ACQUISITION / PRESERVATION The Partnership Inc. (TPI) and The NHP Foundation (NHPF) Secure $80M for Renovation of Sunset Bay Apartments, Affordable Housing in Cutler Bay, FL The Partnership Inc. Brings 5th Opportunity to Leading Affordable Housing Not-for-Profit
June 16, 2021, New York, NY— TPI and NHPF, national not-for- profit providers of affordable housing, announced that they have successfully closed the recapitalization of Sunset Bay Apartments in Cutler Bay, FL. This is the fifth acquisition the two entities have collaborated on, expanding their relationship in support of their mutually shared mission to preserve affordable housing. This is the first joint 4% LIHTC transaction between the two entities. The deal was made possible via a new supplemental FHA 241(a) loan of $13.8M from Merchants Capital, assumed FHA 223(f) loan of $23.5M, and a 4% tax credit investment of $25.4M through Enterprise Community Partners. The property will continue to be professionally managed by TPI Management Services (“TMS”), an affiliate of TPI . “Preserving this much needed affordable housing community in the Miami area and comprehensively upgrading the apartments and all amenities was always the vision of NHPF and TPI who have owned and successfully managed the property for many years,” said Mecky Adnani, Sr. Vice President, Acquisitions, NHPF. “Sunset Bay was built in 2001 and was in need of a significant upgrade, in addition to lifestyle and market changes in the last 20 years, necessitating the need for this extensive renovation.” The 308-unit property features a mix of 1,2, and 3 bedroom units. The rehabilitation will include unit improvements, including new kitchens/baths, flooring, lighting, and HVAC systems. 5% of units will be converted to become ADA-accessible. Building envelope work such as windows, roofs, and stucco repair will protect the buildings against South Florida weather and hurricanes. The community building will be expanded to allow for enhanced resident services and programming. Covid protocols have been put into place to protect residents, property staff, and contractor labor
during the work period which is expected to begin immediately and last approximately 12 months. “Coming out of the pandemic, the country is facing a greater need for affordable housing than at any time in the last decade,” added John Corbett, President & CEO, TPI, “The ability to join forces with NHPF again to ensure affordability of these units in the long term, in an area of rising incomes and rents, aligns perfectly with both of our missions.” In addition to proximity to area schools, a retail mall, shopping center, nature reserve, walking paths, and public library, Sunset Bay also offers many amenities including a swimming pool, playground, fitness center, computer center and well-landscaped grounds. About The Partnership Inc. The Partnership, Inc. (TPI), a 501(c)(3) not-for-profit real estate corporation established in 1994, is committed to excellence in affordable housing through partnerships with investors, for- profit developers, public agencies, and other nonprofits. Based in Riviera Beach, FL, and with properties located in the southern United States, TPI improves the lives of low-, and moderate-income households, including those with special needs, by providing decent, safe and sanitary affordable housing in supportive environments, while adhering to the highest standards of professionalism and business best practices. TPI is especially adept at taking over troubled properties and maximizing the financial performance of those properties, thus enhancing and preserving the economic value of the properties, while improving the living conditions of the residents. For more information, please visit www.gotpi.org .
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