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P H A S E 1
6 0 U n i t s / 2 1 3 B e d s
P h a s e d S t u d e n t H o u s i n g
O p p o r t u n i t y R o o s e v e l t
U n i v e r s i t y – S c h a u m b u r g
C a m p u s
1 6 5 1 M c C o n n o r P k w y ,
S c h a u m b u r g , I L 6 0 1 7 3
O F F E R I N G
M E M O R A N D U M
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2 2
TA B L E o f
C O N T E N T S EXECUTIVE SUMMARY
Investment Background 4,5
Investment Opportunity 6
MARKET OVERVIEW
City Overview 8
University Overview 9,10
Student Housing Demand 11,12
PROJECT DETAIL
About Us 14 - 19
Property Information 20
Unit Mix 21
Floor Plans 22
Aerials 23-25
FINANCIAL SUMMARY
Cost-Breakdown 27-29
Proforma 30-33
Occupancy Comparison 34-37
Rent Comparison Map 38
Rent Comparison Analysis 39-41
P h a s e 1 A r c h i t e c t u r a l C o n c e p t i o n
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3 3 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 3
EXECUTIVE SUMMARY
Investment Background
Investment Opportunity
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Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 4
E X E C U T I V E
S U M M A R Y
INVESTMENT BACKGROUND
Roosevelt University’s Albert A. Robin Campus in suburban Schaumburg has been catering to undergraduate and graduate students in the northwest suburbs since 1976. In 1996 an upgraded facility was completed that included all the amenities a resident full-time student has come to expect. However, the Schaumburg Campus is missing a residence component for its 1,700 students who use the campus daily. The Schaumburg campus has 225,000 square feet of state-of-the-art facilities that rest on 27 acres of land. With over 70 classrooms courses are held year round for the five colleges: the College of Arts and Sciences, the Walter E. Heller College of Business, the College of Education, the Evelyn T. Stone College of Professional Studies, and as of 2011 the new College of Pharmacy (exclusive to the Schaumburg Campus). For years there has been the need on Roosevelt’s Schaumburg Campus for a dormitory, and talks within the administration have called for a residential component to complete the full service campus. This process has led The Amicus Companies LLC, in coordination with Henry Bros. Construction, to collaborate with Roosevelt University to finally bring student housing at Schaumburg to fruition.
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5 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 5
E X E C U T I V E
S U M M A R Y
The Amicus Companies LLC, while coordinating with Roosevelt Administration, conducted a campus wide survey to all 1,700 students attending the five colleges on the Schaumburg campus and after several weeks the results were collected. There was a strong voice within the student population that called for an on-campus residential building. The survey identified that the average commute time for students on campus was over an hour each academic day. Should an affordable housing option be supplied in close proximity to the campus the results were over-whelming in favor of a student housing option. With this information Amicus and Henry Bros. called on Fitzgerald Assoc. Architects to create an original concept that would fit on a parcel of land supplied by Roosevelt. This land (originally an unused parking lot valued at $1.5 million) was immediately adjacent to their campus. Using these architectural drawings and floor plans, cost estimates by Henry Bros., and contributed land by Roosevelt, The Amicus Companies LLC compiled the financial model that created a win-win-win scenario for the University, its students, and the development team.
INVESTMENT BACKGROUND
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6 6 6 6 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
INVESTMENT OPPORTUNITY
E X E C U T I V E
S U M M A R Y
We, the developer, are looking for an equity partner who will invest approximately $4.5 million into this student housing opportunity. From this investment an annual return of 13% or $593,000 would be paid to the equity partner. Note • A first mortgage of $11.5 million is contemplated. • The completed facility, would be an Amicus managed
student housing project.
Total Hard Costs
13,036,035.00$
Total Soft Costs
2,431,965.00$
Total Financing Costs
32,000.00$
Total Land Cost
1,500,000.00$
Total Project Cost
17,000,000.00$
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7 7 7 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 7
MARKET OVERVIEW
City Overview
University Overview
Student Housing Demand
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8 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
M A R K E T
O V E R V I E W
The Village of Schaumburg, (population of 74,227 according to the 2010 census) is a city in the northwest suburbs of Chicago and is part of the Golden Corridor.
