors, nursing students and allied health professionals.
The Moreno Valley Medical Village consists of sixbuildings plus an attached Urgent Care
Center in one of the six buildings. There is a Medical Office Building (MOB) consisting of
91,292sf, a Health Education & Wellbeing Center (HEWC) of 50,000sf with the attached
Urgent Care Facility of an additional 5,000sf, a Skilled Nursing Facility (SNF) for patients with
medical conditions consisting of 64,534sf, a Skilled Nursing Facility with Special Treatment
Program (SNF/STP) requirements consisting of 64,215sf, a Memory Care Unit
(Alzheimers) of 18,200sf, and a Geriatric (Seniors) Psych Unit of 16,200sf.
The Medical Office Building will house an Outpatient Surgery Center (10,000sf), a Radiation
Cancer Treatment Center which includes space for Clinical Trials (5,000 sq. ft.), a Dialysis
Center (7,500sf), a Rehabilitation Facility (10,000sf), a Clinical Laboratory (1,500sf), a
Pharmacy (3,000sf), a Dental Laboratory (4,000sf), Physicians offices (35,000sf), a Caf/
Restaurant (1,000sf), Administrative Offices (1,000sf) with Common Areas (13,292sf). Buildings
share on-grade parking of 210,000 sq. ft. that can accommodate 696 cars.
Advance commitments of interest for space in the MOB represent 80% of the total usable
square feet. The project is currently in the entitlement phase and is currently estimated by the
City to be approximately 60 days from completion of the required zone change and has the full
support of the County, the City, RCRMC Hospital and the community.
Optiflex Properties and Development, LLC has a signed operating agreement with Legacy
Healthcare, a company with forty years experience successfully managing facilities such as
Skilled Nursing Facilities (SNFs) for patients with medical treatment requirements, Skilled
Nursing Facilities with the STP licensing designation, Memory Care Units and a Geriatric
Psych Unit in the Moreno Valley Medical Village.
Optiflex Properties and Development, LLC has a guaranteed twenty-year fee-for-services
contract with the County of Riverside which pays for 100 of the 150beds in the Skilled Nursing
Facility with the Special Treatment Program 24/7/365 whether they are filled or not. That
contract guarantees the operating revenue per bed starting at $199.08 per day per bed from
opening day. There is a provision in the signed contract which calls for annual increases of
4.7% on J uly 1
st
of each subsequent year.
Based on a May 2009 third-party appraisal, the land is currently valued at $8.02 per sq. ft.
which equals $6,430,000. This project is 90% entitled with only a new zone change required to
complete the process, which is anticipated by the City to be within 60 days. Upon completion of
the entitlement process, the land value will increase to $23.00 per sq. ft. which equals
$18,403,749.
Construction, including hard and soft costs, is estimated to be approximately US$87.5 million
for all buildings contemplated on the site. Construction is estimated to begin in the third quarter
of 2010 and is estimated to take 18 months or less.
Upon completion, Moreno Valley Medical Village is estimatedto be worth in excess of
US$188million. Financing for the construction (hard and soft costs), that ultimately reverts to
permanent take-out financing has already been committed by a firm that manages in excess of
US$27 Billion. The commitment is a non-recourse loan with a HUD guarantee. The loan is fully
amortized. The interest rate of 7.5% is fixed for 40 yrs. This HUD loan is for all buildings except
the Medical Office Buildingand the Health Education & Wellbeing Center with the Urgent Care
Unit attached and will be conventionally financed, fully amortized, with an interest rate of 7.5%,
fixed for 30 years.
However, our goal is to finance the entire project through a private equity or private lender
which will we have estimated will save approximately 15%of the hard construction costs.
INDIO MEDICAL VILLAGE
J FK Memorial Hospital
The Indio Medical Village is being built on a 3.82 acre site within a one block walking
distance of the J ohn F. Kennedy Memorial Hospital (J FK).
Indio Medical Village consists of two connected buildings, a Skilled Nursing Facility for
patients with medical treatment requirements and a Skilled Nursing Facility with a Special
Treatment Programlicensing attachment andwith on-grade parking for staff and guests.
Optiflex Properties and Development, LLC has a guaranteed twenty-year fee-for-services contract
with the County of Riverside to pay for 50 of the 100 beds in the Skilled Nursing Facility with the
Special Treatment Program 24/7/365 whether they are filled or not. That contract guarantees the
operating revenue per bed starting at $199.08 per day per bed from opening day. There is a
provision in the signed contract which calls for annual increases of 4.7% on J uly 1
st
of each
subsequent year. This contract guarantees revenue and covers the anticipated debt service plus
establishes profitability from the opening day of the facility.
