The Ashmont Final

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OVERVIEW NEIGHBORHOOD SITE MARKET ANALYSIS CONCEPT+DESIGN FINANCIALSOVERVIEWOVERVIEW NEIGHBORHOOD SITE MARKET ANALYSIS CONCEPT+DESIGN FINANCIALS
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transit-oriented sustainable urban active connected
1980 Dorchester Avenue, Boston MA 02124
Omar Bennouna – M.ENG Katrina Chaves – MUP Manuel Martinez – M.ARCH/M.ENG Caitlin Schwab - MBA
FALL 2014

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OVERVIEW NEIGHBORHOOD SITE MARKET ANALYSIS CONCEPT+DESIGN FINANCIALS
EXECUTIVE SUMMARY
Dear Mr. Peter Allen:
We are very excited to present The Ashmont, a $19.8 MM transit-oriented, LEED Gold certified, mixed-use community in Boston’s
revitalizing Dorchester neighborhood. Located along the neighborhood’ s largest corridor, Dorchester Avenue, The Ashmont is
only 100 yards from the recently renovated Ashmont station. We envision The Ashmont to be a vibrant live/work/play community
that fulfills a previously unmet demand for premier residential, retail and leisure space within the Dorchester neighborhood.
Set within 80,000 SF of expertly combined historic preservation and modern architecture, The Ashmont offers 70 high-end studio
and 2 bedroom residential units, a local grocery store, a Japanese tapas restaurant & bar, all-season courtyard, café and bike
shop, two stories of office space and underground parking. Our development’s LEED Gold architectural features and programming
are designed to create a place that will function as a community anchor and further continue the momentum of reinvestment in
the neighborhood. Our community spaces will activate the streetscape along Dorchester Avenue and Beale Street, and the
beautifully designed all-season courtyard provides a dynamic corridor to the Ashmont T-Station.
Our financial projections are based on a $2.98 MM equity contribution from Rockpoint Group and a $16.85 MM convertible
construction loan. This results in a levered IRR of 29.4% (Pre-tax), and return on cost of 8.2%.
The Ashmont builds on the success of transit-oriented development in Dorchester and will play a key role in promoting its future
vision of a well connected, sustainable, and diverse community. We hope you will invest in Dorchester and share in our vision for
The Ashmont as a new destination community that serves residents, the neighborhood and the city of Boston.
Sincerely,
The Ashmont Team
Manuel Martinez
M.Arch ’13 & M.Eng ‘15
Omar Bennouna
M.Eng ‘15
Caitlin Schwab
MBA ‘15
Katrina Chaves
MUP ‘16

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DORCHESTER was founded in 1630 and annexed to Boston in 1870. As
Boston’s largest and most diverse neighborhood, it is teeming with historical
character, lively squares and a culturally diverse population. The
neighborhood enjoys 9.46 miles of waterfront, the Savin/Malibu and Tenean
Beaches along the Boston Harbor Walk as well as the Neponset River
Reservation.1
Amid many historical landmarks are grand Victorian era homes, engaging
public art and a rich mix of immigrant-run local businesses and restaurants.
The active arts, business and civic organizations host lively events such as
the Ashmont/Peabody Square farmer’s market and the annual Open Studios
arts festival.
Dorchester has experienced significant investment in recent years including
transit station renovations, new destination restaurants by renowned Boston
chef Chris Douglass and mixed-use development projects. Dorchester’s
relative affordability, transit connectivity and proximity to Boston’s
BOSTON is one of America’s oldest, most dynamic and livable cities. It offers an exciting and unbeatable
modern, urban lifestyle set within a rich, historical heritage. Several of the world’s finest academic
institutions, hospitals, cultural hot spots and professional sports teams are located in and around Boston,
providing a consistent flow of visitors, residents and professionals to the city.
The city’s strong population growth over the last ten years has resulted in an increasingly diverse, well-
educated and young population who are drawn to the waterfront, historical and cultural landmarks, ample
green space and multitude of destinations for dining, shopping and leisure within its 26 vibrant and unique
neighborhoods.
THECITY,THENEIGHBORHOODANDTHEFUTURE
BOSTON + DORCHESTER
rapidly emerging south neighborhoods has
brought an influx of young professionals,
artists and couples to a community of long
time residents and newcomers from Ireland,
Vietnam and Cape Verde.2
The City of Boston envisions walkable, urban environments that foster connectivity and promote the quality of life and
economic viability of its neighborhoods. Transit-oriented development is a fundamental strategy in realizing this vision
and has been at the forefront of many projects in Dorchester. The “Dorchester Avenue Project” aims to improve
transportation, housing, streetscapes and promote economic development for communities along this major corridor4.
In combination with the newly renovated Ashmont station, these TOD investments are positioning Dorchester and the
Ashmont community as a walkable and revitalized neighborhood primed for growth and exciting opportunities.
© Boston Redevelopment Authority

