PSC Regional Shopping Center: 10 Year Refinance (6 37)

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PSC Regional Shopping Center: 10 Year Refinance (6 37):Phase 1: Initial Phase

Schedule B: Cash Flow By Participant

Annual

( BTY )( ATY )	Total	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008
Developer( ****)( )
Start-up Oper. Losses (exp.) ( 1 167)	-1212488		-1016325	-196163
Equity Residual ( 1 196)	57,362,703																					57,362,703
Investment Adj. ( 1 320)	-1920876											-1920876
Refinancing Net Proceeds ( 1 330)	24,648,285											24,648,285
Net Cash Flow (NCF) ( 1 699)	25,416,797		-276000	-322920	330158	716779	792779	1,116,858	1,447,529	1,785,045	2,139,437	2,513,450	-450034	-68443	332228	752932	1,194,672	1,658,498	2,145,516	2,656,885	3,193,822	3,757,606
Subtotal: Developer( ****)( )	104,294,422		-1292325	-519083	330158	716779	792779	1,116,858	1,447,529	1,785,045	2,139,437	25,240,859	-450034	-68443	332228	752932	1,194,672	1,658,498	2,145,516	2,656,885	3,193,822	61,120,309

Lender ( ****)( )
Orig.Mtge(s) ( 2 240)	-41400000	-41400000
Mtge Interest ( 2 660)	42,600,223		4,341,304	4,328,011	4,313,253	4,296,868	4,278,678	4,258,483	4,236,062	4,211,171	4,183,536	4,152,856
Mtge Amortization ( 2 670)	2,019,076		120625	133919	148677	165062	183252	203447	225868	250759	278394	309073
Mtge Amortization ( 2 670)
Mortgage Balloon Payment ( 2 678)	39,380,924											39,380,924
Subtotal: Lender ( ****)( )	42,600,223	-41400000	4,461,930	4,461,930	4,461,930	4,461,930	4,461,930	4,461,930	4,461,930	4,461,930	4,461,930	43,842,854

Investor ( ****)( )
Land ( 3 132)	-13788750	-13788750
Land Residual ( 3 195)	46,074,152																					46,074,152
Equity Residual ( 3 196)	19,120,901																					19,120,901
Ground Rent ( 3 631)	27,577,500		1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875	1,378,875
Participation ( 3 682)	9,035,291		276000	322920	369840	393300	393300	412965	433613	455294	478059	500000	500000	500000	500000	500000	500000	500000	500000	500000	500000	500000
Participation ( 3 682)	1,727,034											3923	54119	106825	162166	200000	200000	200000	200000	200000	200000	200000
Participation ( 3 682)	2,303,231															30412	121933	218029	318931	424877	536121	652927
Participation Variance ( 3 683)	-1045163				-76000	-76000	-152000	-152000	-142387	-122606	-101836	-83890	-72940	-46587	-18917
Subtotal: Investor ( ****)( )	91,004,196	-13788750	1,654,875	1,701,795	1,672,715	1,696,175	1,620,175	1,639,840	1,670,101	1,711,563	1,755,098	1,798,908	1,860,054	1,939,113	2,022,124	2,109,287	2,200,808	2,296,904	2,397,806	2,503,752	2,614,996	67,926,856

Other ( ****)( )
Financing Fees ( 4 158)
Financing Fees ( 4 158)	1,920,876											1,920,876
Refinancing Proceeds (gross) ( 4 248)	-64029210											-64029210
Mtge Interest ( 4 660)	75,739,463												7,676,710	7,660,695	7,642,650	7,622,316	7,599,403	7,573,584	7,544,491	7,511,707	7,474,766	7,433,140
Mtge Amortization ( 4 670)	2,290,357												126272	142287	160332	180666	203579	229398	258491	291275	328216	369842
Mtge Amortization ( 4 670)	61,738,853																					61,738,853
Subtotal: Other ( ****)( )	77,660,339											-62108334	7,802,982	7,802,982	7,802,982	7,802,982	7,802,982	7,802,982	7,802,982	7,802,982	7,802,982	69,541,835

Total	315,559,179	-55188750	4,824,480	5,644,642	6,464,803	6,874,884	6,874,884	7,218,628	7,579,560	7,958,538	8,356,464	8,774,288	9,213,002	9,673,652	10,157,335	10,665,202	11,198,462	11,758,385	12,346,304	12,963,619	13,611,800	198,588,999

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