Optiflex Properties and Development, LLC has a signed operating agreement with Legacy
Healthcare, a company with forty years experience successfully managing facilities such as
Skilled Nursing Facilities (SNFs) for patients with medical treatment requirements, Skilled
Nursing Facilities with the STP licensing designation in the Indio Medical Village.
The Indio Medical Village project is fully entitled, the infrastructure is completed and fully
paid for and this project has been approved by the City of Indio on October 29, 2009. The
project has the full support of Riverside County, J FK Memorial Hospital and the community.
The land is currently valued at $23 per sq. ft. which equals $3,827,182.
Construction, including hard and soft costs, is estimated to be approximately US$28 million
for the two buildings.
Construction will begin in J une/J uly of 2010 and is estimated to take 12 months. Value of
the Indio Medical Village is estimated to be worth in excess of US$86 million upon
completion of the construction.
Financing for construction (hard and soft costs) that ultimately reverts to a permanent take-out
loan has already been committed by a lender that manages in excess of US$27 Billionin
assets. The commitment is a non-recourse loan with a HUD guarantee. The loan is fully
amortized. The interest rate of 7.5% is fixed for 40 yrs.
However, our goal is to finance the entire project through a private equity or private lender
which will we have estimated will save approximately 15%of the hard construction costs.
MORENO VALLEY MEDICAL VILLAGE
The following is a breakdown of the buildings and square footage of the proposed 18.38
acre site in Moreno Valley, California:
1. Medical Office Building - 91,292 square feet
a. Out Patient Surgery Center - 10,000sf (RCRMC)
b. Cancer Treatment Center - 5,000sf (Beverly Oncology)
c. Dialysis Center - 7,500sf (DaVita)
d. Rehabilitation Facility - 10,000sf (RCRMC)
e. Clinical Laboratory - 1,500sf (Quest Diagnostics)
f. Outpatient Pharmacy - 3,000sf (Private Party)
g. Dental Laboratory - 4,000sf (SD Dental Labs)
h. Physician Offices - 35,000sf (Various)
i. Caf Restaurant - 1,000sf (Private Party)
j. AdministrationOffices - 1,000sf
k. Common Area - 13,292sf
2. Skilled Nursing Facility -
64,534sf (Legacy
Healthcare)
3. Skilled Nursing Facility with STP -
64,215sf (Legacy
Healthcare)
4. Skilled Nursing with STP Senior - 16,200sf
5. Memory Care - 18,200sf
6. Health Education Wellbeing Center - 55,000sf
7. Urgent Care - 5,000sf
8. Parking (on-grade) - 210,000sf
Total Buildings Square Feet - 309,441sf
Total Square Feet with Parking - 519,441sf
INDIO MEDICAL VILLAGE
The following is a breakdown of the buildings and square footage of the proposed 3.82 acre site
in Indio, California:
1. Skilled Nursing Facility - 42,399sf
(Legacy Healthcare)
2. Skill ed Nursing Facili ty wit h STP - 49,655sf
(Legacy Healthcare)
3. Parking, Roads (on-grade) - 54,702sf
Total Buildings Square Feet - 92,054sf
Total Square Feet with Parking - 146,756sf



MORENO VALLEY
MEDICAL VILLAGE
Trust Mortgage Company, Inc. - 7 Lehigh Road - Wellesley, MA 02482 - Tel: 781-235-5500 - info@trustlender.com
August 29, 2009
Mr. Willard Bill Novodor
Optiflex Properties
200 E. Beverly Blvd., Suite 200
Montebello, CA 90640
Re: MorenoSNF and STP Health Care Facilities
Dear Mr. Novodor:
This letter will confirm our commitment (Trust Mortgage Company, Inc. and its
affiliates) to finance the above captioned property based on the rates and terms
outlined in the FHA 232 Lean Program and through our successors and assigns and
based on our quotation dated February 4, 2009, and relying on the foregoing and other
matters set forth herein and other statements, representations furnished and made by
Borrower or its representatives, and subject to the approval by the Lender and
Lenders counsel and of all documents to be preparedand/or delivered incidental to
the making of the Loan, including but not limited to the Loan Documents. This
commitment is for a gross loan of $57,939,000 funded by the sale of the mortgage
commitment, investor participation or any other means acceptable to the US
Department of Housing and Urban Development. This commitment is based on the
following items being acceptable, in both our sole opinions, the US Department of
HUD, the lender and the opinion of counsel:
1. Amount, Interest Rate, Pre-Payments, and Term: In accordance with
market conditions at the time a rate is locked and as determined by The US
Department of HUD
2. Loan Documents: Loan shall be evidenced by Borrowers negotiable
promissory note or notes in form and substance satisfactory to FHA of the US
Department of HUD and Lenders Counsel secured by mortgage or deed of trust and a
security agreement in form and substance satisfactory to Lender and Lenders Counsel
so as to create a valid, first and prior lien on the property.