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EMERGING TRENDS
INVESTING IN DORCHESTER The neighborhood has experienced an increase in development activity and investment within the past 10 years.5
Ashmont Grill
Ashmont/Peabody Square
Red Line Station
The Carruth &
Tavolo Ristorante
Renovation of
Shawmut Station
MAHA “Home-ownership
University”
Redesign/reconstruction of
Peabody Square
$57 million
YOUNG, HIGHLY EDUCATED MARKET
Boston has a wealth of young, well-
educated millennials, ranking the highest
among the 25 largest US cities for its
concentration of 20 to 34 year olds
(35%).1 Nearly half of millennials in
Boston have a college degree2 and the
hub of academic institutions in Boston
and nearby Cambridge draws a steady
stream of talented young adults.
Population
Land Area (sq. miles)
Population Density (per sq. mile)
Median Age
% of 18 to 34 year olds
Median household income
Car-free households
INNOVATION ECONOMY
Boston’s shift towards a knowledge and
information-based economy,4 and
investment in the 1,000 acre Innovation
District along the South Boston
waterfront is attracting an influx of
professionals and firms in the
knowledge and creative industries. This
is further fueling demand for quality
urban environments that provide a mix
of live, work and play.
$52 million $8 million $5 million $2.5 million
SUSTAINED POPULATION GROWTH
Boston has experienced a population
growth rate of 4.8% since 2000 (11% in
20-34 year olds)3 and continues to
attract more residents. The percentage
of professional occupations has also
increased significantly with the hub of
renowned academic institutions, medical
facilities and corporations.
TRANSIT ORIENTED DEVELOPMENT
The city is already recognized as one of
the most walkable and transit-friendly in
the US. Initiatives such as the 1973 EPA
Parking Freeze and significant funding
for transit infrastructure and capital
improvements further promotes a
culture of mobility and car-free
households.
15,000 30,000 45,000 100,000
AVG. INCOME 18 to 34 YRS (% of POP)POP DENSITY
5 500 5,000 15,000 1 5 10 15 20 30 40 60 75 90
© Social Explorer © Social Explorer © Social Explorer
DEMOGRAPHIC PATTERNS6
$1.5 million
113,975
6
18,996
32
29%
$44,136
31%
645,966
48
13,457
31
35%
$53,601
24%
DORCHESTER BOSTON

