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• <br />AD <br />11 <br />CRA CARE CENTERS, INC. <br />TIME PALMS OF SEBASTIAN <br />70 BED ASSISTED LIVING FACILITY <br />FINANCIAL SUMMARY <br />LOCATION: NEAR THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA <br />SIZE OF BUILDING: 42,500 SQUARE FEET, 66 rooms <br />ESTIMATE] PERIOD OF CONSTRUC'T'ION: July, 1999 - March, 2000 <br />TOTAL ESTIMATED PROJECT COST: 55,319,885 <br />ESTIMATED DEVELOPMENT BUDGET <br />CATEGORY AMOUNT <br />LAND S 340,000 (Actual, under option) <br />OFF SITE WATERISEWER $ 47,400 <br />BUfLDTNG $3,050,500 ($71Af plus bond) <br />PROFESSIONAL FEES $ 234,000 <br />SITE WORK $ 280,004 <br />PERNUT FEES $ 19,400 <br />IMPACT, FEES35.OM <br />TOTAL CONSTRUCTION 53,665,500 <br />CONSTRUCTION LOAN S 210,300 <br />FURNITURE, EQUIPMENT $166,000 <br />RECORDING, TAXES $ 28,000 <br />HUD & LENDER FEES $ 250,085 <br />AUDIT $ 5,000 <br />START-UP MARKETING $ 70,000 <br />TMT1ALL TRAINING&HIRE $ 15,000 (pre -opening) <br />MANAGEMENT CONSULT $ 20,000 (pre -opening) <br />OPERATLNG LOSSES $ 550.004 (after opening) <br />TOTAL SOFT COSTS 5 938,085 <br />FINANCING ASSUMPTIONS <br />A. A first mortgage loan of $4,279,860 is issued from a First Colony Capital, Inc, fully <br />amortizing over 40 years, at no more than 7.9% interest including mortgage insurance <br />premium. Payments are S29,118 monthly, <br />B A construction loan will be issued at a 7.5% interest rate, over a twelve month period <br />of time for a cost of $210,315. The construction loan would canvert into a permanent loan, <br />