3. Place of Closing: to be determined by The US Department of HUD.
4. Conditions Precedent to Closing: There shall be no conditions precedent to
Borrowers obligations to accept and close the Loan if said Loan is offered by
Lender to Borrower in accordance with the terms hereof. Lender shall not be
obligated to make and close the Loan unless each and all of the conditions
precedent Lender may require have been fully and timely satisfied as will
be outlined by HUD and Lenders counsel.
5. Payment of third Party Fees and Expenses: Borrowers acceptance hereof
shall constitute its agreement to pay, at or prior to the Closing Date, all reasonable,
documented charges and fees incurred by Borrower and/or Lender in connection
with the Loan.
6. Commitment Fee: Concurrently with the Borrowers acceptance of the final
Commitment Letter from HUD to insure the mortgage, Borrower shall pay to Lender
a Commitment fee equal to the placement and finance fee as allowed by HUD (the
Commitment Fee) payable to the order of Lender.
This commitment is subject to The US Department of HUD, its rules and regulations
for the 232 Lean Program and neither this commitment, nor any part thereof, shall
violate any rules or regulations of The US Department of HUD or either the entire
commitment or any part thereof is null and void without penalty to either party.
Sincerely,
Trust Mortgage Company, Inc.
J ohn Panagako
President
J PP/scf


PAGE 1
Moreno Valley Medical Village Overview created 03-23-10
Buildings (Shell Only) Construction Cost Cost Beds Sq. Ft. Cost per Sq. Ft. % of Cost Notes
Skilled Nursing ("SNF") with Special Treatment Program ("STP") 11,237,625 150 64,215 $175.00 24%
Skilled Nursing 11,293,450 158 64,534 $175.00 24%
Skilled Nursing STP Senior 2,835,000 25 16,200 $175.00 6%
Skilled Nursing Memory Care 3,185,000 25 18,200 $175.00 7%
Health Education & Wellbeing Center ("HEWC") 6,250,000 n/a 50,000 $125.00 13%
Urgent Care 625,000 n/a 5,000 $125.00 1%
Medical Office Building ("MOB") 11,867,960 n/a 91,292 $130.00 25% Ave. Cost per sq ft (shell only)
Buildings (Shell Only) Cost Subtotal 47,294,035 309,441 100% $152.84
Construction Cost of Common Areas Sq. Ft. Cost per Sq. Ft.
Site Preparation and Site Development 2,900,000 800,165 $3.62 Grading, Sewer, Utilities, Curbs/Gutters
Landscaping 973,000 194,000 $5.02 Area of Project Requiring Landscaping
Parking 4,200,000 210,000 $20.00 Surface Area of Parking Lot (on-grade)
Common Areas Cost Subtotal 8,073,000
Total 55,367,035
Allocations of Common Area Cost Based on Usage Sq. Ft. Cost per Sq. Ft. % of Usage Parking Spaces
Skilled Nursing ("SNF") with Special Treatment Program ("STP") 11,802,735 64,215 $183.80 7% 50
Skilled Nursing 11,939,290 64,534 $185.01 8% 53
Skilled Nursing STP Senior 2,996,460 16,200 $184.97 2% 13
Skilled Nursing Memory Care 3,265,730 18,200 $179.44 1% 9
Health Education & Wellbeing Center ("HEWC") 8,510,440 50,000 $170.21 28% 194
Urgent Care 867,190 5,000 $173.44 3% 22
Medical Office Building ("MOB") 15,985,190 91,292 $175.10 51% 355
Ave. Cost per sq ft (shell+common)
Total Shell Cost with Common Areas 55,367,035 309,441 100% 696 $178.93
Tenant Improvement Allowances ("TI") TI Costs Sq. Ft. Cost per Sq. Ft.
