Patrick Place

8/6/2019 Patrick Place

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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Elderly (55)

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: and number of units:

ttps://www.nchfa.org/Rental/RTCApp/(S(czs1yg55ut...C165805E31A&SNID=C975891231614B12A24E245E935B47A6 (2 of 21)4/8/2009 1:45:24 PM


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

st become part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Beacon Management Corporation

ddress: 408 Battleground Avenue

ty: Greensboro State: NC Zip:

ontact: First: George Last:Carr Title:President

elephone:

t Phone:

ax:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


27401

(336)282-6000

(336)337-5001

(336)545-9004

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


4.41 4.41


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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?YesIf yes, specify the relationship:

BMC is 50% of seller

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


12/31/2009

329,000


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oning

esent zoning classification of the site:R-9 with approved Special Use permit

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: New Patrick Place Limited Partnership

dress: 408 Battleground Avenue

y: Greensboro State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Partnership

ntity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Beacon Management Corporation

rst Name: George Last Name: Carr Function: Managing General Partner


ty: Greensboro State: NC Zip: 27401

hone: Fax:

Mail: Nonprofit: No

Org: Carr-Smith, LLC

rst Name: George Last Name: Carr Function: General Partner

ddress: 408 Battleground Avenuety: Greensboro State: NC Zip: 27401

hone: Fax:

Mail: Nonprofit: No

Org: Carr-Theismann, LLC

rst Name: George Last Name: Carr Function: General Partner


ty: Greensboro State: NC Zip: 27401

hone: Fax:

Mail: Nonprofit: No


27401-2104

(336)282-6000 (336)545-9004

[email protected]

(336)282-6000 (336)545-9004

[email protected]

(336)282-6000 (336)545-9004

[email protected]


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nit Mix

e Median Income for Guilford county is $58,500.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 1

Gdn Apt 2

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

atistics

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):


700 18 2 378 45 0 423

700 17 2 590 45 0 635

900 6 1 453 55 0 508

900 6 1 707 55 0 762

47 6 23794

47 6 23794

1 2

2,377


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Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

otal Net Sq. Ft. (All Heated Areas):

icate below any additional targeting for special populations proposed for this project:

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low

income units are within established thresholds.


49,355

47,697

6

6

0
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to/occupied by




tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


18 40

17 60

6 40

6 60

47


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

stimated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))


772,839 7.00 25 25 65,547

705,000 2.00 20 20

589,085 0 30 30 0

3,752,956

1,869

5,821,749

71


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29 Title and Recording

SUBTOTAL (lines 14 through 29)

30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


12,700

361,000

26,000 26,000

21,000 21,000

2,300

36,519

8,000 8,000

0

6,000

32,900

132,719

75,000 75,000

0 0

493,500 493,500

Other Basis Expense (s 4,500 4,500

Other Basis Expense (s 11,700 10,000

18,500

Other Non-basis Expen 22,516

Other Non-basis Expen 0

625,716

25,000

126,000

Other Reserve (specify) 0

Other Reserve (specify) 0

5,492,749 0 4,907,342

0

4,907,342 0 4,907,342

100.00% 100% 100%


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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit52,886


4,907,342 0 4,907,342

100.00% 120.00%

5,888,810 0 5,888,810

3.50 9.00

529,993 0 529,993

0

329,000

5,821,749

529,993


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arket Study Information

ease provide a detailed description of the proposed project:

atrick Place will offer 47 one and two bedroom garden apartments. The building will be comprised of 12o bedroom and 35 one bedroom units developed in a two story elevator buiilding of Jeffersonianchitecture. Individual apartments will be provided with range, refrigerator, dishwasher, heat and airnditioning equipment and laundry hook-ups. A beautiful community room, office and computer center will located in the building along with a coin operated laundry.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

A large groud floor patio area will be provided adjoining the community room for our residents to enjoy.

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

atrick Place will have a large community room, equipped laundry facilities and the manager's office. Amputer center will also be offered as an amenity which will be open to the residents for personal orucational use. Walking paths and a picnic area provide an outdoor activity for those at Patrick Place.

nally, there will be a resident storage area.

site Activities:

varity of resident service programs will be conducted by the property's staff which would include Holidayrties, socials, educational programs and other activities. Beacon employs a full-time resident serviceordinator that is dedicated to providing these services to our properties.



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ndscaping Plans:

xtensive landscaping will be undertaken to ensure proper curb side appeal as well as maintaining theounds.

erior Apartment Amenities:

apartment interiors will include range, hood, dishwasher, refrigerator, ceiling fans, washer/dryer hook-s, carpeting, vinyl flooring, and heat pump

you plan to submit additional market data (market study, etc.) that you want considered? No

If yes, please make sure to include the additional information in your pre-application packet.



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

his beautiful 4.41 acre tract is located in the Town of Jamestown. It is very close to High Point Lake,

iedmont Environmental Center and City Lake Park. The site is situated in very close proximity to the Townall and other town amenities.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution

cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The development is surrounded by single family homes, retail activity,staurants, city parks, physician offices and a host of other conveniences to service Patrick Placeesidents. Maryfield Assisted Living is located just down the street.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The property is extremely well located and enjoys ideal access to a wide

nge of activities with proximity to major roads and highways. Patrick Place's location will offer qualitysibility from the street.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no known negative features or physical barriers that would impede the proposed development.ecause the architecture calls for the construction of a single two story elevator building, there will beonsiderable acreage left undeveloped which will provide a beautiful natural setting for the residents.

milarity of scale and aesthetics/architecture between project and surroundings.

atrick Place has been carefully crafted in an attractive Jeffersonian style two story building with ampleving areas and large windows allowing in natural light comprised of one and two bedroom units. This fineoking building will utilize a substantial amount of brick which will allow for low maitenance costs and anesthitic appeal which will ideally complement the style most used in the community.

r each applicable neighborhood feature, enter distance from project in miles.



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Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

Public Golf CourseLaundry


9 3.6

3.8

3.6

6.2

8

8 .3

8 .8


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reliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

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Patrick Place

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