florida housing finance corporation captiva cove ii ?· florida housing finance corporation ......

Download Florida Housing Finance Corporation Captiva Cove II ?· Florida Housing Finance Corporation ... The…

Post on 18-Jan-2019

212 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

FloridaHousingFinanceCorporationCreditUnderwritingReport

CaptivaCoveII

MMRB,HOMEandHousingCreditProgram

2014110B/2014298H

SectionA ReportSummary

SectionB LoanConditionsandHCAllocationContingencies

SectionC SupportingInformationandSchedules

Preparedby

SeltzerManagementGroup,Inc.

FinalReport

June3,2014

EXHIBIT B Page 1 of 38

SMG

_____________________________________________________________________________

JUNE 3, 2014

CaptivaCoveII

TABLEOFCONTENTS

PageSectionA

ReportSummary Recommendation A1A8

Overview A9A13UsesofFunds A14A21OperatingProForma A22A24

SectionBLoanConditionsandHCAllocationContingencies B1B6

SectionC

SupportingSchedules AdditionalDevelopmentandThirdPartyInformation C1C14 BorrowerInformation C15C19 GuarantorInformation C20 CreditEnhancerInformation C21 SyndicatorInformation C22C23 GeneralContractorInformation C24C25 PropertyManagerInformation C26C27

Exhibits

15YearProForma 1FeaturesandAmenitiesandResidentPrograms 212CompletenessandIssuesChecklist 312HCAllocationCalculation 413

EXHIBIT B Page 2 of 38

SMG

_____________________________________________________________________________

JUNE 3, 2014

SectionA

ReportSummary

EXHIBIT B Page 3 of 38

MMRB, HOME AND HC CREDIT UNDERWRITING REPORT SMG

CAPTIVA COVE I I A-1

JUNE 3, 2014

RecommendationSeltzerManagementGroup, Inc. (SMGor Seltzer) recommends aMultifamilyMortgageRevenueBond(MMRB)Programloanintheamountof$8,500,000,aHOMEloanintheamountof$2,800,000and a Housing Credit (HC) allocation in the annual amount of $535,900 be awarded to thisdevelopmentbytheFloridaHousingFinanceCorporation(FHFCorFloridaHousing).

Address: City: ZipCode:

County: CountySize:

DevelopmentCategory: DevelopmentType:

ConstructionType:

DemographicCommitment: Elderly: Homeless: ELI: Units @ AMIFarmworkerorCommercialFishWorker: Family: Link: Units

AnnualRentalIncome

$35,280$163,704$67,968$331,392$49,320$228,456

CURents

$588$718$708$863$822$1,002

$766$863$889$1,002

Units AMI%

50%60%50%60%50%60%

NoYes

76576510271027

UtilityAllow

$58$58$68

$718$718$708$863$822$1,002

NetHCRent

$588

AppraiserRents

$637

ProgramNumbers: 2014298H

Large

NewConstruction GardenStyleApartments

Concretewallsonconcreteslabwithstuccoexteriorsandceramictileroofs

Broward

2014110B

$776$931$897

$1,0633.0

5198325

$695

$834

$964

SquareFeet

1201

GrossHCRent

$646$776

BedRooms

2.0

$1,0772.02.0

CaptivaCoveIIDevelopmentName:

1201S.DixieHighwayWest PompanoBeach 33060

1.01.02.02.0

1.0

$766$863

BathRooms

1.0

RD/HUDContRents

ApplicantRents

$637$718

NoNo

$1,2193.0 1201192.0$889$1,002

HighHOMERents

LowHOMERents

$884

$75

$68$75

$876,12088 88264

HOMESubsidyLimits24OneBedroomUnitsat$88,306=$2,119,34440TwoBedroomUnitsat$107,378=$4,295,12024ThreeBedroomUnitsat$138,913$3,333,91288TotalUnitsforMaximumSubsidyof:$9,748,376

Buildings: Residential NonResidentialParking: ParkingSpaces AccessibleSpaces

SetAsides:

HCHOMEHOME

881870

50%60%

Term(Years)

12

3060%60%

30

3030

75Program

144

%AMI

4

85.0%100.0%20.0%80.0%

0

#ofUnits%ofUnitsMMRB

EXHIBIT B Page 4 of 38

MMRB, HOME AND HC CREDIT UNDERWRITING REPORT SMG

CAPTIVA COVE I I A-2

JUNE 3, 2014

AbsorptionRate unitspermonthfor months.

OccupancyRateatStabilization: PhysicalOccupancy EconomicOccupancyOccupancyComments

DDA?: QCT?:SiteAcreage: Density: FloodZoneDesignation:Zoning: FloodInsuranceRequired?:

97.00%

ARPUD,ResidentialPlannedUnitDevelopment

AsprojectedbyAppraiser

4.96 17.7419Yes

22 4

Yes No

95.00%

EXHIBIT B Page 5 of 38

MMRB, HOME AND HC CREDIT UNDERWRITING REPORT SMG

CAPTIVA COVE I I A-3

JUNE 3, 2014

Applicant/Borrower:General Partner1:General Partner2:General Partner3:General Partner4:LimitedPartner1:LimitedPartner2:LimitedPartner3:Special LimitedPartner:ConstructionCompletionGuarantor(s):

OperatingDeficitGuarantor(s):

CaptivaCoveIIAssociates,Ltd.

JorgeandAwildaLopez,tenants bytheentireties

M3Acquisitions,LLC/M.S.Mades FamilyL.imitedPartnershipStuartI.MeyersFamilyPartnership,Ltd.