Skilled Nursing ("SNF") with Special Treatment Program ("STP") 1,605,375 64,215 $25.00
Skilled Nursing 1,936,020 64,534 $30.00
Skilled Nursing STP Senior 486,000 16,200 $30.00
Skilled Nursing Memory Care 546,000 18,200 $30.00
Health Education & Wellbeing Center ("HEWC") 2,500,000 50,000 $50.00
Urgent Care 250,000 5,000 $50.00
subtotal 7,323,395 218,149
Medical Office Building ("MOB") % of Bldg % of Cost
Outpatient Surgery Center 2,500,000 10,000 $250.00 11% 41%
Cancer Treatment Center w/Clinical Trials 660,000 5,000 $132.00 5% 11%
Dialysis Center 375,000 7,500 $50.00 8% 6%
Rehab Facility 500,000 10,000 $50.00 11% 8%
Laboratory 52,500 1,500 $35.00 2% 1%
Outpatient Pharmacy 105,000 3,000 $35.00 3% 2%
Dental Laboratory 140,000 4,000 $35.00 4% 2%
Physicians Offices 1,750,000 35,000 $50.00 38% 28%
Caf Restaurant 50,000 1,000 $50.00 1% 1%
Admin Offices/Restrooms 25,000 1,000 $25.00 1% 0%
Common Areas 0 13,292 $0.00 15% 0%
subtotal 6,157,500 91,292 100% 100%
Total Tenant Improvement Allowances 13,480,895 309,441
PAGE 2
Buildings Costs (Shell+Common Areas+TI )
Beds Cost per Bed
Skilled Nursing ("SNF") with Special Treatment Program ("STP") 13,408,110 150 89,387
Skilled Nursing 13,875,310 158 87,818
Skilled Nursing STP Senior 3,482,460 25 139,298
Skilled Nursing Memory Care 3,811,730 25 152,469
Health Education & Wellbeing Center ("HEWC") 11,010,440 n/a n/a
Urgent Care 1,117,190 n/a n/a
Medical Office Building ("MOB") 22,142,690 n/a n/a
Ave. Cost per sq ft (incl. shell/common/TI)
Total Buildings Costs (Shell+Common Areas+TI ) 68,847,930 $222.49
Project Costs
Land Purchase 2,250,000
Architect 1,500,000
Total Construction Cost for entire Medical Village 68,847,930 Engineering fees 588,000
Constr. Mgmt. 5% 3,442,397
Architect, Engineering, Mgmt, Developer, Permits 12,211,272 (details here in box to the right ) Developer 3% 2,065,438
subtotal 83,309,202
5% Contingency 4,165,460 Mgmt fees 3% 2,065,438
Permits/OSHPD 2,550,000 Ave. Cost per sq ft (incl. all costs)
TOTAL PROJECT COST $87,474,662.42 $282.69
12,211,272
Estimated Value Upon Completion and Stabilization
Valuation Profit $100,747,968.95 LOANS Interest Monthly Annual
ROI 115.2% HUD Guaranteed All SNFs plus Urgent Care
Total Medical Village Value (Based on Cash Flow) $188,222,631.36 Cap Rate 11.0% $57,939,000 7.50% $381,279.60 $4,575,355.20 40 yr Amort. - 90% Cost
Value Per SF $608.27 Conventional HEWC and MOB
$29,535,662 7.50% $206,517.63 $2,478,211.56 30 yr Amort. - 70% LTV
ANNUAL REVENUES AND EXPENSES SUMMARY
Net Lease Revenues (HEWC, Urgent Care, MOB) 5,694,900 (details on page 3 of financials) Total 587,797 7,053,567
Net Operating Income from All Skilled Nursing Facilities 15,129,589 (details on page 4 of financials)
Property Management (entire Medical Village) (120,000) (details here in box to the right ) Admin Exp.