The city contains the world headquarters of Motorola Solutions, one of the state’s only two IKEA stores, and Woodfield Mall, the nation’s 11th largest mall, which has over 300 stores. Schaumburg’s rich history dates back to the 19th century when settlers from Germany began arriving, coming from the East Coast. AREA AWARDS & ACCOLADES • Chaddick Municipal Development Award
(2013) • Top City Meeting List (2013, 2012) • City Livability Award (2012) • Bicycle Friendly Community (2012) • Chicago Wilderness Conservation and Native
Landscaping Award (2012) • U.S. Environmental Protection Agency and
Chicago Wilderness (2010)
CITY OVERVIEW
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9 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
Located within one of the state’s most rapidly growing areas of economic development, Roosevelt’s Albert A. Robin Campus in suburban Schaumburg offers an accessible option for those living or working outside of the city. At the time of its completion, the Schaumburg Campus was the first new university campus constructed in Illinois in decades. Since then, it has grown to become the most comprehensive university in the northwest suburbs of Chicago, educating students across five campus – specific colleges: the College of Arts and Sciences, the College of Pharmacy, the Walter E. Heller College of Business, the College of Education, and The Evelyn T. Stone College of Professional Studies. While this upgraded facility was completed in 1996, Roosevelt University has been responding to the demand for undergraduate and graduate programs in the northwest suburbs since 1976. While honoring this history of dedication to the students in the community, the new Schaumburg Campus was engineered with the future in mind. In anticipation of new growth, it features ample room for additional expansion
www.roosevelt.edu
M A R K E T
O V E R V I E W
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10 10 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
M A R K E T
O V E R V I E W
The Schaumburg Campus has 225,000 square feet of state-of-the-art facilities resting on 27 acres of land. Part of this Campus includes: • More than 70 classrooms; • A library; • Cutting-edge computer and science labs; • Multimedia room; • Fitness center; • Dining center; • And Child care center.
Schaumburg offers the full list of administrative and student support services for its student population, full admissions office, a registrar, a student accounts office, financial aid, academic advising, tutoring offices, and career counseling offices.
UNIVERSITY AMENITIES
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M A R K E T
O V E R V I E W
STUDENT HOUSING DEMAND
A survey was performed internally and will be made available for third party review if desired. The survey was sent out to 1,700 students at Roosevelt University – Schaumburg to gauge the demand that might exist on their Schaumburg Campus.
After a period of three weeks the results were gathered. They demonstrate a strong market for student housing for the students of Roosevelt’s Schaumburg Campus. An analysis of the data identified that there is a need for affordable student housing in close proximity to the academic buildings. There was also additional consideration for the importance of student housing for University itself: Enhances Educational Outcomes • Develops Academic Year Continuum for current and
incoming students • Creates proximity for students to academic resources
Aids in Enrollment Management • Increases ability to recruit and retain students • Broadens recruitment area; opens campus to a national
audience
Creates Community • Creates a “Residential Campus” • Enhances the neighborhood through retail and increased
foot traffic
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M A R K E T
O V E R V I E W
STUDENT HOUSING DEMAND Overall Survey Population: • 1,700 surveys sent, 261 total responses received. • This 15.4% response rate is considered statistically significant and provides a high level of confidence in the overall results.
Responding Populations: • College of Arts and Sciences 34% • College of Pharmacy 21% • Heller College of Business 20 % • College of Education 18% • Evelyn T. Stone College of Professional Studies 7%
Average Commute Time Per Student • Total Average Commute time is 62. 42 Minutes an academic day (31.21 Minutes one way) Reducing this driving time will allow students to consider taking more courses. Current Living Accommodations • 41% report living with parents/ siblings • 27% report living with spouses/ partners • 12% report living alone • 10% report living with a roommate
* Students expressed a strong desire for affordability and proximity to classes.