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TOD ANALYSIS + PATHS OF GROWTH
South Station &
AMTRAK
Fields Corner
JFK/UMass
Dudley Square
Fairmount Mattapan
Back Bay &
AMTRAK
THE ASHMONT
Gallivan Boulevard
Adam’s
Corner
Talbot Avenue
Upham’s Corner
Andrew
ROXBURY
DOWNTOWN
SOUTH
BOSTONSOUTH
END
DORCHESTER
DorchesterAvenue
Silver Line Red Line Fairmount Commuter Rail
Key Bus RoutesExisting Station / Transit Hub Proposed Station
FAIRMOUNT CORRIDOR COMMUTER RAIL
ASHMONT STATION & RED LINE (MATTAPAN)
The rehab of this commuter rail promotes increased mobility and service for the
communities of Dorchester, Roxbury and Mattapan, with direct connectivity to the
urban core. Improvements to existing stations and the addition of new stations
along Talbot Avenue decrease congestion along the Fairmount Corridor and
promote greater transportation options for surrounding residents.
TRANSIT HUBS & ACTIVITY NODES
Dudley Square, Upham’s Corner and Fields Corner are successful models of TOD in
proximity to The Ashmont. These thriving and vibrant business districts are well-
connected with multi-modal transit options and feature historical and cultural
destinations and a diverse mix of retail and dining.
The newly renovated
transit facility is the
cornerstone of The
Ashmont community. The
City of Boston’s Red Line
rehabilitation enhances
Dorchester’s connectivity
with greater Boston.
Ashmont’s accessibility
features, bike storage,
landscaping and site
improvements provide a
more pleasant and
convenient transit
experience that will
promote revitalization in
the surrounding business
district and neighborhood.
EMERGING NEIGHBORHOODS
South End and South Boston have experienced rapid growth in the past several years
and are quickly becoming a neighborhood of choice for young professionals, tech
companies, trendsetters, artists and retail and dining destinations. Development activity
is gradually heading south along major transit corridors towards the neighborhoods of
Dorchester and Roxbury.
Completed
Proposed / Under Review
Planned
Under Construction
RESIDENTIAL RETAIL & MIXED-USE
Completed
Proposed / Under Review
Planned
Under Construction

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NEIGHBORHOOD ANALYSIS
POWER OF 10 DESTINATIONS AMENITIES
¼ mile – 5 to 10 MIN. WALK
½ mile – 10 to 15 MIN. WALK
Red Line (Mattapan)
Retail
Restaurants & Cafés
Grocer
Bar & Nightlife
Office
Fitness & Recreation
Parks
Health Facilities
The Ashmont
Red Line Stations
Ashmont Station
2 Dorchester Park
3 Dorchester YMCA
4 Tavolo Ristorante
5 Neponset River Reservation
6 Ashmont Peabody Square
7 Codman Square & Winter Farmer’s Market
8 Dot2Dot Cafe
9 Tenean Beach & Boston Harbor Walk
10 Ashmont Grill
1
NEIGHBORHOOD
walk score8 79
bike score8 52
transit score8 82
TRAVEL TIMES TO KEY EMPLOYMENT DISTRICTS7
SOUTH BOSTON
SOUTH END
DOWNTOWN 34 min. 23 min. 22 min.
21 min.34 min.28 min.
20 min.29 min.26 min.
43 min.
25 min.
35 min.
The Power of 10 destinations present a wonderful array of reasons to visit
Dorchester and the Ashmont community. There are a variety of recreation,
dining, and shopping options along with daily amenities clustered along
Dorchester Avenue and within a 10 to 15 minute walk from The Ashmont. We seek
to build on the existing development north of our site and create a destination
for the neighborhood residents, visitors and our millennial target market.

