Isiah Senior Apartments Westchester, IL€¦ · Isiah Senior Apartments Westchester, IL Michaels Development Company 542 S. Dearborn St., Suite 560 Chicago, IL 60605 Hume An Vice

Isiah Senior Apartments Westchester, IL

Michaels Development Company 542 S. Dearborn St., Suite 560

Chicago, IL 60605 Hume An

Vice President of Acquisitions and Development of the Midwest Region Phone: 312-286-8128

E-mail: [email protected]

mailto:[email protected]

LANDON BONE BAKER A R C H I T E C T S734 n milwaukee avenue chicago il 60642p 312.988.9100 f 312.829.3302www.landonbonebaker.com

Westchester Senior HousingMichaels Developement Company

3/17/2016

© 2015 Landon Bone Baker Architects, Ltd.

01 Photos

4

2

1

3

5

6

7

8

NOT TO SCALE5 KEY MAP

3 EXISTING LANDSCAPE ON SITE

1 CONVENT EAST ELEVATION

4 ST.JOSEPH HIGH SCHOOL LOOKING SOUTH

2 COVERED WALKWAY TO SCHOOL BUILDING

N



3/17/2016


02 Building Elevation Photos

5 SOUTH ELEVATION

6 WEST ELEVATION

7 NORTH ELEVATION 8 EAST ELEVATION



3/17/2016


03 Existing Site Plan

60.03'

60.50

'

5'-0"

41.63'

178.89'

60.16'

136.55'

620.00"

755.0

0"

SHED

PROPERTY LINE

METALCROSS

PROPERTY LINE

1 STORY BRICK

1 STORYBRICK

1 STORYBRICK

2 STORYBRICK

1 STORY BRICK

CONCRETE

BLACKTOP PARKING LOT 31 PARKING SPACES

DOWN LOADING RAMP

1 STORYBRICK

PRIMARYENTRANCE

BLACKTOP PARKING LOT179 PARKING SPACES

S T. JOSEPH HIGH SCHOOL FIELDS/GROUNDS

CONCRETE WALKWAYRESI

DENT

IAL

LOTS

WESTCHESTER INTERMEDIATE SCHOOL

RESI

DENT

IAL

LOTS

DOWN RAMP TO GARAGE

CONCRETE WALKWAY

CONCRETE WALKWAY

OXFORD ST.

CONCRETE WALKWAY W/ CANOPY

HIGH 1 STORYBRICK

2-STORY BRICK

SCALE: 1/64" = 1'-0"1 EXISTING SITE PLANN



3/17/2016


04 Proposed Site Plan

34

1415

1617

1819

2021

2223

2425

2627

2829

3031

3233

3435

3637

3839

4041

4297

9899

100

101

102

103

104

105

106

107

108

109

110

111

112

113

4344

4546

4748

4950

5152

5354

5556

57

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

7778

7980

8182

8384

8586

8788

8990

9192

9394

9596

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

154

155

12

5859

6061

6263

6465

6667

6869

7071

7273

7475

76

PROPERTY LINE

PROPERTY LINE

CONCRETE WALKWAY

2 STORY BRICK

OXFORD ST.

PRIMARYENTRANCE

WESTCHESTER INTERMEDIATE SCHOOL

RESI

DENT

IAL

LOTS

SOCCER FIELD

NEW ROAD FORACCESS TOCANTERBURYSTREET

SOCCER FIELD

155 PARKINGSPACES

56

78

910

1112

13

178.89'

BICYCLERACK

GATE TOWESTCHESTERSENIOR HOUSING

1-STORY BRICK

1-STORY BRICK1-HIGH STORY

BRICK

RESI

DENT

IAL

LOTS

MAIN ENTRANCE

1-STORY BRICK

SCALE: 1/64" = 1'-0"1 PROPOSED SITE PLAN

N



3/17/2016


05 Conceptual Floor Plans

8'-10

"

15'-4

"

12'-10"

WD

R

WD

RW

DR

WD

R

WD

R

17'-0

"

4'-5"

9'-6"

5'-5"

4'-5"

DOUBLE HEIGHTCIELINGS

ENTRY CANOPY

RECYCLE/WASTE

PROGRAM KEY2 Bedroom

1 Bedroom

Courtyard

Circulation/Mech.