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PROJECT DETAIL
About Us
• The Amicus Companies LLC
• Henry Brothers Construction
• Fitzgerald Associates
Property Description
Investment Summary
Investment Highlights
Unit Mix
Floor Plans
Aerials
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Amicus is a firm built on a foundation of service to not-for -profit organizations, and possesses the skill and experience needed in all areas of project development. These skills include: strategic planning, feasibility examination, analysis, structured financing as well as construction for clients with unique needs. The Amicus Companies’ not-for-profit clients include colleges, universities, health care organizations, social services organizations, as well as cultural institutions. Amicus has demonstrated a prowess in both project development and facilities management.
www.ipm-amicus.com
14 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
ABOUT THE AMICUS COMPANIES LLC
P R O J E C T
D E T A I L
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AMICUS STUDENT HOUSING PROJECTS
• Euclid Commons – Cleveland State University (July 2011) • La Casa Student Housing – Multiple Universities
(November 2010) • Fenn Tower – Cleveland State University (August 2007) • University Center of Chicago – Multiple Universities
(August 2004) • Clifton-Fullerton Hall – DePaul University (January 2000) • University Hall – DePaul University (January 2000) • Belden-Racine Hall – DePaul University (January 2000) • Munroe Hall – DePaul University (January 2000) • Centennial Hall – DePaul University (January 1998)
P R O J E C T
D E T A I L
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16 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
Henry Bros. Construction is a full service construction company. From initial client contact to final punch list we offer our clients the convenience of “one stop shopping” when it comes to constructing projects. Henry Bros. posses the capabilities to offer a variety of solutions including value engineering services that can benefit the overall project schedule and budget, saving valuable time and money for the client.
www.henrybros.com
ABOUT HENRY BROS. CONSTRUCTION
P R O J E C T
D E T A I L
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17 17 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
HENRY BROS. STUDENT HOUSING PROJECTS
• St. Joseph Seminary – St. Joseph College Seminary • O’Brien Residence Hall – Saint Xavier University • Rubloff Residence Hall – Saint Xavier University • McCarthy Residence Hall – Saint Xavier University • Morris Residence Hall – Saint Xavier University • (Phase 1 2005) University of St Francis
Motherhouse – University of St Francis • (Phase 2 2007) University of St Francis
Motherhouse – University of St Francis
P R O J E C T
D E T A I L
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18 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
With roots dating back 95 years, FitzGerald Associates Architects maintains a portfolio full of master-planned communities, numerous new low to high-rise residential buildings, commercial and industrial facilities, banks, restaurants, and retail spaces. The firm’s clientele ranges from many for- and not-for-profit developers and investors to government agencies.
FitzGerald is well known for a pragmatic and efficient approach to large scale development that draws upon its extensive experience with many building types and an in-depth understanding of building technologies.
www.fitzgeraldassociates.net
ABOUT FITZGERALD ASSOC. ARCHITECTS
P R O J E C T
D E T A I L
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19 19 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
FITZGERALD STUDENT HOUSING PROJECTS
• Tailor Lofts – Multiple Universities
• CA/23 – Residential mid-rise condominiums • Lakeside Lofts – Residential mid-rise condominiums • Residences at the Vic – Residential mid-rise
condominiums • 15th & Blue Island – Residential mid-rise apartments • Wheaton 121 – Residential mid-rise apartments • The Madison at Racine – Residential mid-rise
apartments
FITZGERALD RESIDENTIAL PROJECTS
P R O J E C T
D E T A I L
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Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 20
PROPERTY DESCRIPTION
Roosevelt University – Schaumburg Campus
Building & Site Description
Phase 1Unit Mix 15 - 4 Bed/ 2 Bath
36 - 2 Bed/ 2 Bath
9 - 1 Bed/ 1 Bath
Average Unit Size 1,160 Sq Ft
865 Sq Ft
585 Sq Ft
Land Area 2.77 Acres (Approx.)
ParkingTotal Number of Spaces 71 (Uncovered)
P R O J E C T
D E T A I L
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21 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 21
UNIT MIX
*Estimated square footage is provided without any representation or warranty as to accuracy.
