SHIPS’ COVE 130 Canal Street Fall River, MA 02721 201 units
ST. LUKE’S PLAZA 5602 Enright Avenue St. Louis, MO 63112 216 units
SUNSET BAY APARTMENTS 10000 SW 224th Street Cutler Bay, FL 33190 308 units Sunset Bay, a rehabilitation project conducted in partnership with The Partnership Inc. (TPI), a non- profit affordable housing owner, developer, and property manager founded in 1994 and based in Florida, is comprised of 45 one- bedroom, 149 two-bedroom, and 114 three-bedroom units. Renovations to the property will consist of a hybrid onsite and offsite relocation as units are completed. This 100% Tax Credit Property is subject to a Land Use Restriction Agreement (LURA). Eight units are restricted to households earning 33% or less of Area Median Income (AMI), while the balance is restricted to households earning 60% or less AMI. The initial tax credit compliance period has expired. This transaction was limited to a transfer of limited partner interests only. Secured financing and funding for this project included funding from Wells Fargo Bank and owner equity.
This on-site rehab involved moving all residents out of 216 units into other buildings as their entire building was being renovated. The work included installing new individual HVAC systems, upgrading kitchen, where needed, and all new bathrooms, new carpet and paint throughout, installing new roofs and front entrances, doing major tuck pointing, repairing balconies, replacing waste lines, and renovating/expanding the management of ce. The rehab was completed utilizing tax-exempt bond debt, Federal and State LIHTC equity, and Federal and state Historic Tax Credit (“HTC”) equity. Upon completion of the renovations, residents typically moved back to their original unit, unless they requested a transfer to another unit, and that transfer was usually accommodated.
NHPF acquired Ships’ Cove as part of its ongoing mission to preserve affordable housing units at below market rate for economically challenged individuals and families. Ships’ Cove is an 18-story family apartment complex with waterfront views in central Fall River. It was built in 1971 and while various components had been updated over the years, a number of systems and nishes were in need of replacement or repair when it was acquired by a LIHTC partnership led by NHPF. The acquisition and rehabilitation nancing included a tax-exempt Freddie Mac loan, a bank bridge loan, seller nancing, equity from the sale of LIHTCs and property reserves. The major work, which NHPF handled as in-place renovation , included extensive repairs and re nish of the building exterior, replacement of the main electrical switchgear, upgrades to kitchens and bathrooms, new flooring, renovation of most common area spaces, elevator upgrades, ventilation improvements, plumbing repairs, converting a portion of the units to be handicap accessible, energy ef cient lighting, repairing and resealing parking lot, and a new, signi cantly more powerful emergency generator and other life safety improvements.
Maximizing Rehabilitation; Minimizing Resident Disruption • 23
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