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MASSACHUSETTS DEPT. OF TRANSPORTATION &
BOSTON TRANSPORTATION DEPARTMENT
The recently completed Dorchester Avenue revitalization
improved pedestrian circulation, introduced new signs
and reconstructed sidewalks for 15 intersections. North
Dorchester Avenue also includes exclusive bike lanes,
while the strip adjacent to The Ashmont currently
contains shared lanes. We plan to work with MassDOT and
the City of Boston to introduce dedicated bike lanes for
the southern portion of Dorchester Avenue.
BOSTON REDEVELOPMENT AUTHORITY
Urban planning and economic development agency for the
City of Boston that works in partnership with Dorchester
to guide physical, social and economic change. We will
partner with the BRA to ensure The Ashmont’s design and
programming compliments the existing neighborhood
fabric.
MASSACHUSSETS BAY TRANSPORT. AUTHORITY
Ashmont Station is a cornerstone of our TOD community
and provides convenient links throughout Boston. The
MBTA is also enhancing the Fairmount Corridor Commuter
Rail Line which connects South Station to the communities
of Dorchester, Roxbury, Mattapan and Hyde Park and will
provide increased accessibility and reinvestment in these
communities.
TRINITY FINANCIAL
Urban development firm responsible for The Carruth,
which is one of the first mixed-used TOD developments in
the Ashmont community, Trinity is proposing a second
mixed-use project across the street from The Ashmont.
UNIVERSITY OF MASSACHUSSETS BOSTON
One of Dorchester’s major tenants, the UMass main
campus is located 4 miles northeast of The Ashmont and
currently does not have campus housing for its
approximately 16,000 students and 110 graduate
programs, The Ashmont provides a convenient destination
for dining, drinks and leisure in addition to residential
units for UMass Boston’s faculty and graduate students.
STAKEHOLDER ANALYSIS
DORCHESTER ARTS COLLABORATIVE
Community organization fostering arts and culture in
Dorchester since 2002. DAC organizes an annual
Dorchester Open Studios art exhibition to showcase the
work of local artists. We wish to partner with the DAC in
hosting regular exhibits in the Community Gallery and
establishing The Ashmont as a future Open Studios venue
for future years.
DORCHESTER BAY EDC
Local EDC with a mission to build “strong, thriving and
diverse communities” in the Dorchester neighborhood.
We will seek to partner with the Dorchester Bay EDC to
host local entrepreneurs in the community gallery.
CIVIC ASSOCIATIONS
Ashmont Adams, Ashmont Hill, Ashmont Valley
St. Mark’s Area Main Street District
COMMUNITY BUSINESSGOVERNMENT
ASHMONT STATION
Boston
Redevelopment
Authority

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1 BEALE STREET
Land Size 12,300 SF
Zoning MFR/LS
Ownership One Beale Street LLC
Current Use Vacant Lot
Year Built N/A
EXISTING SITE
OUR SITE
1980 DORCHESTER AVENUE
Land Size 4,800 SF
Zoning MFR/LS
Ownership Kilnap Realty LLC
Current Use 14 Residential Units
1 Office
Year Built 1920
B
1980 DORCHESTER AVENUE
A
A
PARCEL MAP
A
B
THE CARRUTH
ASHMONT TOD 2
Transit-Oriented Location
1980 Dorchester Avenue is a historic building located less than 100 yards from the
newly renovated Ashmont T Station (shown below) with access to the Red Line. The
site is located 20 feet from a bus stop offering access to 6 bus lines.
Site Purchase
We will purchase the building and the adjacent parcel located directly behind the site,
giving us a total footprint of 17,100 square feet. We will preserve the historic façade of
the existing building in our design and improve the pedestrian corridor to the T stop.
A
BUS STOPSASHMONT STATION