28%
68%
4%
4 bed/2 bath
2 bed/ 2 bath
1 bed/ 1 bath
# of Units # of Beds Unit Mix % Unit Sq Ft Total Sq Ft Cost Per Unit Cost Per Bed Cost Per Sq Ft
4 Bed/2 Bath 15 60 28.17% 1,160.00 17400 3,300.00$ 825.00$ 0.71$
2 Bed/ 2Bath 36 144 67.61% 865.00 31140 2,900.00$ 725.00$ 0.84$
1 Bed/ 1 Bath 9 9 4.23% 585.00 5265 1,000.00$ 1,000.00$ 1.71$
Totals/ Averages 60 213 100% 870.00 53,805.00 2,400.00$ 850.00$ 1.09$
P R O J E C T
D E T A I L
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1 Bedroom Apartment $1000/ Per Month
(Purple on the Floor Plan)
Basic Building Floor Plan (Phase 1)
4 Bedroom Apartment $825 Per Bed/ Per Month (Blue on the Floor Plan)
2 Bedroom Apartment $725 Per Bed (Double Occupancy)/ Per Month
(Green on the Floor Plan)
P R O J E C T
D E T A I L
FLOOR PLANS
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AERIALS: POTENTIAL SITE
P R O J E C T
D E T A I L
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AERIALS: POTENTIAL SITE
P R O J E C T
D E T A I L
Phase 2
Roosevelt University – Schaumburg Campus
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AERIALS: SURROUNDING RETAIL MARKET
P R O J E C T
D E T A I L
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26 26 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 26
FINANCIAL SUMMARY
Cost-Breakdown
• Hard Costs
• Soft Costs
• Financing & Land Costs
Operating Proforma
Occupancy Comparison
Rent Comparison Map
Rent Comparison Analysis
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27 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
COST BREAKDOWN
F I N A N C I A L
S U M M A R Y
Hard Costs - Construction Costs SF / Unit Net SF Opinion $/SF Opinion Total $
4Be/2Ba 15 1,160.00 17,400.00 168.00$ 2,923,200.00$
Grand 2Be/2Ba 36 865.00 31,140.00 168.00$ 5,231,520.00$
1Be/1Ba 9 585.00 5,265.00 168.00$ 884,520.00$
Common Areas 1 11,340.00 11,340.00 168.00$ 1,905,120.00$
Architectural Adj. Common Area (1,400.00) 168.00$ (235,200.00)$
Amenity Area 1 6,355.00 6,355.00 125.00$ 794,375.00$
Public Parking 71 7,500.00$ 532,500.00$
Hard Cost Contingency 1,000,000.00$
Total Hard Costs 21,020.00 70,100.00 13,036,035.00$
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28 28 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
F I N A N C I A L
S U M M A R Y
Soft Costs Opinion Total $
Enviromental Surveys 2,000.00$
Survey 1,000.00$
Government Permits & Fees 2,000.00$
Architectual & Engineering Fees 661,982.00$
Professional & Marketting Fees 15,000.00$
Development Fee 977,703.00$
Insurance 15,000.00$
Legal Fees 25,000.00$
FF&E 227,575.00$
Soft Cost Contingency 504,705.00$
Total Soft Costs 2,431,965.00$
COST BREAKDOWN
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29 29 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
TOTAL PROJECT COST $17,000,000
F I N A N C I A L
S U M M A R Y
Financing Costs
Appraisal 2,000.00$
Project Financing 2,500.00$
Title Insurance & Escrow 2,500.00$
Financing Contingency 25,000.00$
Total Financing Costs 32,000.00$
Land Cost 1,500,000.00$
COST BREAKDOWN
