Wexford Pointe

8/6/2019 Wexford Pointe

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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Wexford Pointe Apartments

ddress: Fairington Drive NW

ty: Concord County: Cabarrus Zip:

ensus Tract: 424 Block Group: 1024

project in Qualified Census Tract or Difficult to Develop Area? No

e you requesting the basis boost under section II(E)(4) of the QAP? Yes

olitical Jurisdiction: City of Concord

risdiction CEO Name:First:J. Scott Last:Padgett

Title: Mayor

risdiction Address: 693 Union Street

risdiction City: Concord Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8uchers:

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(zh5ekdqy2...DB564212B3&SNID=302342E2220D41679825FF1A15D3E523 (1 of 22)4/14/2009 1:08:47 PM

28027-7852

28026-0252

(704)920-5215

35.4352

-80.6313


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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: Solstice Partners, LLC

ddress: 106 Muir Woods Drive

ty: Cary State: NC Zip:

ontact: First: Catherine Last:Connors Title:Manager

elephone:

t Phone:

ax:

mail Address:

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


27513

(919)610-7883

(919)380-0446

(919)467-5341

[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 site is currently a mobile home park. The leases on the mobile homes are all month-to-month leases.

The land will be conveyed as vacant land at the time of purchase.

(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:


8.73 8.73


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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:

Seller is a consultant.

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

(D) Enter Purchase Price:


12/31/2009

1,128,876


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oning

esent zoning classification of the site:RC

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: Wexford Pointe Apartments, LLC

dress: 106 Muir Woods Drive

y: Cary State:NC 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: 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: Solstice Partners, LLC

rst Name: Catherine Last Name: Connors Function: Managing Member

ddress: 106 Muir Woods Drive

ty: Cary State: NC Zip: 27513

hone: Fax:

Mail: Nonprofit: No


27513

(919)610-7883 (919)467-5341

[email protected]


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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):

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.


9 3

2,111

128,546

119,214

12

12

11
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.


15 30

10 30

2 30

15 50

10 50

2 50

32 60

16 60

4 60

106


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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))


3,456,242 7.00 30 30 275,934

800,000 2.00 20 20

1,046,723 0 30 30 0

7,273,785

12,576,750

66


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t Mortgage - CICCARd Mortgage - NCHFA - RPP loand Mortgage - NCHFA - State Tax Credit Loan

quity - Raymond James

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


4000 6000 8000 10000 11500 13000 14000 15000 16000 17000

17500 18000 19000 19000 20000 20000 20000 20000 20000 20000


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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


911,000 911,000

6,015,500 6,015,500

415,590 415,590

146,842 146,842

587,367 587,367

403,815 403,815

102,850 102,850

22,962 22,962

35,000 35,000

8,640,926

40,000 40,000

109,000 109,000

620,102 311,000

15,000 15,000

350,000 350,000

20,000 20,000

6,000 6,000

93,500 93,500

4,300 4,300

70,000


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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)


5,000

1,332,902

13,500 13,500

5,000 5,000

2,300

75,929

9,000 9,000

5,000

10,000

74,200

194,929

20,000 20,000

800,000 800,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

8,000

Off-site improvements 50,000

Other Non-basis Expen

908,000

31,800

339,317

Other Reserve (specify)

Other Reserve (specify)

11,447,874 0 10,467,226

0

10,467,226 0 10,467,226

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 unit56,750


10,467,226 0 10,467,226

117.00% 117.00%

12,246,654 0 12,246,654

3.50 9.00

1,102,199 0 1,102,199

0

1,128,876

12,576,750

1,102,199


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arket Study Information

ease provide a detailed description of the proposed project:

e proposed project is 106 unit family project comprised of a mixture of 62 2-BR units, 36 3-BR units and 8BR units spread throughout nine (9) two and three-story residential buildings with a single storymmunity/office building. The project will provide twelve (12) fully accessible units, including six (6) that willntain roll-in showers. The location of the site will be very appealing to new residents as the site is in closeoximity to essential amenities. Concord Parkway North which provides shopping, grocery stores,

staurants, gas stations, child care, banking institutions, doctors offices, a library and the hospital are allthin 1 and 2 miles of the site! In addition, we believe the strength of this site location is evidenced by ater of interest to purchase the land by an upscale, market rate, multi-family developer dated August 20,08. A copy of that letter is located in the Site Control portion of the application, as well as the marketalyst packet for your review.