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MARKET ANALYSIS
ANNUAL SALES LEAKAGE ANALYSIS (1 MILE RADIUS)
BUSINESS TYPE LEAKAGE Addt’l SF Needed
Grocery Stores $21.8 M 148,099
Full-Service Restaurants $18.3 M 61,854
Specialty Food Stores $3.5 M 8,770
NEED FOR MARKET-RATE RENTALS
NEED FOR INCREASED RETAIL AND SERVICE BUSINESSES
Dorchester falls far behind the national average for all retail and services businesses per
person, demonstrating a significant need for additional commercial space. Among the most
significant needs are grocery stores, full-service restaurants, and specialty food stores. Our
retail spaces will begin to bridge the gap between supply and demand and our commercial
tenants will benefit from the lack of nearby competition.
The most direct competitors for
our site will be The Carruth and
The Ashmont TOD 2. Both
developments exclusively offer
for-sale condos and affordable
rental apartments, leaving an
opportunity for the development of
market-rate rental units.
THE CARRUTH
Address 1916 Dorchester Avenue
Land Size 38,024 SF
Building Size Not Available
Stories 6
Uses Residential & Retail
Residential 116 Units
Retail 10,000 SF
Parking 57 Spaces
Status Completed 2007
ASHMONT TOD 2
Address 1971-1977 Dorchester Avenue
Land Size 26,865 SF
Building Size 106,606 SF
Stories 6
Uses Residential & Retail
Residential 81 Units
Retail 3,930 SF
Parking 44 Spaces
Status Proposed / Under Review
PIPELINE OF AFFORDABLE RENTALS IN DORCHESTER
All currently proposed residential projects in Dorchester are
categorized as subsidized/low-income, including St. Kevin’s, an
80 unit development under construction 2.5 miles from our site;
The Clarion, a 40 unit proposed development 2.6 miles from our
site; and Four Corners, a proposed 40 unit development 3.9 miles
from our site. The lack of market-rate development offers a
unique opportunity to capture value in an emerging market.
Four CornersClarionSt. Kevin’s
0 0.0005 0.001 0.0015 0.002 0.0025
Restaurants and Bars
Misc. Retail
Food and Beverage
Banks
Sporting, Hobby
Retail & Service Businesses Per Person
Dorchester Trade Area United States

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TARGET MARKET
LOCALLY OWNED
Unique, emerging businesses that
promote growth of Dorchester’s
local economy and provide diverse
offerings. Fill in the gap for unmet
services and amenities within the
community.
THE MILLENIAL
RENTER BY CHOICE
Whether it’s a propensity to travel, desire for
flexibility or convenience, a majority of
millennials are opting to rent rather than own
homes.
GREEN TRANSPORTATION
Many value sustainable practices and are less
dependent on vehicles than previous
generations, instead preferring to bike or use
public transportation.
URBAN LIFESTYLE
Millenials are drawn to neighborhoods that offer
an array of amenities and destinations for
culture, nightlife, dining, socializing, leisure and
recreation.
CONNECTED
Millenials significantly value connection to their
social network and will be attracted to places
that promote interaction and community.
RETAIL & OFFICE
SOCIAL RETAIL SPACES
We are looking for tenants that
facilitate social interaction and
community connections.

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CONCEPT: PLACEMAKING“it takes a place to create a community, and a community to create a place” (PPS)
CONCEPT+DESIGN
FUNCTIONAL ROOFTOP GREEN SPACE
ENGAGING STORE FRONTS
STANDOUT ARCHITECTURE
SOCIABLE COURTYARD
ACTIVE SIDEWALKS
STANDOUT ARCHITECTURE
MULTIUSE SPACES & RETAIL
CONNECTED WALKABLE DEVELOPMENT
HISTORICAL PRESERVATION

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CONNECTIVITY + DIVERSITY OF USES
STREET LEVEL FLOOR LAYOUT SECOND LEVEL FLOOR LAYOUT
Bus stops
Ashmont t station
Bike share street
Building entrances
Development of The Ashmont was completely
centered around connectivity and diversity of
uses. As a result, The Ashmont is perfectly
situated to take advantage of its surroundings.
Access to the building is available from all
streets, the outdoor green space has a clear
view to the T station and the street side retail
excites the sidewalks.
Common area
Underground parking
1st floor retail
Outdoor green space
Common area
2nd floor residential units
2ND floor office
Outdoor green space

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COMMUNITY SPACES
The Ashmont development provides a wide variety of amenities for it’s tenants as
well as the surrounding community. This transit oriented development takes
advantage of it’s busy side street to the north and west through multiple retail
options. Our development offers a restaurant, a bike café, a yoga studio, a
community gallery and finally a local grocery store.
RETAIL UNIT MIX (FLOOR 1)
IZAKAYA RESTAURANT 3250 SF
LOCAL GROCERY STORE 3600 SF
COMMUNITY GALLERY 1100 SF
YOGA STUDIO 2030 SF
BIKE CAFÉ 1650 SF
TOTAL=18,820 SF
BIKE CAFÉ LOCAL GROCERY STOREIZAKAYA RESTAURANT COMMUNITY GALLERYYOGA STUDIO
1 2 3 4 5
COURTYARD NIGHT VIEW WITH LIGHTING
1
2
3
4
5

