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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Vantage 78 Apartments
ddress: 3501 Wheatley Avenue
ty: Charlotte County: Mecklenburg Zip:
ensus Tract: 0023 Block Group: 1
project in Qualified Census Tract or Difficult to Develop Area? Yes
e you requesting the basis boost under section II(E)(4) of the QAP?
olitical Jurisdiction: City of Charlotte
risdiction CEO Name:First:Patrick Last:McCrory
Title: Mayor
risdiction Address: 600 East 4th Street
risdiction City: Charlotte Zip:
risdiction Phone:
te Latitude:
te Longitude:
oject Type: Rehab
Is this project a previously awarded tax credit development?No
w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):
ehab:
umber of residents holding Section 8 vouchers: 0
l the project meet Energy Star standards as defined in Appendix B? Yes
es a community revitalization plan exist? No
ll the project use steel and concrete construction and have at least 4 stories? No
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28205
28202
(704)336-2241
35.194243
-80.804192
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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:Family
ll the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD and number of units:
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168
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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: Vantage 78 Preservation, L.P.
ddress: 60 Columbus Circle
ty: New York State: NY Zip:
ontact: First: Matthew Last:Finkle Title:Vice President
elephone:
t Phone:
ax:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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10023
(212)801-1073
(212)801-3731
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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? Yes
If yes:(a) Briefly describe the situation:
The buildings on site are currently occupied by tenants. These buildings will be rehabilitated with tenants in
place as part of this LIHTC transaction.
(b) Will tenant displacement be temporary? No(c) Will tenant displacement be permanent? No
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:
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9.3 9.3
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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:
The seller of the property is an indirect affiliate of the ownership entity.
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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12/31/2009
5,900,000
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oning
esent zoning classification of the site:R-22MF
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: Vantage 78 Preservation, L.P.
dress: 60 Columbus Circle
y: New York State:NY 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: Vantage 78 Preservation GP, LLC
rst Name: Mark Last Name: Carbone Function: Managing General Partner
ddress: 60 Columbus Circle
ty: New York State: NY Zip: 10023
hone: Fax:
Mail: Nonprofit: No
Org: Centerline Investor LP, LLC
rst Name: Eric Last Name: Trucksess Function: Principal
ddress: 625 Madison Avenuety: New York State: NY Zip: 10022
hone: Fax:
Mail: Nonprofit: No
Org: Centerline SLP, LLC
rst Name: Eric Last Name: Trucksess Function: Principal
ddress: 625 Madison Avenue
ty: New York State: NY Zip: 10022
hone: Fax:
Mail: Nonprofit: No
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10023
(212)801-1068 (212)801-3731
(212)521-6392 (212)801-3731
(212)521-6392 (212)801-3731
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
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.
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133,502
133,502
18
18
0
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx8/6/2019 Vantage 78
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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
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
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.
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78 60
5 60
80 40
5 40
168
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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:
Other Loan 2 - Specify:
Other Loan 3 - 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))
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3,048,693 7.50 30 30 255,803
1,200,000 2.00 20 20
0 30 30 0
1,758,094
10,377,883
285,538
16,670,208
80
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epayment of RPP loan is based upon net cash flow after paying the first mortgage debt service,vided by 1.15. As such, the interest rate and amortization indicated above is not accuate over the year term of the loan
ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.
PP Loan
ear:mt:
1 2 3 4 5 6 7 8 9 10
ear:mt:
11 12 13 14 15 16 17 18 19 20
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24000 24000 24000 24000 24000 24000 24000 24000 24000 24000
24000 24000 24000 19810 15222 10222 4791 0 0 0
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evelopment Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements
4 Rehabilitation
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6)
8 Contractor Overhead (max 2% lines 2-7)
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)
12 Architect's Fee - Inspection
13 Engineering Costs
SUBTOTAL (lines 1 through 13)
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate)
16 Construction Loan Interest (prorate)
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees
20 Survey
21 Property Appraisal
22 Environmental Report
23 Market Study
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement
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5,900,000 5,015,000
6,766,540 6,766,540
405,992 405,992
135,331 135,331
405,992 405,992
676,654 676,654
125,858 125,858
125,858 125,858
14,542,225
10,000 10,000
8,000 8,000
12,000 12,000
5,000 5,000
34,298
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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
SUBTOTAL (lines 30 through 37)
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
SUBTOTAL (lines 38 through 45)
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)
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75,000
144,298
115,000 35,000
40,000
2,300
109,002
45,000 45,000
117,600
428,902
50,000 50,000
800,000 128,000 672,000
84,000 84,000
Building Permits 2,500 2,500
Lender Inspection Fees 10,000 10,000
Application Fees (Tax C 54,300
Travel 5,000
1,005,800
50,400
456,722
Insurance Escrow 18,758
Tax Escrow 23,103
16,670,208 5,178,000 9,540,725
0
14,718,725 5,178,000 9,540,725
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:
Total Replacement Cost per unit99,227
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14,718,725 5,178,000 9,540,725
100.00% 130.00%
17,580,943 5,178,000 12,402,943
3.50 9.00
1,310,440 181,230 1,116,265
0
16,670,208
1,300,000
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arket Study Information
ease provide a detailed description of the proposed project:
e existing improvements consist of a 168-unit scattered site apartment community consisting of 27 oned two-story wood-frame garden style apartment buildings, each with direct unit entrances (noeezeways). The exterior walls are covered with brick veneer. The project was constructed between 1965d 1968. The improvements also include a 794 square foot leasing office that occupies a two bedroom unit.
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:
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:
site Activities:
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ndscaping Plans:
erior Apartment Amenities:
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.
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. Land uses within the neighborhood include residential, commercial/tail, institutional, and office uses. There is a shopping center just south of the property.
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. Rehabilitating an existing property - N/A
egree of on-site negative features and physical barriers that will impede project construction or adverselyect 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, environmental
oblems or the need for excessive demolition).
milarity of scale and aesthetics/architecture between project and surroundings.
r each applicable neighborhood feature, enter distance from project in miles.
Grocery Store Community/Senior Center
Mall/Strip Center Hospital
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Outdoor Athletic
eldsPharmacy
Day Care/After
choolBasic Health Care
SchoolsPublic Transportation
Stop
Convenience Store Public Parks
Gas Station Library
her facilities or services:
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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)