Juniper Creek Apartments

8/6/2019 Juniper Creek Apartments

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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? No

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

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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: Greenway Development Company, LLC

ddress: 140 East Main Street, Suite 410

ty: Rock Hill State: SC Zip:

ontact: First: Brad Last:Parker Title:managing member

elephone:

t Phone:

ax:

mail Address:

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


29730

(803)366-1200

(803)322-1599

(803)366-1270

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

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

Buildable acreage is less than total acreage due to standard set-backs and buffer requirements.

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:


5.56 4.56


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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?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


12/31/2009

650,000


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oning

esent zoning classification of the site:PUD

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: Greenway Development Company, LLC

dress: 140 East Main Street, Suite 410

y: Rock Hill State:SC Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity Status: Already 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: Greenway Development Company, LLC

rst Name: Bradley Last Name: Parker Function: Managing Member

ddress: 140 East Main Street, Suite 410

ty: Rock Hill State: SC Zip: 29730

hone: Fax:

Mail: Nonprofit: No

Org: Greenway Development Company, LLC

rst Name: Ingram Last Name: Walters Function: Managing Member

ddress: 2500 east Roosevelt Boulevardty: Monroe State: NC Zip: 28110

hone: Fax:

Mail: Nonprofit: No


29730

20-3949130

(803)366-1200 (803)366-1270

[email protected]

(704)292-7447 (704)292-7387

[email protected]


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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.

ttps://www.nchfa.org/Rental/RTCApp/(S(g3phlgzdv...69492F3794&SNID=578255FB0F794A37B0E0BD3E543481AC (10 of 21)4/8/2009 2:07:55 PM

93,774

84,072

4

8

4
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.


16 60

16 50

16 40

20 60

2 50

2 40

72


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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))


1,800,000 7.50 30 30 151,030

1,564,781 0 30 30 0

5,491,832

71,547

100

8,928,260

60


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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)


25,000

454,618

85,000 85,000

1,000 1,000

2,300

55,000

15,000 15,000

1,500

1,000

50,400

211,200

20,000 20,000

756,000 756,000

Other Basis Expense (s 15,400 15,400

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

791,400

25,200

217,955

Other Reserve (specify)

Other Reserve (specify)

8,278,260 0 7,823,905

0

7,823,905 0 7,823,905

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 unit59,995


7,823,905 0 7,823,905

100.00% 130.00%

10,171,077 0 10,171,077

3.50 9.00

915,397 0 915,397

0

650,000

8,928,260

915,397


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arket Study Information

ease provide a detailed description of the proposed project:

niper Creek will ba a 72 unit family development situated in a PUD that contains single family, multifamilyd commerical uses. The PUD is known as the Juniper Creek PUD (a PUD plan is attached behind thisge). The site is in close proximity to many services and local schools and has convenient access to major

mployment centers.

e mix of the 72 units will be as follows: 48 2BDRM/2BATH (1107 NSF); and 24 3BDRM/2BATH (1289SF)units. These units are contained in 4 three-story garden style residential buildings. There will be two 12it buildings and two 24 unit buildings. The clubhouse and community center will be disgned for familiesd will include a 24 hour business center, fitness center, and laundry facility.

wenty-five percent (18 units) of the units will be targeted to households at 40% of area median income,other twenty-five percent (18 units) will be targeted to households at 50% of area median income, and

e rest of the units will be targetd to households at 60% of area median income.

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:

e site wil have a clubhouse with a community room, kitchen, 24 hour fitness facility, 24 hour business

nter (with high speed internet, computers and faxes), and 24 hour laundry. All 24 hour service will beailable via keycard access. On-site amenities will include, but will not be limited to, playground, tot lot,d picinic area with tables and grills.

site Activities:

e community manager will be expected to play an active role to ensure that a variety of social activitesd supportive services are offered on site. Additionally, the manager will work to link residents in need with

her community service providers.



