hearthstone at town center

8/6/2019 Hearthstone at Town Center

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

roject Description

oject Name: HearthStone at Town Center

ddress: Intersection of Fox Road and I-540

ty: Raleigh County: Wake Zip:

ensus Tract: 540.09 Block Group: 2112

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 Raleigh

risdiction CEO Name:First:Russell Last:Allen

Title: City Manager

risdiction Address: 222 West Hargett St

risdiction City: Raleigh 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(cmdnjf4...A8CC81D2&SNID=E55C9AADAA7F4E1EBED9EF695F654DCE (1 of 21)4/14/2009 1:57:03 PM

27616

27602

(919)996-3070

35.8692

-78.5597


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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:Elderly (55)

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: Miller-Valentine Apartments III LLC

ddress: 9349 WaterStone Boulevard

ty: Cincinnati State: OH Zip:

ontact: First: Brian Last:McGeady Title:Director of Multifamily Development

elephone:

t Phone:

ax:

mail Address:

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


45249

(513)588-1000

(937)913-5452

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

This site, targeted to seniors, is being purchased as part of a total tract of 10.2 acres, to be developed withseparate elderly and family components. The acreage and price have been allocated between the twocomponents.

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? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

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:


10.2 5.303


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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?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


11/30/2009

897,000


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oning

esent zoning classification of the site:R-15

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: HearthStone at Town Center, LLC

dress: 9349 WaterStone Boulevard

y: Cincinnati State:OH 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: Miller-Valentine Apartments III LLC

rst Name: Brian Last Name: McGeady Function: Managing Member

ddress: 9349 WaterStone Boulevard

ty: Cincinnati State: OH Zip: 45249

hone: Fax:

Mail: Nonprofit: No


45249

(513)588-1000 (937)913-5452

[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.


22,795

2

86,239

83,698

78

8

8
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.


10 30

7 50

24 60

10 30

5 50

22 60

78


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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))


1,300,000 7.50 18 30 109,077

550,000 0.00 20 30

1,215,904 0 30 30 0

7,652,534

34,516

10,752,954

70


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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 unit59,999


9,353,106 0 9,353,106

100.00% 130.00%

12,159,038 0 12,159,038

3.50 9.00

1,094,313 0 1,094,313

0

897,000

10,752,954

1,094,313


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arket Study Information

ease provide a detailed description of the proposed project:

earthStone at Town Center will be an elderly 55+ community includng (41) 1BR units and (37)2BR units.e location is at the intersection of Fox Road and I-540, a short distance from the Triangle Town Center

all. Located in one of six growth areas identified in the Raleigh 2030 Comprehensive Plan, the area issignated for continued integrated growth of residential, retail and services. The Northern Campus ofake Technical Community College is at the intersection of Fox Road and Louisburg Road, less than a

le from the site. A Super Target is approximately one-half mile from site with grocery and pharmacy.djacent to the site is Triangle Place Promenade, a planned Walmart center that will provide additionalopping and services.

e HearthStone building will be based on a proven design used in Gastonia, NC for our Madison Placeeniors Apartments. While this property is 76 units, the modular nature of the building allows it to beapted to incorporate additional units, bringing the total to 78 for Hearthstone, to include (41) 1BR-1BAd (37) 2Br-1BA units. Square footage of the units will be approximately 660' for a 1BR and 900' for a

BR. Wide hallways, a large meeting area with full kitchen, activity rooms, laundry on each floor, and amputer/reading room will provide excellent gathering areas for the residents.

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?Yes

If yes, please provide name and address:

Madison Place Senior Apartments4200 Forbes RdGastonia, NC 28054

e Amenities:

e X-shape of the building allows for creation of a private, shielded courtyard area to the rear, and a patiol transition from the large meeting room inside to this space. In the building front, there will be a covered

alkway connecting a drive-through drop-off at the entry. In the rear of the building, there will be a gazeboallow for additional gathering space and congregation amongst tenants.

site Activities:

earthstone will have multiple places where residents can meet and services can be provided. The large



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mmunity room with kitchen will allow for group meals and meetings. A computer room/reading with twoernet connected computers will allow residents to stay connected. Service providers will have ansultation room available for private meetings and a beauty shoppe will have sink and wiring tocommodate visiting professionals. Each floor will include a separate room for cards/crafts or socializing.

ndscaping Plans:

anting beds will be arranged in front of the building and around and at the entry sign. The courtyard areathe rear of the building will have substantial shade and specimen plantings to create a natural

vironment surrounding the patio. Buffers will be planted along I-540 to shield noise.

erior Apartment Amenities:

menities in units include: dishwasher, ceiling fans, mini-blinds, walk-in closets in main bedrooms andntry cabinet. Units will be equipped with visible/audible alarm systems with pull-chains located in the

aster bedroom and bath. Storage units will be available on each floor. Units will be constructed to meetnergy Star standards providing residents added comfort and utility savings.

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.

ince opening in 2002, the one million plus square foot Triangle Town Center Mall has attracted

evelopment around the intersection of Capital Blvd. and I-540. Completion of I-540 to Hwy. 64 has madeis intersection accessible from virtually anywhere in the Triangle, and it serves as a regional draw for

dditional retail and services. Surrounding the site on Fox Road are older homes and town homes in goodondition and new development continues on Louisburg Rd. A variety of multi-family properties are in therea but there is no concentration of affordable housing near the site.

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 use around the site is residential and the site is adjacent to

hrist Covenant Church. The location, at the edge of the Triangle Town Center retail, will be higher in densityan current surroundings, but is consistent with the development patterns.

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. Fox Road is primarily a residential street serving housing along the road and

ox Road Elementary School. Bus Stops for Capital Area Transit are located along Fox Road. The site willve visibility from I-540 and will have a connecting road for the planned Triangle Place Promenade running

rough it, providing additional visibility and connectivity. This road will be a Boulevard design with gentle

rving shape to control traffic.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, environmentaloblems or the need for excessive demolition).

he site will require extensive grading to incorporate connecting road and create aesthetic buildingcations. Sewer is not currently to the site but has been planned and engineered by the seller of theroperty. If seller does not complete the required extension of sewer, purchase contract requires escrow ofnds to complete.

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

he building will be consistent with the residential nature of surrounding development.

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



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Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

chool

Basic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:


51 3.03

75 5.35

.4.51

.23.92

36.1

88 1.4

88 3.27


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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)

hearthstone at town center

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