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RESIDENTIAL UNITS
RESIDENTIAL UNIT MIX (FLOOR 2-6) Units SF/Unit
2 BEDROOM 2 BATH 40 UNITS 850 SF
STUDIO 30 UNITS 400 SF
70 UNITS 46,000 SF
The Ashmont offers both studio and 2 bedroom units. Features of these modern
apartments include, walkout balconies, floor to ceiling glass windows, beautiful exterior
views to the courtyard and green roof, underground parking and more! The Ashmont was
designed to be accessible and connected. Tenants have entrances from all sides of the
building, including the north side entrance less than 100 yard from the T station!
1
2
3
1
2
3 4
4

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OPEN OFFICE SPACE
The Ashmont development also offers open office space in the newly
renovated building. There is a total of 7000 SF of office space across the
second and third floor of the existing building. The wide open design, and
floor to ceiling glass windows, this space is ideal for startups and would
serve as an incubator for local businesses. Tenants of these office spaces
would create activity throughout all hours of the day and provide a
reliable customer base for our retail tenants.
OFFICE SPACE MIX (FLOOR 2-3) SF
2nd FLOOR EXISTING BUILDING 3,596 SF
3rd FLOOR EXISTING BUILDING 3,596 SF
7,192 SF

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LEED CERTIFICATION
SUSTAINABLE
SITES:
Provide
Outdoor
green spaces
for tenants.
ENERGY &
ATMOSPHERE:
Install solar
panels
to aid in
offsetting
building energy
costs.
MATERIALS & RESOURCES:
Recycle materials during
construction and
especially the renovation,
INDOOR
QUALITY:
Large
glass
windows
provide
both views
and plenty
of daylight.
LOCATION &
TRANSPORTATION:
Provide priority
parking for green
vehicles, as well
as bike racks and
Zip car spaces.
WATER EFFICIENCY:
Install Water Sense
Fixtures to reduce
water use.
Location & Transportation 8 pts
Sustainable Sites 14 pts
Water Efficiency 9 pts
Energy and Atmosphere 13 pts
Materials and Resources 9 pts
Indoor Environmental Quality 10 pts
TOTAL POINTS = 63!

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CONSTRUCTION OVERVIEW
ACQUISITION COSTS ($) Total SF Cost ($)
1980 Dorchester Avenue 4,790 2,200,000
1 Beale Street 12,319 185,000
Sub-Total of Acquisition Costs 17,109 $2,385,000
SUMMARY OF COSTS [$/SF]
HARD CONSTRUCTION COSTS ($) Total SF Cost ($) Cost/SF
Residential Units (5 Floors, 2 Bldgs.) 46,000 9,213,800 116.06
Office (2 Floors, Existing Renovation) 7,192 1,100,376 13.86
Retail Space (1 Floor, New) 8,053 1,087,638 13.70
Retail Space (1 Floor, Existing Renovation) 3,596 354,781 4.47
Parking Underground (1st Floor, Underground) 9,450 965,790 12.16
Green Space (Courtyard) 1,600 64,544 0.81
Green Roof 3,500 105,000 1.32
Asbestos Abatement ($100,000 Allowance) - 100,000 1.26
Site Work and Underground Utility Work - 171,090 2.16
Sub-Total of Hard Construction Costs 79,391 $13,163,020 $165.80
SOFT CONSTRUCTION COSTS ($) Cost ($) Cost/SF
Construction Management (4%) 526,521 6.63
Initial Site Survey 10,000 0.13
Foundation Analysis 40,000 0.50
Architecture and Engineering Fees (7%) 921,411 11.61
Developer Fees (5%) 658,151 8.29
LEED Construction Premium & Certification (3%) 394,891 4.97
Legal Fees (1%) 131,630 1.66
Permit Fees (City of Boston) 15,000 0.19
Plan Review Fees (City of Boston) 8,000 0.10
Sub-Total of Soft Construction Costs $2,705,604 $34.08
The Ashmont development
requires approximately
$2.4MM of acquisition costs
from private entities. An
additional $13MM is required
for hard construction costs
as well as $2.7MM for soft
costs. Overall the total
development budget reaches
$19.8MM (including
contingencies). Costs were
estimated using RS Means.CONSTRUCTION SCHEDULE
Acquisition - $30
Soft - $34
Hard - $166
Contingency - $20
Construction for The Ashmont development is scheduled to start early
2015 and the project is estimated to last about 1 year from the approval
of the loan to occupancy.