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Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 30
Pro Forma Profit & Loss Initial Year 2 Year 3 Year 4 Year 5
Estimated Revenue Escalation Percentage 3.0% 3.0% 3.0% 3.0% 3.0%
Projected Sales Revenue (94% Occupancy)
4 Bdrm / 2 Ba - 15 Units - 60 Beds 558,360.00$ 575,110.80$ 592,364.12$ 610,135.05$ 628,439.10$
2 Be / 2 Ba Shared - 36 Units - 144 Beds 1,177,632.00$ 1,212,960.96$ 1,249,349.79$ 1,286,830.28$ 1,325,435.19$
1Be / 1Ba - 9 Units - 9 Beds 101,520.00$ 104,565.60$ 107,702.57$ 110,933.65$ 114,261.65$
Parking Revenue 34,080.00$ 35,102.40$ 36,155.47$ 37,240.14$ 38,357.34$
Miscellaneous revenues 60,066.00$ 61,867.98$ 63,724.02$ 65,635.74$ 67,604.81$
Total Projected Gross Operating Sales Income 1,931,658.00$ 1,989,607.74$ 2,049,295.97$ 2,110,774.85$ 2,174,098.10$
Estimated Expense Escalation Percentage 2.5% 2.5% 2.5% 2.5% 2.5%
Total Utility Expenses 142,995.00$ 146,569.88$ 150,234.12$ 153,989.97$ 157,839.72$
Total Maintenance Expenses 168,240.00$ 172,446.00$ 176,757.15$ 181,176.08$ 185,705.48$
Total Staff Expenses 48,000.00$ 49,200.00$ 50,430.00$ 51,690.75$ 52,983.02$
Total Administrative Expenses 209,927.25$ 243,027.50$ 249,103.19$ 255,330.77$ 261,714.04$
Total Operating Expenses 569,162.25$ 611,243.38$ 626,524.46$ 642,187.57$ 658,242.26$
Net Operating Income 1,362,495.75$ 1,378,364.37$ 1,422,771.51$ 1,468,587.28$ 1,515,855.84$
Debt Service 718,818.36$ 718,818.36$ 718,818.36$ 718,818.36$ 718,818.36$
Debt Service Coverage 1.90 1.92 1.98 2.04 2.11
Cash Available (After Debt Service) 643,677.39$ 659,546.01$ 703,953.16$ 749,768.92$ 797,037.48$
Equity Payments Number 1 (Land) 50,000.00$ 50,000.00$ 50,000.00$ 50,000.00$ 50,000.00$
Equity Payments Number 2 (Investor at 13%) 593,677.39$ 593,677.39$ 593,677.39$ 593,677.39$ 593,677.39$
Cash Available -$ 15,868.61$ 60,275.76$ 106,091.53$ 153,360.09$
O P E R A T I N G
P R O F O R M A : 9 4 % O C C U P A N C Y S C E N E R I O
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O P E R A T I N G
P R O F O R M A : 8 0 % O C C U P A N C Y S C E N E R I O
Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 31
Pro Forma Profit & Loss Initial Year 2 Year 3 Year 4 Year 5
Estimated Revenue Escalation Percentage 3.0% 3.0% 3.0% 3.0% 3.0%
Projected Sales Revenue (80% Occupancy)
4 Bdrm / 2 Ba - 15 Units - 60 Beds 475,200.00$ 489,456.00$ 504,139.68$ 519,263.87$ 534,841.79$
2 Be / 2 Ba Shared - 36 Units - 144 Beds 1,002,240.00$ 1,032,307.20$ 1,063,276.42$ 1,095,174.71$ 1,128,029.95$
1Be / 1Ba - 9 Units - 9 Beds 86,400.00$ 88,992.00$ 91,661.76$ 94,411.61$ 97,243.96$
Parking Revenue 34,080.00$ 35,102.40$ 36,155.47$ 37,240.14$ 38,357.34$
Miscellaneous revenues 51,120.00$ 52,653.60$ 54,233.21$ 55,860.20$ 57,536.01$
Total Projected Gross Operating Sales Income 1,649,040.00$ 1,698,511.20$ 1,749,466.54$ 1,801,950.53$ 1,856,009.05$
Estimated Expense Escalation Percentage 2.5% 2.5% 2.5% 2.5% 2.5%
Total Utility Expenses 142,995.00$ 146,569.88$ 150,234.12$ 153,989.97$ 157,839.72$
Total Maintenance Expenses 168,240.00$ 172,446.00$ 176,757.15$ 181,176.08$ 185,705.48$
