THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2017 and 2016
On September 22, 2016, Ships Cove Preservation Partners Limited Partnership purchased the property and related assets and liabilities from Milliken for $13,100,000. Both Milliken and Ships Cove are controlled and consolidated by NHPF, the majority shareholder in the General Partner. Since the parties involved in the sale transaction are affiliates under common control, generally accepted accounting principles requires that as of the date of acquisition the assets acquired and liabilities assumed are recorded at their respective carrying amount as reflected on Milliken’s books at the date of transaction. On March 14, 2017, NHPF acquired Takoma, a 105-unit multifamily affordable housing property located in Washington, DC for a purchase price of $14,000,000. The acquisition price was funded with the proceeds of a loan from Citibank in the amount of $8,500,000 and a loan from the Local Initiative Support Corporation in the amount of $8,200,000. On May 12, 2017, two properties, Copper Ridge and Magnolia Trace, were sold to an unrelated third party for a sales price of $9,500,000 and $8,500,000, respectively, resulting in a combined gain of $6,890,218. On May 25, 2017, NHPF acquired LaSalle at Lincoln Heights, a 60-unit senior-only affordable housing property located in Charlotte, NC for a purchase price of $1,543,000. The acquisition price was funded with the proceeds of a loan from Bellwether Enterprise Mortgage Investment LLC in the amount of $915,000 and a loan from the City of Charlotte in the amount of $911,389. On August 22, 2017, The Nannie Helen Owner LLC, of which the NHP Foundation is the general partner, acquired several parcels that will make up the Strand Residences, an 86-unit multifamily affordable housing building plus street front retail located in Washington, DC. The total acquisition price for the land and buildings was $3,030,001. The acquisition price was funded with the proceeds of a loan from the District of Columbia in the amount of $9,900,000. The remaining loan proceeds were available for other ancillary acquisition costs, such as title and escrow costs, as well as pre-development and construction expenses. On November 28, 2017, Virginia Village Apartments, a component of FCHC Virginia Community Development Company, was sold for $680,000 to an unrelated third party, resulting in a recognized gain of $584,246.
On December 13, 2017, the five Asmara properties were sold to an unrelated third party for a sales price of $45,000,000, resulting in a recognized gain of $32,789,610.
On December 28, 2017, NHPF-Columbia Heights Manager, LLC purchased a 50% general partner interest in Columbia Apartments LP, the general partner of Columbia Heights Village Apartments, a 406-unit multifamily affordable housing property located in Washington DC. The purchase was $33,000,100 and was funded with the proceeds of a $29,365,000 from Bellwether Enterprise
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