{ "date": "2026-10-09", "site": "4200", "address": "4200 S. Indiana", "revision": "Two-pass review R1", "sourceVersion": 28, "scope": "Pass 1: geometry/entries/materials/landscape. Pass 2: independent opening and access checks plus development sensitivities. Concept review, not construction or code approval.", "inputs": { "survey": "No validated boundary/topographic survey available in this pass.", "gis": "Retained parcel registration and City footprint context. Neighboring story counts/estimated heights remain approximate.", "sitePlan": "/reference/assets/4200-revised-viewer.html", "projectFolder": "https://drive.google.com/drive/folders/13Z15mKLVgM1u44iZPdL-s_c1l3EUGyEy" }, "changes": [ "Refined visible door leaves, glass, frames and pulls.", "Joined the shared street-door assembly across the A/B facade boundary.", "Added paved street-entry aprons; grades and public-way limits remain unverified.", "Added one-click front-door close-up views and hid context labels/ghost buildings in close-up.", "Ground glazing screened against the ground-home allocations, avoiding service/common zones." ], "metrics": { "homes": 35, "groundHomes": 8, "enclosedSf": 34600, "apartmentGrossSf": 31898, "far": 2.515, "coverage": 60.62499999999999, "modeledHeight": 41.919999999999995, "totalCost": 13624455, "land": 467335, "noi": 572380, "dscr": 0.8521320282275405, "gap": 3949592.9394626208, "gapPercent": 28.988997647704963, "constructionTarget": 185.82024612846322, "affordable": 4, "doorConnections": 54, "landscape": [ { "kind": "sandbox", "x": 22, "y": 16, "width": 14, "depth": 12 }, { "kind": "table", "x": 36, "y": 44, "width": 7, "depth": 6 }, { "kind": "table", "x": 87, "y": 44, "width": 7, "depth": 6 }, { "kind": "bed", "x": 8, "y": 5, "width": 44, "depth": 5 }, { "kind": "bed", "x": 5, "y": 17, "width": 5, "depth": 17 }, { "kind": "tree", "x": 22, "y": 44, "width": 9, "depth": 9 }, { "kind": "tree", "x": 43, "y": 17, "width": 9, "depth": 9 } ] }, "priorities": [ [ "Retain the strongest fit", "A/B each have 52.5 ft of street frontage; D has 50 ft. C uses equal 50-ft corner legs before the chamfer: straight street runs approximately 35.86 + 35.86 ft, with a separate 20-ft chamfer. Street bars are 40 ft deep; the inward wing is 30 ft wide." ], [ "Resolve shared stairs before subdivision", "Four fronts currently use two shared stair/entry pairs. Make A/B and C/D identities clear, but obtain a fire-separation and exit-independence strategy before marketing them as separately commissionable buildings." ], [ "Protect the ground-floor income", "Eight ground homes drive material income. Fit the slab-on-grade accessible routes, entrance vestibules and service rooms first; an excluded-ground sensitivity shows how much underwriting depends on them." ], [ "Preserve light and the courtyard", "Coverage is about 60.6%, above the earlier 50% design aim. Compare a shorter south wing and a lighter courtyard-facing facade against lost rentable area; do not claim the existing count can be retained automatically." ] ], "generalReview": [ [ "Room plans", "Complete one repeatable ground and upper dwelling type per entrance group before increasing counts. Trace every home entry through a coat vestibule; bedrooms and the office must open from a real hall/recess. Fit the primary ensuite, smaller bedrooms, required bath count and usable courtyard-facing island kitchen/dining. The model verifies gross allowances, not these room relationships." ], [ "Egress and accessibility", "Verify independent exits, travel distances, enclosure/fire compartments, stair landings, clear door swings, accessible ground routes and grades. A drawn door is a location reservation; it does not certify a clear opening or a usable accessible route." ], [ "Structure and envelope", "Ask a contractor to price a simple repeated structural/wet-stack grid first. Price bays, limestone, terracotta, quoins, cornices and gallery guards as separate alternates. Keep memorable detail at the entrances and corners while