Total Staff Expenses 48,000.00$ 49,200.00$ 50,430.00$ 51,690.75$ 52,983.02$
Total Administrative Expenses 209,927.25$ 243,027.50$ 249,103.19$ 255,330.77$ 261,714.04$
Total Projected Expenses 569,162.25$ 611,243.38$ 626,524.46$ 642,187.57$ 658,242.26$
Projected Net Operating Income 1,079,877.75$ 1,087,267.83$ 1,122,942.08$ 1,159,762.96$ 1,197,766.79$
Debt Service 718,818.36$ 718,818.36$ 718,818.36$ 718,818.36$ 718,818.36$
Debt Service Coverage 1.50 1.51 1.56 1.61 1.67
Cash Available (After Debt Service) 361,059.39$ 368,449.47$ 404,123.72$ 440,944.60$ 478,948.43$
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32 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum 32
O P E R A T I N G
P R O F O R M A : 7 0 % O C C U P A N C Y S C E N E R I O
Pro Forma Profit & Loss Initial Year 2 Year 3 Year 4 Year 5
Estimated Revenue Escalation Percentage 3.0% 3.0% 3.0% 3.0% 3.0%
Projected Sales Revenue (70% Occupancy)
4 Bdrm / 2 Ba - 15 Units - 60 Beds 415,800.00$ 428,274.00$ 441,122.22$ 454,355.89$ 467,986.56$
2 Be / 2 Ba Shared - 36 Units - 144 Beds 876,960.00$ 903,268.80$ 930,366.86$ 958,277.87$ 987,026.21$
1Be / 1Ba - 9 Units - 9 Beds 75,600.00$ 77,868.00$ 80,204.04$ 82,610.16$ 85,088.47$
Parking Revenue 34,080.00$ 35,102.40$ 36,155.47$ 37,240.14$ 38,357.34$
Miscellaneous revenues 44,730.00$ 46,071.90$ 47,454.06$ 48,877.68$ 50,344.01$
Total Projected Gross Operating Sales Income 1,447,170.00$ 1,490,585.10$ 1,535,302.65$ 1,581,361.73$ 1,628,802.58$
Estimated Expense Escalation Percentage 2.5% 2.5% 2.5% 2.5% 2.5%
Total Utility Expenses 142,995.00$ 146,569.88$ 150,234.12$ 153,989.97$ 157,839.72$
Total Maintenance Expenses 168,240.00$ 172,446.00$ 176,757.15$ 181,176.08$ 185,705.48$
Total Staff Expenses 48,000.00$ 49,200.00$ 50,430.00$ 51,690.75$ 52,983.02$
Total Administrative Expenses 209,927.25$ 243,027.50$ 249,103.19$ 255,330.77$ 261,714.04$
Total Projected Expenses 569,162.25$ 611,243.38$ 626,524.46$ 642,187.57$ 658,242.26$
Projected Net Operating Income 878,007.75$ 879,341.73$ 908,778.19$ 939,174.16$ 970,560.32$
Debt Service 718,818.36$ 718,818.36$ 718,818.36$ 718,818.36$ 718,818.36$
Debt Service Coverage 1.22 1.22 1.26 1.31 1.35
Cash Available (After Debt Service) 159,189.39$ 160,523.37$ 189,959.84$ 220,355.80$ 251,741.97$
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O P E R A T I N G
P R O F O R M A : 6 3 % O C C U P A N C Y S C E N E R I O
Pro Forma Profit & Loss Initial Year 2 Year 3 Year 4 Year 5
Estimated Revenue Escalation Percentage 3.0% 3.0% 3.0% 3.0% 3.0%
Projected Sales Revenue (63% Occupancy)
4 Bdrm / 2 Ba - 15 Units - 60 Beds 374,220.00$ 385,446.60$ 397,010.00$ 408,920.30$ 421,187.91$
2 Be / 2 Ba Shared - 36 Units - 144 Beds 789,264.00$ 812,941.92$ 837,330.18$ 862,450.08$ 888,323.59$
1Be / 1Ba - 9 Units - 9 Beds 68,040.00$ 70,081.20$ 72,183.64$ 74,349.15$ 76,579.62$
Parking Revenue 34,080.00$ 35,102.40$ 36,155.47$ 37,240.14$ 38,357.34$
Miscellaneous revenues 40,257.00$ 41,464.71$ 42,708.65$ 43,989.91$ 45,309.61$
Total Projected Gross Operating Sales Income 1,305,861.00$ 1,345,036.83$ 1,385,387.93$ 1,426,949.57$ 1,469,758.06$
