development news and we also take time to remember an important member of the NHPF family.
Frank L. Sullivan, Jr. (1945–1922) A Remembrance By Richard F. Burns, CEO, The NHP Foundation When writing a remembrance, it’s very easy to fall back on cliches—“A giant of the industry,” or “An inspiration to us all,” or “Smartest guy in the room,” but in the case of Frank L. Sullivan, Jr. who passed away this past August, these descriptions and more help tell the story of a man who demonstrated in action, and word, tremendous passion for his work, his family, and his friends. And, in no small part, helped influence the trajectory of affordable multifamily housing throughout the country. Upon graduating from Wharton, Frank held several senior real estate positions in the banking and financial services industries. In 1984, he became one of the founding partners of Clarion Partners, a leading New York-based commercial real estate investment firm, where he represented some of our nation's largest public institutions and their pensioners, including police officers, firefighters, teachers, and city workers. He was extraordinarily proud of the significant returns he achieved for various public employees in New York City and beyond.
NHPF Transaction News Seabrook Square in Austin, TX
The City Council approved the Seabrook Square proposal in Austin, Texas which will bring 262 units spread across four newly - constructed buildings to East Austin. This will be NHPF’s first development in Austin . Ridgecrest Phase 2: DC HPTF Funding Phase 2 of the rehabilitation of Ridgecrest Village Apartments was the recipient of a multi-million dollar award via the District of Columbia’s Housing Production Trust Fund (HPTF). The project will rehabilitate 128 units of affordable housing in DC’s Ward 8. Harvard Court Apartments: DC HPTF Funding Also awarded funds via DC’s Housing Production Trust Fund was Harvard Court Apartments. The proposed development will consist of 109 new affordable housing units in DC’s Ward 1. Hotel Covent Transaction (Closing End of September) The rehabilitation of Hotel Covent in Chicago, Illinois will
breathe new life into this historic Single Room Occupancy (SRO) hotel in the Lincoln Park
neighborhood, ensuring its sustainability as an affordable housing resource for years to come. Total development costs for the project will be $21.5 million via a primary mortgage, 4% LIHTC and Federal Historic Tax Credit equity, soft debt from the City of Chicago, and an IHDA Permanent Supportive Housing (PSH) loan. Berry Manor Transaction (Closing End of September) NHPF’s second Fall closing in Chicago will be the rehabilitation of Berry Manor Apartments, a 57-unit eight- story senior building in the Woodlawn neighborhood. Originally acquired in 2019, the recapitalization of Berry Manor will be an $18.3 million transaction funded via 4% LIHTC equity, a HUD 221d4 mortgage, an IHDA soft loan, existing reserves at the property, a seller note, and deferred developer fee.
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THE NHPF QUARTERLY SEPTEMBER 2022
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