Net Revenues (Before Debt Service) $20,704,489.45 Property Mgmt $10,000.00 $120,000.00 mgmt of entire village
Debt Service (7,053,567) (details here in box to the right )
Net Revenues (Pre-Tax) $13,650,922.69
PAGE 3
DETAILS OF REVENUES FROM LEASED BUILDINGS
Lease Rates/Revenues (TRIPLE NET)
Sq Ft Lease Rate/Mo Lease Rate/Yr Monthly Revenues Annual Revenues
Health Education & Wellbeing Center ("HEWC") 50,000 $2.25 $27.00 $112,500.00 $1,350,000.00
Urgent Care 5,000 $2.25 $27.00 $11,250.00 $135,000.00
Medical Office Bldg ("MOB") Tenant Improvements included
Outpatient Surgery Center 10,000 $14.00 $168.00 $140,000.00 $1,680,000.00 TIs included
Cancer Treatment Center w/Clinical Trials 5,000 $5.50 $66.00 $27,500.00 $330,000.00 "
Dialysis Center 7,500 $3.50 $42.00 $26,250.00 $315,000.00 "
Rehab Facility 10,000 $2.95 $35.40 $29,500.00 $354,000.00 "
Laboratory 1,500 $2.25 $27.00 $3,375.00 $40,500.00 "
Outpatient Pharmacy 3,000 $5.00 $60.00 $15,000.00 $180,000.00 "
Dental Laboratory 4,000 $2.25 $27.00 $9,000.00 $108,000.00 "
Physicians Offices 35,000 $2.75 $33.00 $96,250.00 $1,155,000.00 "
Caf Restaurant 1,000 $3.95 $47.40 $3,950.00 $47,400.00 "
Admin Offices/Restrooms 1,000 $0.00 $0.00 $0.00 $0.00 n/a
Common Areas 13,292 $0.00 $0.00 $0.00 $0.00 n/a
NET LEASE REVENUES 146,292 $474,575.00 $5,694,900.00
PAGE 4
REVENUE AND EXPENSE DETAILS FOR SNFs 89% OCCUPANCY (except for Guaranteed Beds at 100% occupancy) "PPD" is Per Patient Day
SNF-STP Revenues (150 beds total capacity) Occupied Beds Rev PPD Rev/Day Rev/Mo Rev/Yr
100 beds Guaranteed by Riverside County 100 $199.08 $19,908.00 $605,535.00 $7,266,420.00
50 beds available for others 45 $220.08 $9,903.60 $301,234.50 $3,614,814.00
Gross Revenues subtotal 145 $29,811.60 $906,769.50 $10,881,234.00
SNF-STP Expenses Exp PPD Exp/Day Exp/Mo Exp/Yr
Total beds filled at stabilization 145 $123.00 ($17,835.00) ($542,481.25) ($6,509,775.00)
Mgmt Fee 5% of Gross Revenues ($1,490.58) ($45,338.48) ($544,061.70)
Expenses subtotal ($19,325.58) ($587,819.73) ($7,053,836.70)
TOTAL SNF-STP FACILITY NOI (Pre-Tax) $10,486.02 $318,949.78 $3,827,397.30
SNF Revenues (158 beds total capacity) 89% of Beds Rev PPD Rev/Day Rev/Mo Rev/Yr
Gross Revenues 141 $400.00 $56,400.00 $1,715,500.00 $20,586,000.00
SNF Expenses Exp PPD Exp/Day Exp/Mo Exp/Yr
Total beds filled at stabilization 141 $183.00 ($25,803.00) ($784,841.25) ($9,418,095.00)
Mgmt Fee 5% of Gross Revenues ($2,820.00) ($85,775.00) ($1,029,300.00)
Expenses subtotal ($28,623.00) ($870,616.25) ($10,447,395.00)
TOTAL SNF Facility NOI (Pre-Tax) $27,777.00 $844,883.75 $10,138,605.00
SNF-STP SENIOR (25 beds total capacity) 89% of Beds Rev PPD Rev/Day Rev/Mo Rev/Yr
Gross Revenues 22 $199.08 $4,379.76 $133,217.70 $1,598,612.40
SNF-STP SENIOR Expenses Exp PPD Exp/Day Exp/Mo Exp/Yr
Total beds filled at stabilization 22 $108.00 ($2,376.00) ($72,270.00) ($867,240.00)
Mgmt Fee 5% of gross revenues ($218.99) ($6,660.89) ($79,930.62)
Expenses subtotal ($2,594.99) ($78,930.89) ($947,170.62)
TOTAL SNF STP SENIOR NOI (Pre-Tax) $1,784.77 $54,286.82 $651,441.78
MEMORY CARE (25 beds total capacity) 89% of Beds Rev PPD Rev/Day Rev/Mo Rev/Yr
Gross Revenues 22 $180.82 $3,978.04 $120,998.72 $1,451,984.60
Expenses Exp PPD Exp/Day Exp/Mo Exp/Yr
Total beds filled at stabilization 22 $108.00 ($2,376.00) ($72,270.00) ($867,240.00)
Mgmt Fee 5% of gross revenues ($198.90) ($6,049.94) ($72,599.23)
Expenses subtotal ($2,574.90) ($78,319.94) ($939,839.23)
TOTAL MEMORY CARE NOI (Pre-Tax) $1,403.14 $42,678.78 $512,145.37