Estimated Expense Escalation Percentage 2.5% 2.5% 2.5% 2.5% 2.5%
Total Utility Expenses 142,995.00$ 146,569.88$ 150,234.12$ 153,989.97$ 157,839.72$
Total Maintenance Expenses 168,240.00$ 172,446.00$ 176,757.15$ 181,176.08$ 185,705.48$
Total Staff Expenses 48,000.00$ 49,200.00$ 50,430.00$ 51,690.75$ 52,983.02$
Total Administrative Expenses 209,927.25$ 243,027.50$ 249,103.19$ 255,330.77$ 261,714.04$
Total Projected Expenses 569,162.25$ 611,243.38$ 626,524.46$ 642,187.57$ 658,242.26$
Projected Net Operating Income 736,698.75$ 733,793.46$ 758,863.48$ 784,762.00$ 811,515.80$
Debt Service 718,818.36$ 718,818.36$ 718,818.36$ 718,818.36$ 718,818.36$
Debt Service Coverage 1.02 1.02 1.06 1.09 1.13 Cash Available (After Debt Service) 17880.39397 14975.09736 40045.11789 65943.64445 92697.44237
Cash Available (After Debt Service) 17,880.39$ 14,975.10$ 40,045.12$ 65,943.64$ 92,697.44$
DRAFT 4/7/14
34 34 34 34 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
OCCUPANCY COMPARISONS: PRIVATE NOT-FOR-PROFIT
F I N A N C I A L
S U M M A R Y
Benedictine University (Lisle, IL) 7,013 Student Pop. 93% School Wide Occupancy of Campus Dormitories for 2013 Suite Style Dormitories http://www.ben.edu/about/fastfacts.cfm DePaul University (Chicago, IL) 25,398 Student Pop. 99.5% School Wide Occupancy of Campus Dormitories for 2013 Suite Style Dormitories & Apartment Style Spoke with Admissions Lewis University (Lake Forest, IL) 6,394 Student Pop. 94% School Wide Occupancy of Campus Dormitories for 2013 Spoke with Admissions North Central College (Naperville, IL) 3,368 Student Pop. 99.4% School Wide Occupancy of Campus Dormitories for 2013 Spoke with Admissions
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35 35 35 35 35 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
F I N A N C I A L
S U M M A R Y
Iowa State University (Ames, IA) 26,160 Student Pop. 99.1 % School Wide Occupancy of Campus Dormitories for 2013 Suite Style Dormitories & Apartment Style http://www.housing.iastate.edu/data/occupancy University of Illinois at Urbana –Champaign (Champaign, IL) 42,326 Student Pop 97% School Wide Occupancy of Campus Dormitories for 2013 Suite Style Dormitories & Apartment Style Spoke with Admissions
OCCUPANCY COMPARISONS: PUBLIC NOT-FOR-PROFIT
DRAFT 4/7/14
36 36 36 36 36 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
OCCUPANCY COMPARISONS: SHARED FACILITIES
F I N A N C I A L
S U M M A R Y
University Center of Chicago (Chicago, IL) 1,720 Student Pop. 99.2% Building Occupancy for 4 educational Institutions:
• DePaul University; • Roosevelt University; • Columbia College; • Robert Morris University
Suite Style Dormitories & Apartment Style Spoke with Admissions
DRAFT 4/7/14
37 37 37 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
OCCUPANCY COMPARISONS: ILLINOIS BOARD OF EDUCATION
F I N A N C I A L
S U M M A R Y