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ndscaping Plans:

ndscaping will be extensively utilized to beutify the development's green areas to blend the developmento the existing neighborhood. Parking lots and drives will be lined with sade trees and plant materials thatl compliment the natural fauna. To the extent possible, a tree lined buffer will remain around therimeter of the site and an open space buffer will be around the site.

erior Apartment Amenities:

units will have built-in computer desks, range, hood, washer and dryer hook-up located in utility rooms,ni blinds, dishwasher, pantry, disposal, high speed internet access, ceiling fans, walk-in closets and

enty of interior and exterior storage. Each unit will have vinyl and carpet flooring and heating and coolingl be provided by a heat pump and central air conditioning.

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.

he U.S. Census estimates show Brunswick County as the 14th fastest growing county in the nation, from

uly 2005 to July 2006, with 19 new people moving to the county each day. This is up from 29th fastest justyear earlier. In contrast, new Hanover County was ranked 460th fastest growing in the nation.

2006, Brunswick County Commissioners announced that a major International Port will be built in theouthport area, and a 1,200 acre site has been acquired north of Southport. Early estimates of theconomic benefits the new port would generate are nearly 50,000 jobs statewide and more than $50 millionlocal and sate tax revenues each year.

he subject neighborhood would generally be considered the primary residential use area within andround the area bound by US Highway 17 to the south and east, US 74/76 to the north, and Lanvale Road the west (Neighborhood Map is attached behind this page). In recent years this area has experienced

apid growth and development in both residential and retail markets. Three new PUDs are presently beingeveloped: Magnolia Greens, Waterford of the Carolinas and Brunswick Forest, all just several miles to the

outh (located on Neighborhood Map attached behind this page). Additionally, the Westgate commercialevelopment opposite Waterford and Magnolia Greens has a Super Wal-Mart, several large unanchored in-ne centers and family homes averaging $250,000 to $350,000. The well-planned commercial activity of theree new PUDs and the success of Westgate and Super Wal-Mart will greatly benefit the subject

eighborhood.

s will be discussed in more detail, the site is situated in a 139 acre PUD known as Juniper Creek. ThisUD will include a mix of single family, apartments and 2 acre parcel reserved for a day care.

here is not a concentration of affordable housing in the neighborhood.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location is

olated. 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, distributioncilities, 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. There are no incompatible uses impacting the subject site. Themediate land use pattern is residential in character. As mentioned above, the sitesituated in a 139 acre

UD. The PUD will contain 100 single family home sites with home prices staring at $170,000, 180ultifamily units, and 2.0 acre commercial site reserved for a day care. The subject site will be on the rightde of Hidden Creek Drive in the multifamily portion of the PUD. Juniper Creek PUD plan is included as onethe exhibits following this page after the Neighborhood Map.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities

articularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. Old Fayetteville Road, the main traffic artery adjacent to the site, hasequate capacity to serve the subject development as evidenced by the approval of the Juniper Creek PUD.rthermore, the recent PUD approval of Juniper Creek has already considered, and found acceptable thepact of this PUD on public facilities. The subject apartment buildings will be easily visible from Old

ayetteville Road. The site has "on demand" (you call and set an appointment for them to pick you up) publicansportation provided by Brunswick Transit System. They porvide access to the Wave Transit System,hich will provide access to New Hanover County. In addition, Wilmington's Wave Transit makes severalops in the area, including the Food Lion located at the northwestern quadrant of US 74/76 and Mt. Miseryoad interchange.



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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, environmentaloblems or the need for excessive demolition).

here are no negative features that would impact the development or ongoing use of the site.

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

he proposed architecture will be very compatible with the surrounding neighborhood.

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

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:

s discussed earlier, Brunswick County offers "on demand" transportation that will take residents to theave Transit System Pickup. The 2.00 acre commercial site in the Juniper Creek PUD is reserved for a dayre. The New Hanover Regional Medical Center annex at Brunswick Forest will be complete at the end of09. This will be approximately 3.5 miles from the site.


.9 2.3

.9 8.5

.52.5

.92.8

.51.9

.7 2.3

.5 2.5


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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)

Juniper Creek Apartments

Documents

Transcript of Juniper Creek Apartments