repeating ordinary windows and wall panels." ], [ "Courtyard operations", "Keep sandbox and picnic tables visible from homes; maintain clear routes to all doors, refuse and alley. Develop drainage, winter maintenance, play surfacing, roots, soil volume and lighting. Furnishing footprints are checked against buildings; accessible maneuvering and continuous finished routes are not yet certified." ], [ "Affordability and financing", "Underwrite the RFP affordability obligation and approved rent/utility schedule. Confirm construction-to-permanent financing, interest carry, fees, lease-up, insurance, taxes and reserves. The percentage soft-cost allowance must be replaced with a cost schedule, avoiding double counting." ], [ "Land and assistance", "Use the RFP land price. A discount is not automatic: the RFP describes exceptions tied to additional affordability or substantial public benefit. If considering City assistance, price any associated wage, procurement and participation requirements before counting a net subsidy benefit." ], [ "Evidence before commitment", "Obtain boundary/topographic survey, geotechnical and environmental information, utility capacities, comparable achieved rents/sales and at least two scoped contractor estimates. Neighboring heights are estimates; winter shadow checks are a design screen, not a certified daylight study." ], [ "Buyer commissioning", "Study ownership separately with saleable rather than gross area, buyer deposits, construction finance, shared-court easements, legal subdivision, association reserves and completion guarantees. Distinct facade colors do not create independent legal buildings or financeable parcels." ] ], "lender": { "target": 1.25, "maxLtv": 0.8, "ncf": 560130, "dscr": 0.8338948128360395, "ltv": 0.8509631123554281, "supportedLoan": 5907908.423153383, "extraEquity": 2947987.3268466173, "totalEquity": 7716546.576846617 }, "cases": [ { "name": "Construction −10%", "basis": "Enclosed construction rate only; bid target, not assumed savings.", "homes": 35, "affordable": 4, "cost": 12406535, "noi": 572380, "dscr": 0.9357838004442705, "cash": -51528.37635601114, "gap": 2731672.939462619 }, { "name": "Construction −20%", "basis": "Enclosed construction rate only; all other inputs held fixed.", "homes": 35, "affordable": 4, "cost": 11188615, "noi": 572380, "dscr": 1.0376471504868885, "cash": 8516.670043447986, "gap": 1513752.9394626208 }, { "name": "Market rents +10%", "basis": "Sensitivity only; needs comparables. Affordable rents stay fixed.", "homes": 35, "affordable": 4, "cost": 13624455, "noi": 650128, "dscr": 0.9678795402486365, "cash": -33825.42275547015, "gap": 2635428.9653848037 }, { "name": "Cost −15% + market rents +10%", "basis": "Combined test, not a forecast or contractor quote.", "homes": 35, "affordable": 4, "cost": 11797575, "noi": 650128, "dscr": 1.117757780013116, "cash": 56242.14684371848, "gap": 808548.9653848037 }, { "name": "No ground-floor rent", "basis": "Ground homes excluded; baseline construction cost retained. This measures income at risk.", "homes": 27, "affordable": 4, "cost": 13624455, "noi": 416880, "dscr": 0.6206310491762416, "cash": -264273.42275547015, "gap": 6577988.4990795925 }, { "name": "10% affordable-home test", "basis": "Rounded up to whole homes using existing placeholder rents; mix and City terms unverified.", "homes": 35, "affordable": 4, "cost": 13624455, "noi": 572380, "dscr": 0.8521320282275407, "cash": -111573.42275547015, "gap": 3949592.9394626208 } ], "sources": [ { "title": "City of Chicago Courtyard Buildings RFP, 1 October 2026", "url": "https://drive.google.com/file/d/1Bz31Xt0XxR2TaZXX2L6u9s2AgPBdnKZM/view", "pages": "2, 8–9, 15–17, 23" }, { "title": "Fannie Mae conventional fixed-rate term sheet; stabilized property screen only", "url": "https://multifamily.fanniemae.com/financing-options/fixed-rate-mortgage-loans-term-sheet" }, { "title": "Fannie Mae underwritten DSCR uses underwritten NCF", "url": "https://mfguide.fanniemae.com/node/3781" } ] }