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FINANCIALS
Timeline Year 1: Construction
Year 2-3: Lease-Up
+ Stabilization
Year 4: Sale
GROSS POTENTIAL REVENUES
RESIDENTIAL Units SF/Unit Total SF Rent/Mo Annual GPR Per SF
Studio 30 400 12,000 $1,300 $468,000 $39.00
2 Bed 2 Bath 40 850 34,000 $2,000 $960,000 $28.24
Total Residential 70 46,000 $1,428,000 $67.24
COMMERCIAL Total SF $/SF/Yr. GPR
Office 7,192 $23.00 $16,5416
Retail 11,649 $25.00 $29,1225
OTHER INCOME Spaces $/Space GPR
Parking 30 100 $36,000
Total Commercial $94,0368
KEY ASSUMPTIONS
Vacancy Rate 5%
Rental Growth Rate 3%
Operating Expense Growth Rate 2%
Loan Interest Rate 5.25%
Amortization Period (in years) 40
Cap Rate at Sale 6.00%
Returns
Levered Pre-Tax IRR
29.4%
Levered After-Tax IRR
25.0%
Unlevered IRR
9.9%
Return on Cost
7.66%
$16,850,388
$2,973,598
SOURCES OF FUNDS
Convertible Construction Loan Equity
Equity Partner
Our total project cost of $19.8M will be financed with a
Convertible Construction Loan with an 85% LTV. The
remaining $3M will be financed with funds from our equity
partner, Rockpoint Group, a Boston-based real estate private
equity firm specializing in value-creation projects in major
coastal markets.
SOURCES OF FUNDS
RENTAL GROWTH RATE ASSUMPTION
We assumed a conservative 3% rental growth rate, however,
this should be viewed as a base-case scenario. It is likely that
increasing demand in the Dorchester market will result in a
more aggressive growth rate.

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FINANCIALS
Cap Rate Sale Price Up-Value
Levered
Pre-tax IRR
Levered
After-Tax IRR
5.00% $30,387,905 $10,563,919 40.5% 36.1%
5.25% $28,940,861 $9,116,876 37.7% 33.3%
5.50% $27,625,368 $7,801,382 34.9% 30.5%
5.75% $26,424,265 $6,600,279 32.2% 27.8%
6.00% $25,323,254 $5,499,268 29.4% 25.0%
6.25% $24,310,324 $4,486,338 26.6% 22.2%
6.50% $25,095,072 $3,551,325 23.8% 19.4%
6.75% $24,165,625 $2,685,573 20.9% 16.5%
7.00% $21,705,646 $1,881,660 17.9% 13.4%
According to REIS data, the current cap rate is 6.00%
for the Dorchester submarket,1 compared to an
average 4.8% cap rate for the City of Boston.2 As the
Dorchester submarket stabilizes, cap rates are
expected to start to conform to the city average.
Despite the likelihood of a decreasing cap rate
environment, we were conservative in our analysis and
estimated the cap rate to remain at 6.00% over our 3
year hold. We ran a sensitivity analysis to show a best
case (5% cap) and worst case (7% cap) scenario. In
all scenarios, our project creates value, and even in the
worst-case scenario earns respectable returns which
will allow us to attract the $2.98 MM in equity required
from investors.
SENSITIVITY ANALYSIS
OPERATING EXPENSES
Total Operating Expenses 72,277 885,015 902,716 920,770 939,185
OPERATING REVENUES Monthly Year 1 Year 2 Year 3 Year 4
Gross Scheduled Income 191,321 2,295,849 2,364,265 2,434,725 2,507,289
NET OPERATING INCOME
Net Operating Income 115,219 1,364,934 1,414,732 1,466,201 1,519,395
Less Debt Service 1,116,582 1,116,582 1,116,582 1,116,582 1,116,582
BEFORE TAX CASH FLOW $19,800 $248,353 $298,151 $349,620 $402,814
*See Pro Forma for complete operating projections

