STONE PLACE MILL

A proposed redevelopment of a former industrial mill complex to include 212 new construction and mill conversion residential units in the Smart Growth District of Melrose, Massachusetts.

OAKGROVE RESIDENTIAL provided comprehensive Development Services on behalf of the Investors, including entitlement, permitting, design, financing and sales.

PROJECT HIGHLIGHTS

* 93 loft type mill apartment units

* 119 podium type apartment units

* Average unit size: 978 NRSF

* Average base rent: $2.00 per NRSF

* 7,500 SF resident clubhouse

FINANCIAL PARAMETERS

* Total Project Cost: $52.2M

* Equity Requirement: $7.4M

* Debt Financing: $42.0M HUD 221(d)4 non-recourse fixed interest debt for 40 Years

* Stabilized Return on Cost: 7.2%+

* Stabilized Cash on Cash: 13.8%

* 3 Year IRR: 25%+