LAUNDRY

OUT-OF-UNITSTORAGE

OUT-OF-UNITSTORAGE

OUT-OF-UNITSTORAGE

OUT-OF-UNITSTORAGE

OUT-OF-UNITSTORAGE

RECYCLE/WASTE

LAUNDRY

LAUNDRY

RECYCLE/WASTE

LOBBY

MAIN ENTRANCE

1BD 1BD 1BD1BD 1BD

2BD

2BD

2BD

1BD

2BD 2BD

1BD

1BD 1BD

1BD1BD1BD

1BD

1BD

1BD

1BD

1BD

1BD

1BD

1BD

1BD

1BD

1BD1BD

1BD 1BD

1BD1BD

1BD

1BD

1BD

1BD

2BD

2BD

AmenityPod

AmenityPod

AmenityPod

MECH

MECH

Community

Community

AmenityPod

Community

2BD

1BD 1BD 1BD1BD

2BD

1BD

1BD

2BD

1BD

1BD

1BD

1BD 1BD 1BD

1BD

2BD

1BD

1BD1BD

1BD1BD1BD

1BD

1BD

1BD

1BD

1BD

AmenityPod

1BD

1BD

1BD

1BD

1BD

1BD

MECH

Community

Community

1BD

PROGRAM KEY2 Bedroom

1 Bedroom

Courtyard

Circulation/Mech.

Amenity Pod(Out-of-Unit Storage, Laundry,Waste Management)

Community Services

Demolished

1 PROPSED FIRST FLOOR PLAN WITH EXISTING GYMN

SCALE: 1" = 45'8' 16' 32'0'

UNIT DISTRIBUTION WESTCHESTER SENIOR HOUSING2 Bedroom 12 1 Bedroom 68 Total Unit Count: 80Total Gross sq. ft. : 62,013 sq. ft.



Typlical Unit Floor Plan

DW

FRE

6" 13'-11" 5'-0" 14'-4"

33'-3"

24'-0

"

2'-0"

2'-0"

1'-6"

10'-6" 5" 11'-4"

2'-0"

4'-0"

10'-6"

9'-0"8'-6"

14'-3

"7'-

3"3'-

2"

3'-0"

11'-3

"2'-

6"

12'-8

"2'-

5"

1'-0"

EXISTING 8" LOAD BEARING WALL

2 BEDROOM UNIT

MASTERBEDROOM 1

KITCHEN BATH

LIVING ROOM

IHDA UNIT REQUIREMENTS1 LIVING ROOM

-150 S. FT. MIN-10' FT. MIN HORZ.

BEDROOM ROOM-100 S. FT. MIN-9' FT. MIN HORZ.

F RE

DW

25'-0"

2'-0"

24'-0

"

6" 11'-17/8" 5'-0" 8'-101/4" 6"

14'-3

"2'-

8"

3'-11"

2'-0"

2'-8"

1'-6"2'-

0"

12'-0" 12'-7"

7'-6"

9'-0"

3'-0"

11'-1

2"1'-

71/2"

EXISTING 8" LOAD BEARING WALL

UNIT 2061 BEDROOM

HVAC

1-BEDROOM(525 SQ. FT. MIN)-590.8 SQ. FT. AREA-165 SQ. FT. BDRM-195 SQ. FT LIVING RM

2-BEDROOM(700 SQ. FT. MIN)-786.1 SQ. FT. AREA-144.2 SQ. FT. BDRM-158.9 SQ. FT. MASTER BDRM-176 SQ. FT LIVING RM

0 4' 8' 12'SCALE: 3/16" = 1'-0"1 TYPICAL UNIT PLANS NOTE: UNIT CONFIGURATION WILLCHANGE SLIGHTLY AT CORNERSAND OTHER UNIQUE CONDITIONS INTHE NEW PLAN.

Isiah Senior Apartments

Rental Income

Beds Baths % of AMI Average SF

per Unit

# of Units Total SF Gross Rent Utility

Allowance

Net Rent Subsidy Monthly

Income

Annual Rental

Income

Efficiency 1 30% 435 ‐ $ 718 $ 57 $ 661 $ ‐ $ ‐

Efficiency 1 30% 435 ‐ $ 718 $ 57 $ 661 $ ‐ $ ‐

1 BR 1 30% 591 20 11,820 $ 922 $ 62 $ 860 HACC $ 17,200 $ 206,400

1 BR 1 60% 591 48 28,358 $ 812 $ 62 $ 750 None $ 36,012 $ 432,144

2 BR 1 60% 786 12 9,432 $ 975 $ 75 $ 900 None $ 10,796 $ 129,557

Total 80 49,610 $ 64,008 $ 768,101

GSF 62,013 80.00% (efficiency)

