It is assumed it will take about six months to complete the plans and secure a permit, another year to build all of the offsite improvements, the medical office building, and the tenant improvements for the user, and another year to season and sell the project.In the model, as is typically done, the preferred return to the investors is considered a distribution of profits shown when available rather than as a project cost. The program is called “Argus Developer.”contains an Excel “Project Pro Forma” that restates the project's projected income and expenses and development costs.Exhibit 9.1 Argus Developer: Pro FormaThe vacancy and collection loss is referred to as “nonrecoverable costs.” Used in connection with the inputted Excel figures is an Argus spreadsheet (see Appendix E on the companion website) outlining the income and expenses over a 31-month time frame. Argus DeveloperArgus has a specific program designed to assist a developer in analyzing a construction project.
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