Windsor Crossing Apartments

8/6/2019 Windsor Crossing Apartments

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Is project in Qualified Census Tract or Difficult to Develop Area?

New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

Will the project meet Energy Star standards as defined in Appendix B?

Does a community revitalization plan exist?

Target Population: Elderly (55)

Will the project be receiving project based federal rental assistance?

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

Indicate below any additional targeting for special populations proposed for this project:

Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description

Project Name: Windsor Crossing Apartments

Address: Cricklewood Street near the intersection of Ludgate Street

City: Lumberton County: Robeson Zip: 28358

Census Tract: 9613 Block Group: 3

No

Political Jurisdiction: City of Lumberton

Jurisdiction CEO Name: First: Last:Raymond Pennington Title: MayorJurisdiction Address: PO Box 1388 (500 N. Cedar Street)

Jurisdiction City: Lumberton Zip: 28359

Jurisdiction Phone: (910)671-3800

Site Latitude: 34.65

Site Longitude: -79.00

Project Type: New Construction

No

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

No

No

Will the project use steel and concrete construction and have at least 4 stories? No

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

If yes, please describe:

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)


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Number of Units: 2

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 4

Remarks: 10% of units will be targeted to persons with disabilities


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Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: Greenway Development Company

Address: 2500 West Roosevelt BLVD.

City: State: NC Zip:Monroe 28110

Contact: First: Last: Title:Bradley Parker Managing Partner

Telephone: (919)349-9872

Alt Phone: (704)292-7447

Fax: (919)841-4706

Email Address: [email protected]

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


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The City of Lumberton allows construction in the 100 year flood plain as long as the finished floor ofall structures are elevated above the floodplain elevation.


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Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

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/contract for

purchase of the property and the seller of the property?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 05/30/2007

(D) Enter Purchase Price: 555,000


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Present zoning classification of the site:

Is multifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 for obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office

review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

R3

Yes

No

No

No


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Ownership Entity

Owner Name: Windsor Crossing Apartments, LP


City: State: NC Zip:Monroe 28110

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

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Partnership

Entity Status: Already Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

Is the applicant requesting that the Agency treat the application as CHDO sponsored? No

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Greenway Development Company, LLC

First Name: Bradley Last Name: Parker Function: Principal


City: Monroe State: NC Zip: 28110

Phone: (919)349-9872 Fax: (919)841-4706

EMail: [email protected] Nonprofit: No

Org: Greenway Development Company, LLC

First Name: Ingram Last Name: Walters Function: Principal


City: Monroe State: NC Zip: 28110

Phone: (704)292-7447 Fax: (704)292-7387

EMail: [email protected] Nonprofit: No


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income units are within established thresholds.


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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

Note: This number should match the total number of low income units in the Unit Mix section.

Targeting

# BRs Units %

2 24 targeted at 60 percent of median income affordable to/occupied by

2 16 targeted at 50 percent of median income affordable to/occupied by

40


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Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 590,000 7.00 18 35 45,231

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) 1,122,490 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,762,583

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 100 Other - Specify:

Total Sources** 4,475,173

* "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.

915


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Development 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 606,700 606,7004 Rehabilitation

5 Construction of New Building(s) 1,709,000 1,709,000

6 Accessory Building(s) 159,300 159,300

7 General Requirements 148,500 148,500

8 Contractor Overhead 52,470 52,470

9 Contractor Profit 157,410 157,410

10 Construction Contingency 84,435 84,435

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 75,424 75,424

12 Architect's Fee - Inspection 10,500 10,500

13 Engineering Costs 25,000 25,000

SUBTOTAL (lines 1 through 13) 3,028,739

14 Construction Insurance (prorate) 8,500 8,50015 Construction Loan Orig. Fee (prorate) 17,268 17,268

16 Construction Loan Interest (prorate) 87,895 87,895

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 5,600 5,600

19 Water, Sewer and Impact Fees 6,500 6,500

20 Survey 15,000 15,000

21 Property Appraisal 6,680 6,680

22 Environmental Report 2,900 2,900

23 Market Study 5,300 5,300

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording 7,000

SUBTOTAL (lines 14 through 29) 162,643

30 Real Estate Attorney 30,000 30,000

31 Other Attorney's Fees 15,000 15,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 21,710

34 Cost Certification / Accounting Fees 12,000 12,000

35 Tax Opinion 1,500

36 Organizational (Partnership) 2,000

37 Tax Credit Monitoring Fee 22,000SUBTOTAL (lines 30 through 37) 106,410

38 Furnishings and Equipment 20,000 20,000

39 Relocation Expense

40 Developer's Fee 468,217 468,217

41 Other Basis Expense (specify)costruction lender inspection fee 8,400 8,400

42 Other Basis Expense (specify) Soils Report and Wetlands Report 12,000 12,000

43 Rent-up Expense

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)


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Comments:

SUBTOTAL (lines 38 through 45) 508,617

46 Rent up Reserve 23,355

47 Operating Reserve 90,409

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 3,920,173 0 3,749,999

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 3,749,999 0 3,749,999

56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

57 Basis Before Boost 3,749,999 0 3,749,999

58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%

59 TOTAL QUALIFIED BASIS 3,749,999 0 3,749,999

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 301,874 0 301,874

62 Federal Tax Credits at 8.5% or 3.75% 318,749 0 318,749

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 320,000

64 Federal Tax Credits Requested 318,471 318,471

65 Land Cost 555,000

66 TOTAL REPLACEMENT COST 4,475,173

FEDERAL TAX CREDITS IF AWARDED 318,749

Total Replacement Cost per unit: 94,998

Federal Tax Credits (line 62) per unit: 7,969


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Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The site is located within close proximity to Exits 20 and 22 on I-95(approximately 1.5 miles) andapproximately 2/10th of a mile from Fayetteviile Road, one of the major traffic arteies in Lumberton.Althought the site enjoys close proximity to these major traffic arteies, it is exceptionally well locatedon a quiet side street ( Crickelwood Street) at the edge of an upscale neighborhood where thehomes in price from $(95,000 to $240,000 with an average home price of $150,000. Much newinvestment in retail and office is going on in the immediate area making the economic trend in theneighborhood very positive. All existing structures in the immediate neighborhood are very wellmaintained. There are no affordable housing projects in the neighborhood.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similar

operations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The Windsor Crossing site is surrounded by upscale single family homes, townhomes, newlyconstructed single story office buildings, a day care and a school. Additional single story officebuildings for doctor offices will be constructed on the vacant parcel adjacent to the site. The adjacentsingle family neighborhood provides extensive and safe areas for seniors to walk, jog, and bike. Thesite is further balanced by its close proximity (approximately 1/2 miles or less) to retail strip centers,grocery store, pharmacy, basic healthcare, medical offices, bank, restaurants, gas station and videostore. Basketball, tennis courts and outdoor athletic fields are open to the public at the middle schoolnext door. the fire department is just behind the site.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The road leading to the site (Cricklewood Street) is located just off Fayetteville Road, a major four

lane highway with a center turning lane. The capacities of the side street and the Highway aresufficient to handle traffic from the proposed development. Although there is no mass transit inLumberton, our residents can utilize the lumberton River council of Goverment's program that hasestablished drop off/pick-up points in place for citizens of Roberson county, The fee for this serviceis $1.50 one way. Signage for the development will be located on the main entrance to the site.

Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).There are no negative features that will impede the development of the site. Furthermore, thetopography is very level, which is excellent for a senior site as even slight grades can negativelyimpact everyday living.

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed development will be a single story and have attractive architectural features, such asshingle accents, brackets and pitched roofs with shake gables. the design will make a positivecontribution to and be very compatible with the surrounding neighborhood.


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

Other facilities or services:

Grocery Store0.6 Community/Senior Center2.2

Mall/Strip Center0.5 Hospital1.7

Outdoor Athletic Fields0.3 Pharmacy0.2

Day Care/After School0.2 Basic Health Care0.2

Schools0.3 Medical Offices0.1

Public Transportation Stop Bank/Credit Union0.1

Convenience Store0.7 Restaurants0.3

Basketball/Tennis Courts0.3 Professional Services0.2

Public Parks1.3 Movie Theater1.2

Gas Station0.7 Video Rental0.3

Library2.8 Public Safety (Fire/Police)0.4

Fitness/Nature Trails1.3 Post Office2.3

Public Swimming Pools

There is no public transportation sytem in Lumberton; however, our residents can utilize theLumberton River Council Of Government's program. In addition, on-site activities will be provided bycommunity service providers. Lumberton has no public swimming pool.


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 7,425

Office Salaries 31,500

Office Supplies 1,950

Office or Model Apartment Rent

Management Fee 9,588

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,001

Auditing Expenses (Project) 5,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 3,438

Bad Debts 1,810

Other Administrative Expenses (specify):

SUBTOTAL 62,212

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 5,625

Water 10,000

Gas

Sewer 2,375

SUBTOTAL 18,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 156

Janitor and Cleaning Contract 1,200

Exterminating Payroll/Contract

Exterminating SuppliesGarbage and Trash Removal 2,800

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 480

Grounds Contract 2,938

Repairs Payroll

Repairs Material 2,544

Repairs Contract 950

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 625

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract

Decorating Supplies 183

Other (specify):

Alarms/Fire Extinguishers500

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 12,376

Taxes and Insurance

Real Estate Taxes 18,000

Payroll Taxes (FICA) 5,500


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Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 4,000

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits 2,000

Other Insurance:

SUBTOTAL 29,500Supportive Service Expenses

Service Coordinator 2,000

Service Supplies 230

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 2,230

Reserves

Replacement Reserves 10,000

SUBTOTAL 10,000

TOTAL OPERATING EXPENSES 134,318

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 104,088

TOTAL UNITS(from total units in the Unit Mix section)

40

PER UNIT PER YEAR 2,602


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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

Low Income County:

At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) ofcounty median income.

At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.


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Documents

Windsor Crossing Apartments