%Ownership0.0100%

LeonJ.Wolfe

JorgeandAwildaLopez,tenants bytheentiretiesMaraS.Mades

CaptivaCoveIIAssociates,Ltd.

DEVELOPMENTTEAM

99.9900%

CornerstoneCaptivaCoveII,LLCCSGDevelopmentServices II,L.L.C.StuartMeyers

CaptivaCoveIIAssociates,Ltd.CornerstoneCaptivaCoveII,LLC

JorgeandAwildaLopez,tenants bytheentireties

MaraS.MadesLeonJ.Wolfe

CornerstoneCaptivaCoveII,LLCCSGDevelopmentServices II,L.L.C.StuartMeyers

PvtPlacementPurchaser:Developer:

Principal 1Principal 2Principal 3Principal 4

CSGDevelopmentServices II,L.L.C.JorgeandAwildaLopez,tenants bytheentiretiesM3Acquisitions,LLCM.S.Mades FamilyLimitedPartnershipStuartI.Meyers FamilyPartnerhship,Ltd.

General Contractor1:General Contractor2:ManagementCompany:Const.CreditEnhancer:Perm.CreditEnhancer:Syndicator:BondIssuer:Architect:MarketStudyProvider:Appraiser:

CSGConstruction,LLC

CSGManagementServices,LLC

Clobus,McLemoreandDuke,Inc.

Citi CommunityCapitalStratfordCapital GroupL.L.C.FHFC

Clobus,McLemoreandDuke,Inc.

Citi CommunityCapital

Burgos Lanza&Associates

EXHIBIT B Page 6 of 38

MMRB, HOME AND HC CREDIT UNDERWRITING REPORT SMG

CAPTIVA COVE I I A-4

JUNE 3, 2014

62.5% 96%

MarketRate/MarketFinancingLTV

1.257 1.23

$282,692

42.9%

LoantoCost

Restricted/FavorableFinancingLTV

Operating/DeficitServiceReserve

33.9% 51.8%

PeriodofOperatingExpenses/DeficitReserveinMonths

4

66%

First

0.00% 0.00%

$467,993.00FHFC

30.00

CITI AHS$0.00 $0.00

Lender/Grantor

LoanTermAmortization

LienPosition

Amount

UnderwrittenInterestRate

All InInterestRate 5.04%

ThirdSecond1stSource

PERMANENTFINANCINGINFORMATIONOther5thSource4thSource3rdSource2ndSource

DebtServiceCoverage

5.04% 0.28% 0.00% 0.00% 0.00%

0$5,300,000 $2,800,000

0.00 0.0018.00 20.0035.00

BrowardCo.

0.281% 0.00%

$500,000.00

$7,735,000.00

Year15ProFormaIncomeEscalationRateYear15ProFormaExpenseEscalationRate

2.00%3.00%

LandValueAsIs Value(Rehabilitation)

ProjectedNetOperatingIncome(NOI)Year1 $405,274.85

$535,900

BondStructure

HousingCreditAnnual Allocation$0.95

$2,510,000.00$0.00

RentRestrictedFavorableFinancingStablizedValue $8,475,000.00

PrivatePlacement

$445,713.69

DeferredDeveloperFee

MarketRent/MarketFinancingStabil izedValueRentRestrictedMarketFinancingStablizedValue

ProjectedNetOperatingIncome(NOI)15Year

HousingCreditSyndicationPrice

$1,677,545.34

$12,355,000.00

EXHIBIT B Page 7 of 38

MMRB, HOME AND HC CREDIT UNDERWRITING REPORT SMG

CAPTIVA COVE I I A-5

JUNE 3, 2014

Cornerstone $1,677,545 $19,063

$60,227$31,818

Stratford

FirstMortgage

$0

$15,637,538

$1,959,191

TOTAL

DeferredODR

$8,500,000$2,800,000

$282,692

$2,800,000$467,993$500,000

$467,993$500,000

CONSTRUCTION/PERMANENTSOURCES:

CITI/FHFCFHFCBrowardCounty

SecondMortgage$5,318$5,682

$5,300,000

$177,699

PermLoan/UnitPermanentConstructionLender

HCEquity Stratford $1,125,000 $4,892,000 $55,591DeferredDeveloperFee

ThirdHOMEMatchGrant AHS

$15,634,876

Source

DeferredGCFee FHFC $0 $0

ChangesfromtheApplication:COMPARISONCRITERIA YES NO

Does the level of experience of the current team equal or exceed that of the teamdescribedintheapplication?

X

AreallfundingsourcesthesameasshownintheApplication? 1

Are all local government recommendations/contributions still in place at the leveldescribedintheApplication?

X

IstheDevelopmentfeasiblewithallamenities/featureslistedintheApplication? X

Dothesiteplans/architecturaldrawingsaccountforallamenities/featureslistedintheApplication?

2

DoestheApplicanthavesitecontrolatorabovethelevelindicatedintheApplication? X

DoestheApplicanthaveadequatezoningasindicatedintheApplication? X

Has theDevelopmentbeenevaluated for feasibilityusing the total lengthofsetasidecommittedtointheApplication?

X

Have the Development costs remained equal to or less than those listed in theApplication?

3

IstheDevelopmentfeasibleusingthesetasidescommittedtointheApplication? X

If theDevelopmenthas committed to servea special targetgroup (e.g.elderly, largefamily, etc.), do the development and operating pla

Recommended

View more >