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OVERVIEW NEIGHBORHOOD SITE MARKET ANALYSIS CONCEPT+DESIGN FINANCIALSOVERVIEWOVERVIEW NEIGHBORHOOD SITE MARKET ANALYSIS CONCEPT+DESIGN FINANCIALS
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transit-oriented sustainable urban active connected
THANK YOU!
Omar Bennouna – M.ENG Katrina Chaves – MUP Manuel Martinez – M.ARCH/M.ENG Caitlin Schwab - MBA

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REFERENCES
Overview:
1. Boston Redevelopment Authority - http://www.bostonredevelopmentauthority.org/neighborhoods/dorchester/at-a-glance
2. City of Boston - http://www.cityofboston.gov/neighborhoods/dorchester.asp
Boston Map: Boston Redevelopment Authority - http://www.bostonredevelopmentauthority.org/getattachment/de735735-e75e-4de4-aa4a-f721ba8b10f0/
Neighborhood:
1/2/3. City of Boston - http://www.bostonredevelopmentauthority.org/getattachment/bc819218-9b1d-4a3a-a94a-6a0a6822f3fa/
4. City of Boston - http://www.bostonredevelopmentauthority.org/getattachment/946803b2-6f1c-40b2-8b6b-c01c8c4bced1/
5. St. Mark’s Area Main Street District - http://www.smams.org/projects/business-recruitment/
6. American Community Survey (2007-2011 Estimates) - http://www.bostonredevelopmentauthority.org/getattachment/de735735-e75e-4de4-aa4a-f721ba8b10f0/
7. Walkscore.com and Google Maps
8. Walkscore.com
Site:
Listing - http://www.trulia.com/property/3169317576-1980-Dorchester-Ave-Boston-MA-02124
Zoning Information - Boston Redevelopment Authority Zoning Viewer: http://maps.bostonredevelopmentauthority.org/zoningviewer/
Market Analysis:
Carruth Details: https://www.masshousing.com/portal/server.pt/community/transit-oriented_development/250/the_carruth
Ashmont TOD 2 Details: http://www.bostonredevelopmentauthority.org/projects/development-projects/1961-1981-dorchester-ave-ashmont-two
Development Pipeline Information: REIS Dorchester Apartment Market Report, Access date: December 3, 2014.
Retail Leakage Data: Mid-Dorchester Business District Conditions and Market Assessment, Prepared for the Boston Redevelopment Authority:
http://www.bostonredevelopmentauthority.org/getattachment/1453dcc7-d6ef-47f9-ad72-c116fd49381f
Financials:
Construction Costs: RS Means Square Foot Estimator - http://rsmeansonline.com/SquareFootEstimate
LEED: EPA.gov - http://www.epa.gov/heatisland/mitigation/greenroofs.htm#3
LEED V4 Guide - http://www.usgbc.org/leed
1. REIS Dorchester Apartment Market Report, Access date: December 3, 2014.
2. JLL Capital Markets 2014 Boston Perspective - http://www.jllblog.com/boston/wp-content/uploads/2014/02/JLL-_CapitalMarkets_2014BostonPerspective.pdf

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