Utility Allowances Commercial Units

Monthly

Rent Annual RentCHA

as of 2/1/2015Heating Cooking

Electric

Other Electric A/C

$ ‐

Efficiency 22$ 6$ $ 29 $ ‐

One Bedroom 16$ 8$ $ 38 0

Two Bedroom 19$ 10$ $ 46 Total $ ‐ $ ‐

Three Bedroom 22$ 12$ $ 54

Four Bedroom 24$ 14$ $ 62 Other Income Total Income

Laundry $ 2,080

Income Limits Vending $ 1,040

IHDA

as of 3/6/2015 30% 50% 60% 80% Total $ 3,120

Efficiency 399$ 665$ $ 798 $ 1,065

One Bedroom 427$ 712$ $ 855 $ 1,140 Total Gross Potential Income $ 771,221

Two Bedroom 513$ 855$ $ 1,026 $ 1,368 Less Residential Vacancy 6% $ (46,086)

Three Bedroom 592$ 988$ $ 1,185 $ 1,581 Less Commercial Vacancy 50% $ ‐

Four Bedroom 661$ 1,102$ $ 1,323 $ 1,763 Less Other Income Vacancy 5% $ (156)

Fair Market Rents Total Effective Gross Income $ 724,979 Cook County, IL

as of October 1, 2014 Operating Expenses $ 452,686

Efficiency 812$

One Bedroom 922$ Replacement Reserve $ 28,000

Two Bedroom 1,093$

Three Bedroom 1,393$

Four Bedroom 1,624$ Net Operating Income $ 244,293

Unit Mix & Income

1

2

3

Isiah Senior Apartments

Construction Permanent Per Unit

Sources

First Mortgage (Freddie Mac TEL) 9,914,534$ 3,584,687$ 44,809$

Bridge/B‐Bond ‐$ ‐$

IHDA Soft ‐$ ‐$

Cook County Soft 2,416,975$ 2,854,766$ 35,685$

Seller Financing 3,400,000$ 3,400,000$ 42,500$

LIHTC Equity ‐$ 6,944,432$ 86,805$

FHLB AHP 850,000$ 850,000$ 10,625$

IAHTC Equity 1,530,000$ 1,530,000$ 19,125$

Energy Tax Credit Equity ‐$ ‐$

Deferred Developer Fee 25% ‐$ 459,202$ 5,740$

GP Equity 100$ 100$ 1$

Total 19,623,187$ 245,290$

Excess/(Gap) (0)$

Project Cost Subtotals Per Unit Acq Basis Rehab/Cons Basis Bond Basis Historic Basis Notes

Uses

Property Acquisition 3,400,000$

Acq Land Acquisition Cost 25% 850,000$ 10,625$ ‐$ 850,000$

Acq Building Acquisition Cost 75% 2,550,000$ 31,875$ 2,550,000$ 2,550,000$

Acq Transfer Taxes 37,400$ 468$ 37,400$ 37,400$

Acq Payoff/Assumption of Existing Debt ‐$ ‐$ ‐$

Acq Prepayment Penalty ‐$ ‐$ ‐$

Acq Carrying Costs ‐$ ‐$

Acquisition Total 3,437,400$ 42,968$

Con Demolition ‐$ ‐$ ‐$

Con Construction/Rehab Costs 8,159,605$ 101,995$ 8,159,605$ 8,159,605$ 8,159,605$

Con General Requirements 6% 489,576$ 6,120$ 489,576$ 489,576$ 489,576$

Con Builder's Overhead 2% 163,192$ 2,040$ 163,192$ 163,192$ 163,192$

Con Builder's Profit 6% 489,576$ 6,120$ 489,576$ 489,576$ 489,576$

Con Bonding Fee 1% 81,596$ 1,020$ 81,596$ 81,596$ 81,596$

Con Builder's Risk Insurance 1% 81,596$ 1,020$ 81,596$ 81,596$ 81,596$

Construction Subtotal 9,465,142$ 118,314$

Cont Hard Cost Contingency 10% 946,514$ 946,514$ 11,831$ 236,629$ 946,514$ 567,909$

Con Environmental Remediation 16.13$ 1,000,000$ 12,500$ 1,000,000$ 1,000,000$ 1,000,000$