ALL SKILLED NURSING FACILITIES COMBINED Per Day Per Month Per Year
TOTAL GROSS REVENUES $94,569.40 $2,876,485.92 $34,517,831.00
TOTAL EXPENSES ($53,118.47) ($1,615,686.80) ($19,388,241.55)
TOTAL NET OPERATING INCOME (pre-tax) $41,450.93 $1,260,799.12 $15,129,589.45



INDIO
MEDICAL VILLAGE
Trust Mortgage Company, Inc. - 7 Lehigh Road - Wellesley, MA 02482 - Tel: 781-235-5500 - info@trustlender.com
August 29, 2009
Mr. Willard Bill Novodor
Optiflex Properties
200 E. Beverly Blvd., Suite 200
Montebello, CA 90640
Re: IndioSNF and STP Health Care Facilities
Dear Mr. Novodor:
This letter will confirm our commitment (Trust Mortgage Company, Inc. and its
affiliates) to finance the above captioned property based on the rates and terms
outlined in the FHA 232 Lean Program and through our successors and assigns and
based on our quotation dated February 4, 2009, and relying on the foregoing and other
matters set forth herein and other statements, representations furnished and made by
Borrower or its representatives, and subject to the approval by the Lender and
Lenders counsel and of all documents to be preparedand/or delivered incidental to
the making of the Loan, including but not limited to the Loan Documents. This
commitment is for a gross loan of $20,016,000 funded by the sale of the mortgage
commitment, investor participation or any other means acceptable to the US
Department of Housing and Urban Development. This commitment is based on the
following items being acceptable, in both our sole opinions, the US Department of
HUD, the lender and the opinion of counsel:
1. Amount, Interest Rate, Pre-Payments, and Term: In accordance with
market conditions at the time a rate is locked and as determined by The US
Department of HUD
2. Loan Documents: Loan shall be evidenced by Borrowers negotiable
promissory note or notes in form and substance satisfactory to FHA of the US
Department of HUD and Lenders Counsel secured by mortgage or deed of trust and a
security agreement in form and substance satisfactory to Lender and Lenders Counsel
so as to create a valid, first and prior lien on the property.
3. Place of Closing: to be determined by The US Department of HUD.
4. Conditions Precedent to Closing: There shall be no conditions precedent to
Borrowers obligations to accept and close the Loan if said Loan is offered by
Lender to Borrower in accordance with the terms hereof. Lender shall not be
obligated to make and close the Loan unless each and all of the conditions
precedent Lender may require have been fully and timely satisfied as will
be outlined by HUD and Lenders counsel.
5. Payment of third Party Fees and Expenses: Borrowers acceptance hereof
shall constitute its agreement to pay, at or prior to the Closing Date, all reasonable,
documented charges and fees incurred by Borrower and/or Lender in connection
with the Loan.
6. Commitment Fee: Concurrently with the Borrowers acceptance of the final
Commitment Letter from HUD to insure the mortgage, Borrower shall pay to Lender
a Commitment fee equal to the placement and finance fee as allowed by HUD (the
Commitment Fee) payable to the order of Lender.
This commitment is subject to The US Department of HUD, its rules and regulations
for the 232 Lean Program and neither this commitment, nor any part thereof, shall
violate any rules or regulations of The US Department of HUD or either the entire
commitment or any part thereof is null and void without penalty to either party.
Sincerely,
Trust Mortgage Company, Inc.
