Lincoln High School Redevelopment - Portland State University

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Lincoln High School RedevelopmentEconomic ModelFinancing & ReturnsResidential Mortgage FinancingResidential Mortgage Loan Amount CalculationsFHA Statutory LimitsMtg. Limit Units Mtg. Amt.3 Bedroom $ 243,07918 $ 4,375,4222 Bedroom 187,899 178 33,446,0221 Bedroom 154,522 558 86,223,276Studio 134,798 928 125,092,544Potential Loan Amt., Statutory $ 249,137,264Income ApproachStabilized NOI (Yr. 6) $ 16,559,128Available for Debt Service 15,731,643 1.05 debt coverage ratioMortgage Constant 7.37% 6.90% interest, 40 year amort.Potential Loan Amt., Income $ 213,450,117Cost ApproachTotal Development Costs $ 211,557,028Potential Loan Amt., Cost $ 211,557,028 100% Loan to CostMortgage Loan Amount $ 211,557,028 (Minimum of three approaches, above)Equity Required, Residential $ -Bond FinancingGeneral Obligation BondTerm (Yrs.) 25Bond Yield 5.00%Bond Constant 7.05%Bond Issue RequiredFinancing & ReturnsEquity, Residential $ -Equity, Retail 3,100,000Equity, Parking 63,325,000Equity, High School 62,394,118Total Bond Issue $ 128,819,118Bond Service $ 9,083,82454Center for Real Estate • BOMA Development Workshop • Summer 2009
Lincoln High School RedevelopmentConclusion In conclusion, our group’s recommendation takes the previously underutilizedLHS site and transforms it into a stable revenue source that should further benefitall Portland Public Schools, not just the Lincoln community.We believe the recommended “hybrid” development option meets our intendedgoals and is the greatest way of taking Lincoln’s current educational programand thrusting it into the 21st Century. We have kept LHS in the downtown coreand have aligned it with strategic partners who will add to the rich curriculumof students from LHS and other Portland academic programs, the Goose Hollowneighborhood and the greater downtown community. We have opened thissite to community involvement and integration while expanding upon this site’sobvious location advantages. All of these goals can be met without displacingstudents during construction.While the overall real estate market is currently weak, we believe that housingunit mix proposed for the first phase of development is in demand and will likelybe absorbed during the present recessionary times. Subsequent developmentphases, although outlined in our report, remain flexible and can be built to capitalizeon the greatest likely absorption potential as the market recovers.Center for Real Estate • BOMA Development Workshop • Summer 200955
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Lincoln High School Redevelopment - Portland State University

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