Proj Geotech 25,000$ 313$ 25,000$ 25,000$ 25,000$

Proj Permits 45,000$ 563$ 45,000$ 45,000$ 45,000$

Proj Appraisal 15,000$ 188$ 15,000$ 15,000$ 15,000$

Proj Environmental ‐ Phase I 10,000$ 125$ 10,000$ 10,000$ 10,000$

Proj Environmental ‐ Phase II 15,000$ 188$ 15,000$ 15,000$ 15,000$

Proj Asbestos & Lead Testing 40,000$ 500$ 40,000$ 40,000$ 40,000$

Proj Market Study 10,000$ 125$ 10,000$ 10,000$ 10,000$

Proj Survey 7,500$ 94$ 7,500$ 7,500$ 7,500$

Proj Physical Needs Assessment 10,000$ 125$ 10,000$ 10,000$ 10,000$

Proj Legal ‐ Organization 37,500$ 469$ 37,500$

Proj Legal ‐ Transaction 65,000$ 813$ 65,000$ 65,000$ 65,000$

Proj Legal ‐ Syndication 37,500$ 469$ 37,500$

Proj Relocation ‐$ ‐$ ‐$

Proj Accounting 27,500$ 344$

Proj Title & Recording 33,000$ 413$ 33,000$ 33,000$ 33,000$

A&E Architecture & Engineering 7.20% 688,990$ 8,612$ 688,990$ 688,990$ 688,990$

A&E Allowance for Commercial Buildout ‐$ ‐$ ‐$

M&L Marketing/Leasing 159,234$ 1,990$

SCont Soft Cost Contingency ‐$ ‐$

Prop Furniture & Equipment 100,000$ 1,250$ 100,000$ 100,000$

Ins Construction period insurance 80,000$ 1,000$ 80,000$ 80,000$ 60,000$

RETax Construction period real estate taxes 34,000$ 425$ 34,000$ 34,000$

Development Costs Subtotal 2,440,224$ ‐$

Res Operating Reserve 225,807$ 2,823$

Res Working Capital Reserve 2% ‐$ ‐$

Res Tax & Insurance Escrow 108,000$ 1,350$

Res IOD Reserve 3% ‐$ ‐$

Res Replacement Reserve 450$ 36,000$ 450$

Res Revenue Deficit Reserves ‐$

Reserves/Escrows 369,807$ ‐$

TaxCred LIHTC Reservation Fee 1% 69,444$ 868$

TaxCred IAHTC Reservation Fee 5% 85,000$ 1,063$

TaxCred Syndicator Fee/Legal 50,000$ 625$

TaxCred Cost Certification 10,000$ 125$ 10,000$ 10,000$

TaxCred Constructon Plan & Cost Review 30,000$ 375$ 30,000$

TaxCred Historic Tax Consultant ‐$ ‐$ ‐$ ‐$ ‐$

TaxCred Application & Issuance Fee 17,500$ 219$

FHA Freddie Origination Fee 0.70% 25,093$ 314$

FHA Rate Lock Deposit ‐ LOC 2.00% 71,694$ 896$ 71,694$

FHA Freddie Application Fee 0.10% 3,585$ 45$

FHA Freddie Standby Fee 0.15% 5,377$ 67$ 5,377$

FHA Freddie Legal 65,000$ 813$

LoanFee Freddie Third Party 27,000$ 338$

LoanFee Construction Loan Inspection 26,833$ 335$

LoanFee Construction Origination Fee 0.50% 49,573$ 620$

LoanFee Working Capital Letter of Credit ‐$

LoanFee Lender Conversion Fee ‐$

Bond Issuer Fee ‐ Series A 2% 71,694$ 896$

Bond Issuer Counsel Fee ‐ Series A 30,000$ 375$

Bond Bond Counsel Fee ‐ Series A 60,000$ 750$

Bond Underwriting Fee ‐ Series A ‐$

Bond Underwriter's Counsel ‐ Series A ‐$

Bond Trustee and Counsel ‐ Series A 13,500$ 169$

Bond Rating Agency ‐ Series A ‐$

Bond Printing ‐$

Sources & Uses

Bond Negative Arbitrage ‐$

Bond Underwriter Counsel ‐ Series B ‐$

Bond Underwriter Takedown ‐ Series B 1% ‐$

Bond Bond Counsel ‐ Series B ‐$

Bond Series B LOC fee 2% ‐$ ‐$ ‐$

Bond Series B Interest (Negative Arb) ‐$ ‐$ ‐$

Bond Series B Rating ‐$

Bond Series B Legal ‐$

LoanInt Construction Loan ‐ Interest 416,000$ 5,200$ 236,482$

Financing Subtotal 1,127,292$ ‐$

DevFee Developer Fee 1,836,808$ 1,836,808$ 22,960$ 1,836,808$ 1,836,808$ 1,836,808$

Total 19,623,187$ 19,623,187$ 245,290$ 2,587,400$ 13,959,551$ 18,026,425$ 13,928,349$

55% of Bond basis 9,914,534$

Documents

Isiah Senior Apartments Westchester, IL€¦ · Isiah Senior Apartments Westchester, IL Michaels Development Company 542 S. Dearborn St., Suite 560 Chicago, IL 60605 Hume An Vice