J ohn Panagako
President
J PP/scf
PAGE 1
INDIO MEDICAL VILLAGE Created 03-24-10
Buildings - Shell Only Cost # 0f Beds Size Cost/SF % of Beds Shell Cost/Bed Notes % of cost
Skilled Nursing with Special Treatment Program 8,689,625 100 49,655 $175.00 49% $86,896 53.9%
Skilled Nursing 7,419,825 104 42,399 $175.00 51% $71,344 46.1%
subtotal 16,109,450 204 92,054 100% 100.0%
Ave. Construction Cost per sq ft (shell only)
$175.00
COMMON AREAS
Site Development 250,000
Landscaping 258,518 47,912 $5.02
Parking (104 Spaces)
Asphalt (parking area and connecting roads) 370,085 47,676 $7.76
Pavers with bands (drop off area and entryarea) 17,544 2,528 $6.94
6" depth textured/colored concrete (service area) 34,230 4,498 $7.61
subtotal 421,859 54,702
Ave. Construction Cost per sq ft (incl common)
Total 17,039,827 $185.11
TENANT IMPROVEMENT ALLOWANCES TI Costs # 0f Beds Size Cost/SF % of Beds TI Cost per Bed Notes
Skilled Nursing with Special Treatment Program 1,241,375 100 49,655 $25.00 49% $12,414
Skilled Nursing 1,271,970 104 42,399 $30.00 51% $12,230 Ave. Construction Cost per sq ft (incl common/TI)
subtotal 2,513,345 204 92,054 100% $212.41
PROJECT COSTS
Land Purchase 2,305,000 includes $110,000 extra paid to owner during escrow
Total Construction Cost for Entire Medical Village (Shell+Common+TIs) 19,553,172
Architect 182,000
Engineering 180,000
Landscaping Design 18,000
Deferred Interest During Construction (int. calc. on 1/2 loan amt. is ave.) 1,152,000
Developer/Management/Construction Management 3,083,271 Ave. Cost per sq ft (incl common/TI/soft costs)
subtotal 26,473,443
5% Contingency 1,397,650 $302.77
TOTAL PROJECT COST $27,871,093
Estimated Value Upon Completion and Stabilization
Valuation Profit $58,705,978 Loan Amt Interest Rate Monthly Annual
ROI 210.6% HUD loan 90% LTC
Total Medical Village Value (Based on Cash Flow) $86,577,071 Cap Rate 11.0% $25,133,484 7.50% $165,396 $1,984,752 Loan Pymt
Value per SF $940.50 $5,000 $60,000 Admin Exp
Equity Needed $170,396 $2,044,752
ANNUAL REVENUE AND EXPENSES SUMMARY $2,737,609
Net Operating Income fromAll Skilled Nursing Facilities 9,523,478 (see details on page 2)
Debt Service and Property Management (entire Medical Village) (2,044,752)
Net Revenues (pre-tax) $7,478,726
PAGE 2
REVENUE AND EXPENSE DETAILS
89% OCCUPANCY "PPD" is Per Patient Day
SNF-STP Beds 100 beds total capacity Beds Rev PPD Rev/Day Rev/Mo Rev/Yr
50 beds guaranteed by Riverside County 50 $199.08 $9,954.00 $302,767.50 $3,633,210.00
50 beds sold to others 45 $220.08 $9,903.60 $301,234.50 $3,614,814.00
subtotal 95 $19,857.60 $604,002.00 $7,248,024.00
Expenses Beds Exp PPD Exp/Day Exp/Mo Exp/Yr
Total beds filled at stabilization 95 $123.00 ($11,685.00) ($355,418.75) ($4,265,025.00)
Mgmt Fee 5% of gross revenues ($992.88) ($30,200.10) ($362,401.20)
subtotal ($12,677.88) ($385,618.85) ($4,627,426.20)
TOTAL SNF-STP Facility NOI $7,179.72 $218,383.15 $2,620,597.80
SNF Beds 104 beds total capacity 89% OCCUPANCY
Beds Rev PPD Rev/Day Rev/Mo Rev/Yr
104 beds 96 $400.00 $38,400.00 $1,168,000.00 $14,016,000.00
Expenses Beds Exp PPD Exp/Day Exp/Mo Exp/Yr
Total beds filled at stabilization 96 $183.00 ($17,568.00) ($534,360.00) ($6,412,320.00)
Mgmt Fee 5% of gross revenues ($1,920.00) ($58,400.00) ($700,800.00)
subtotal ($19,488.00) ($592,760.00) ($7,113,120.00)
TOTAL SNF Facility NOI $18,912.00 $575,240.00 $6,902,880.00
ALL SKILLED NURSING FACILITIES COMBINED Per Day Per Month Per Year
TOTAL GROSS REVENUES $58,258 $1,772,002 $21,264,024
TOTAL EXPENSES ($32,166) ($978,379) ($11,740,546)
TOTAL NET OPERATING INCOME (pre-tax) $26,092 $793,623 $9,523,478

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