Illinois citizens have a broad array of educational opportunities available through the state's nationally respected system of 9 public universities on 12 campuses, 48 community colleges, 97 independent not-for-profit colleges and universities, and 35 independent for-profit institutions. Enrollments in these institutions have an overall increase -- 3.9% -- in fall 2009 to 892,905 compared with the previous autumn, continuing a pattern of stable enrollments in Illinois colleges and universities since the mid-1990s. Enrollments at public universities increased by 1.2% in fall 2009 to 204,469, according to preliminary headcounts. Community college enrollments increased 6.4% to 380,025. The number of students at private institutions increased 3.1% in the nonprofit sector, to 231,379, and 1.4% among proprietary institutions, to 77,032. In addition, there were 8,936 Illinois students enrolled in out-of-state institutions with operations in Illinois. Calculation of a 12-month unduplicated headcount (as opposed to fall enrollment reports) shows more than a million students enrolled in credit coursework at Illinois colleges and universities during the 2008 academic year. A breakdown of 12-month headcounts reveals that enrollments at: • Public universities declined 0.6 % to 233,395 • Community colleges declined 0.3% to 682,607 • Private nonprofit and for-profit institutions rose 0.4% to 370,406
http://www.ibhe.org/Colleges%20and%20Universities/default.htm
DRAFT 4/7/14
38 38 38 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
RENT COMPARISON MAP
F I N A N C I A L
S U M M A R Y
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39 39 39 39 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
RENT COMPARISON ANALYSIS
FIELPOINTE OF SCHAUMBURG Arbor Square, Schaumburg, IL 60173
(1.4 miles from site)
F I N A N C I A L
S U M M A R Y
Unit Type Sq Ft CostStudio 528 $848 - $914
1 Bed/ 1 Bath 728 - 800 $950 - $1,064
2 Bed/ 1 Bath 950 $1,036 - $1,267
TGM PARK MEADOWS 10 N. Lincoln Meadows Drive
(2.7 miles from site)
Unit Type Sq Ft Cost1 Bed/ 1 Bath 635 - 760 $1,140 - $1,250
2 Bed/ 2 Bath 990 - 1,040 $1,540 - $1,570
DRAFT 4/7/14
40 40 40 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
F I N A N C I A L
S U M M A R Y
LAKES OF SCHAUMBURG 801 Belinder Ln, Schaumburg, IL 60173
(2.7 miles from site)
RENT COMPARISON ANALYSIS
Unit Type Sq Ft Cost1 Bed/ 1 Bath 650 - 800 $924 - $1,427
2 Bed/ 2 Bath 1,000 - 1,100 $1,480 - $1,883
REMINGTON PLACE 201 Remington Rd, Schaumburg, IL 60173
(2.8 miles from site)
Unit Type Sq Ft Cost1 Bed/ 1 Bath 652 - 840 $1,065 - $1,135
2 Bed/ 2 Bath 1020 - 1250 $1,310 - $1,585
DRAFT 4/7/14
41 41 41 41 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
F I N A N C I A L
S U M M A R Y
LEGACY AT POPLAR CREEK 1900 Windsong Dr, Schaumburg, IL 60194
(5.9 miles from site )
RENT COMPARISON ANALYSIS
Unit Type Sq Ft Cost1 Bed/ 1 Bath 815 $1,056 - $1,276
2 Bed/ 1 Bath 850 $1,201 - $1,331
2 Bed/ 2 Bath 965 - 1,070 $1,240 - $1,372
DRAFT 4/7/14
42 Potential Future Dorm | Roosevelt University – Schaumburg Campus | Offering Memorandum
KENNETH A. MCHUGH SR.
CEO
+1 630 990 1401
KENNETH A. MCHUGH JR.
Executive Vice President of Sales
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DRAFT 4/7/14