Vantage 78

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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

ttps://www.nchfa.org/Rental/RTCApp/(S(vzbdwq55...8CD132E89&SNID=8EC532DB32724191A1D7A2DD112C0772 (1 of 21)4/8/2009 1:43:07 PM

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:


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.


10023

(212)801-1073

(212)801-3731

[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? 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:


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:


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


10023

(212)801-1068 (212)801-3731

[email protected]

(212)521-6392 (212)801-3731

[email protected]

(212)521-6392 (212)801-3731

[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.


133,502

133,502

18

18

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.


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:



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))


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


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


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


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)


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


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)

Vantage 78

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