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:

The buildings will be accented with shingle siding, window trim and architectural brackets.

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:

te amenities will include a playground, resident computer center, two (2) covered picnic areas with tablesd grills, seven (7) outdoor sitting areas, four (4) trellises with bench seating, a gazebo and a tot lot.

site Activities:

esidents will have access to a community room to host meetings, classes, birthday parties, etc. Thesidents will also be able to enjoy a computer center for research, homework or just surfing the World Wideeb.



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ndscaping Plans:

exford Pointe Apartments will be attractively landscaped with plants and trees native to the area, such asaple, holly, magnolia, oak, dogwood and crepe myrtle. We may also use some trees (ex. Paulownia,uja Green Giants) to act as screening between properties. The detention pond at the entrance will also attractively landscaped with a fountain in the middle for lighting and decoration.

erior Apartment Amenities:

erior amenities will include a range, hood, dishwasher, disposal, frost-free refrigerator, storage, washer/yer hookups, and mini-blinds and ceiling fans in each bedroom.

you plan to submit additional market data (market study, etc.) that you want considered? Yes

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 trend and direction of real estate development and the area economic health is on the upward trend.

he site we are proposing is currently a mobile home park. If we are successful in our bid for tax credits, thewner will convey the property as vacant land at the time of closing. The site is located off of Davidsonighway in Concord which is an area that is rapidly growing and off of a main thoroughfare in Concord. Ifou travel down Davidson Highway, you will see many market rate apartment complexes along with severalpscale single family subdivisions that are very appealing and maintained in excellent condition. Thisobile home park has been in Concord since 1979, which means the surrounding housing literally

eveloped around the mobile home site. Apartments will fit into the landscaping of the area much betteran the existing mobile home park and we believe the adjacent property owners and the City of Concordould emphatically agree. In addition, we believe the strength of this site location is evidenced by a letter ofterest to purchase the land by an upscale, market rate, multi-family developer dated August 20, 2008. A

opy of that letter is located in the Site Control portion of the application, as well as the market analystacket for your review.

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, 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. The site is adjacent to existing multi-family developments with a smallffer of vacant land and a single family subdivision at the rear of the property. One of the adjacent multi-

mily developments is a well-kept 48 unit Rural Development project. All along Davidson Highway arearket rate multi-family apartments, along with several very appealing single family subdivisions.

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 site suitability is excellent on this site. The signage for the project will be

sible from Davidson Highway. In 2003, the City of Concord completed a Land Use Plan that estimated aaffic count on that part of Davidson Highway to be as much as 21,000 per day. That same Land Use Planso designates Davidson Highway as one of Concords major thoroughfares which will give the projecteat visibility. The Concord Kannapolis Transit System (RIDER) has a bus stop directly in front of theisting RD multi-family development adjacent to our property. The bus stop for our residents is measured to only .05 miles from the site to the bus stop!

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).here are no on-site negative features.



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

he proposed project will seamlessly fit into the existing neighborhood. The adjacent properties consist ofulti-family residential units which will allow our units to blend into the existing landscape.

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

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

is is an excellent site that provides all the amenities tenants are looking for when searching for a newme. The site is located in close proximity Concord Parkway North which contains all of the businessested below and are within 2 miles of the site:arolina Mall (contains 68 total stores)

nchor tenants include:elkearsC Penneyapleser Iollar Storesalgreens

err Drugte-Aidarris Teeterarbucksaptain DsCharleys

hilispplebeescDonaldshick-Fil-Aai Pan Chineseokkaido Japaneseoes Southwestaco Bellhattaburger

untrustt Citizensachovia


.33 3.51

.49 1.56

.011.63

.311.56

.01 .05

.40 2.08

94 1.56


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Petite Academyaddition, Cabbarus Memorial Hospital is located on Concord Parkway North and is within 1.56 miles frome site.



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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)

Wexford Pointe

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