THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2019 and 2018
NOTE 14 - ACQUISITION AND DISPOSITION OF PROPERTIES The following table reflects properties acquired during the two-year period covered by these consolidated financial statements:
Date
Property
Location
Units Purchase price
Funding
Enterprise Multifamily Opportunity Fund $4.95M District of Columbia $25.5M Royal Bank of Canada (RBC) $12.1M
2/15/2018 Woodmont Crossing
Washington, DC 406
$
44,660,000
LIFF, NHPF and Morgand Stanley $9.357M
5/15/2018 Princess Anne Townhomes
Princess Anne, MD 120
$ $ $ $ $ $ $ $ $ $ $
8,770,000 4,400,000
$3.74M Merchants Loan + Owner Equity
5/16/2018 Redland Arms Apartments (TPI)*** 11/7/2018 Brooklyn Port - Shore Hill Housing 12/21/2018 Mark Twain NHPF LLC 10/4/2019 Berry Manor Owner, LLC 2/28/2019 Ridgecrest Court Investor, LLC
Florida City, FL
66
Prudential $102.2M Bellwether $18.5M LIFF, NHPF $4.9M
Brooklyn, NY
558 152
149,410,000
Chicago, IL Chicago, IL
23,000,000
57
4,933,000
Washington, DC 272
28,560,000 3,416,197 6,553,803 1,450,000 1,350,000 104,028,000
Chase $21.075M, DHCD $7.5M, Seller Note $2.525M
4/17/2019 Center City Apartments Urban Renewal, LLC* 4/17/2019 Irvine Turner Apartments Urban Renewal, LLC*
Newark, NJ Newark, NJ
49 93 87 81
$4.4884M FHA 223F Loan + Owner Equity $8.871M FHA 223F Loan + Owner Equity
Owner Equity Owner Equity
11/26/2019 Brooklyn Port - Harbor Hill Housing**
Brooklyn, NY Brooklyn, NY Houston, TX
12/11/2019 Brooklyn Port - Sunset Gardens Housing**
Work Force Affordable Housing Fund I,LLC****
12/18/2019
577
Lakeside Place, $83.2M Citi Bank, Equity from CIP $21M
Pelican Isles Apartments (TPI)***
$7.761M FHA 223F Loan + Owner Equity
12/23/2019
Sebastian, FL
150
$
8,800,000
*NHPF's investment in Newark Portofolio is 81% **NHPF's investment in Brooklyn Portofolio is 3% *** NHPF's investment in TPI properties is 50% ****NHPF's investment in Work Force Fund is 3.99%
The following table reflects properties sold during the two-year period covered by these financial statements:
Date
Property
Location
Sales Price
12/21/2018 New Mark Twain, LLC
Chicago, Illinois
$
23,000,000
The following table represents net assets transferred in during the years ended December 31, 2019 and 2018 from acquisition of general partner interests in the following properties:
2019
2018
NDFD LLC
$
(2,107,632)
$
346,630
$
(2,107,632)
$
346,630
There were no excess of revenue over expenses from discontinued operations for the years ended December 31, 2019 and 2018.
On August 1, 2012, NDFD, a wholly-owned subsidiary of NHPF, entered into a limited liability company agreement with UA-NHPF Fund Member LLC to form NHPF/UA. On August 8, 2012, NHPF/UA entered into an agreement with PNC Bank National Association (“PNC”) to form NHP
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