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8/6/2019 Hearthstone at Town Center
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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: HearthStone at Town Center
ddress: Intersection of Fox Road and I-540
ty: Raleigh County: Wake Zip:
ensus Tract: 540.09 Block Group: 2112
project in Qualified Census Tract or Difficult to Develop Area? No
e you requesting the basis boost under section II(E)(4) of the QAP? Yes
olitical Jurisdiction: City of Raleigh
risdiction CEO Name:First:Russell Last:Allen
Title: City Manager
risdiction Address: 222 West Hargett St
risdiction City: Raleigh Zip:
risdiction Phone:
te Latitude:
te Longitude:
oject Type: New Construction
Is this project a previously awarded tax creditdevelopment?
w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No
If yes, list names of previous phase(s):
ehab:
umber of residents holding Section 8uchers:
l the project meet Energy Star standards as defined in Appendix B? Yes
es a community revitalization plan exist? No
ll the project use steel and concrete construction and have at least 4 stories? No
ttps://www.nchfa.org/Rental/RTCApp/(S(cmdnjf4...A8CC81D2&SNID=E55C9AADAA7F4E1EBED9EF695F654DCE (1 of 21)4/14/2009 1:57:03 PM
27616
27602
(919)996-3070
35.8692
-78.5597
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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o
If yes, please describe:
rget Population:Elderly (55)
ll the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: and number of units:
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pplicant Information
icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica
st become part of the ownership entity. The applicant will execute the signature page for this application.
pplicant Name: Miller-Valentine Apartments III LLC
ddress: 9349 WaterStone Boulevard
ty: Cincinnati State: OH Zip:
ontact: First: Brian Last:McGeady Title:Director of Multifamily Development
elephone:
t Phone:
ax:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
ttps://www.nchfa.org/Rental/RTCApp/(S(cmdnjf4...A8CC81D2&SNID=E55C9AADAA7F4E1EBED9EF695F654DCE (3 of 21)4/14/2009 1:57:03 PM
45249
(513)588-1000
(937)913-5452
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te Description
tal Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
This site, targeted to seniors, is being purchased as part of a total tract of 10.2 acres, to be developed withseparate elderly and family components. The acreage and price have been allocated between the twocomponents.
ntify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
he demolition of any buildings required or planned? No
If yes, please describe:
e existing buildings on the site currently occupied? No
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?
he site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
any portion of the site located inside the 100 year floodplain? No
If yes:(a) Describe placement of project buildings in relation to this area:
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10.2 5.303
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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te Control
es the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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11/30/2009
897,000
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oning
esent zoning classification of the site:R-15
multifamily use permitted?Yes
e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:
e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No
If yes, describe below:
e there any existing conditions of environmental significance located on the project site?No
If yes, describe below:
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wnership Entity
wner Name: HearthStone at Town Center, LLC
dress: 9349 WaterStone Boulevard
y: Cincinnati State:OH Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
ote: Do not submit social security numbers for individuals.
ntity Type: Limited Liability Company
ntity Status: To Be Formed
the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
the applicant requesting that the Agency treat the application as CHDO sponsored? No
st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.
Org: Miller-Valentine Apartments III LLC
rst Name: Brian Last Name: McGeady Function: Managing Member
ddress: 9349 WaterStone Boulevard
ty: Cincinnati State: OH Zip: 45249
hone: Fax:
Mail: Nonprofit: No
ttps://www.nchfa.org/Rental/RTCApp/(S(cmdnjf4...A8CC81D2&SNID=E55C9AADAA7F4E1EBED9EF695F654DCE (8 of 21)4/14/2009 1:57:03 PM
45249
(513)588-1000 (937)913-5452
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
quare Footage Information
oss Floor Square Footage:
otal Net Sq. Ft. (All Heated Areas):
icate below any additional targeting for special populations proposed for this project:
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal state codes.)
Number of Units:
Number of Units Required:
Persons with disabilities or homeless populations.
Number of Units:
tes
Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low
income units are within established thresholds.
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22,795
2
86,239
83,698
78
8
8
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argeting
ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
BRs Units %
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
tal Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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10 30
7 50
24 60
10 30
5 50
22 60
78
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unding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan)
State Tax Credit(Direct Refund)
Equity: Federal LIHTC
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources**
"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.
Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
stimated pricing on sale of Federal Tax Credits: $0.
emarks concerning project funding sources:ease be sure to include the name of the funding source(s))
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1,300,000 7.50 18 30 109,077
550,000 0.00 20 30
1,215,904 0 30 30 0
7,652,534
34,516
10,752,954
70
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58 Basis Before Boost
59 Basis Boost of up to 130%
60 TOTAL QUALIFIED BASIS
61 Tax Credit Rate
62 Federal Tax Credits (maximum $1,300,000)
63 Federal Tax Credits Requested (if less than line 62)
64 Land Cost
65 TOTAL REPLACEMENT COST
FEDERAL TAX CREDITS IF AWARDED
Comments:
Project Development Cost per unit59,999
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9,353,106 0 9,353,106
100.00% 130.00%
12,159,038 0 12,159,038
3.50 9.00
1,094,313 0 1,094,313
0
897,000
10,752,954
1,094,313
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arket Study Information
ease provide a detailed description of the proposed project:
earthStone at Town Center will be an elderly 55+ community includng (41) 1BR units and (37)2BR units.e location is at the intersection of Fox Road and I-540, a short distance from the Triangle Town Center
all. Located in one of six growth areas identified in the Raleigh 2030 Comprehensive Plan, the area issignated for continued integrated growth of residential, retail and services. The Northern Campus ofake Technical Community College is at the intersection of Fox Road and Louisburg Road, less than a
le from the site. A Super Target is approximately one-half mile from site with grocery and pharmacy.djacent to the site is Triangle Place Promenade, a planned Walmart center that will provide additionalopping and services.
e HearthStone building will be based on a proven design used in Gastonia, NC for our Madison Placeeniors Apartments. While this property is 76 units, the modular nature of the building allows it to beapted to incorporate additional units, bringing the total to 78 for Hearthstone, to include (41) 1BR-1BAd (37) 2Br-1BA units. Square footage of the units will be approximately 660' for a 1BR and 900' for a
BR. Wide hallways, a large meeting area with full kitchen, activity rooms, laundry on each floor, and amputer/reading room will provide excellent gathering areas for the residents.
nstruction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
ve you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Madison Place Senior Apartments4200 Forbes RdGastonia, NC 28054
e Amenities:
e X-shape of the building allows for creation of a private, shielded courtyard area to the rear, and a patiol transition from the large meeting room inside to this space. In the building front, there will be a covered
alkway connecting a drive-through drop-off at the entry. In the rear of the building, there will be a gazeboallow for additional gathering space and congregation amongst tenants.
site Activities:
earthstone will have multiple places where residents can meet and services can be provided. The large
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mmunity room with kitchen will allow for group meals and meetings. A computer room/reading with twoernet connected computers will allow residents to stay connected. Service providers will have ansultation room available for private meetings and a beauty shoppe will have sink and wiring tocommodate visiting professionals. Each floor will include a separate room for cards/crafts or socializing.
ndscaping Plans:
anting beds will be arranged in front of the building and around and at the entry sign. The courtyard areathe rear of the building will have substantial shade and specimen plantings to create a natural
vironment surrounding the patio. Buffers will be planted along I-540 to shield noise.
erior Apartment Amenities:
menities in units include: dishwasher, ceiling fans, mini-blinds, walk-in closets in main bedrooms andntry cabinet. Units will be equipped with visible/audible alarm systems with pull-chains located in the
aster bedroom and bath. Storage units will be available on each floor. Units will be constructed to meetnergy Star standards providing residents added comfort and utility savings.
you plan to submit additional market data (market study, etc.) that you want considered? No
If yes, please make sure to include the additional information in your pre-application packet.
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pplicant's Site Evaluation
efly describe your site in each of the following categories:
EIGHBORHOOD CHARACTERISTICS
end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.
ince opening in 2002, the one million plus square foot Triangle Town Center Mall has attracted
evelopment around the intersection of Capital Blvd. and I-540. Completion of I-540 to Hwy. 64 has madeis intersection accessible from virtually anywhere in the Triangle, and it serves as a regional draw for
dditional retail and services. Surrounding the site on Fox Road are older homes and town homes in goodondition and new development continues on Louisburg Rd. A variety of multi-family properties are in therea but there is no concentration of affordable housing near the site.
URROUNDING LAND USES AND AMENITIES
nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. Land use around the site is residential and the site is adjacent to
hrist Covenant Church. The location, at the edge of the Triangle Town Center retail, will be higher in densityan current surroundings, but is consistent with the development patterns.
TE SUITABILITY
dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. Fox Road is primarily a residential street serving housing along the road and
ox Road Elementary School. Bus Stops for Capital Area Transit are located along Fox Road. The site willve visibility from I-540 and will have a connecting road for the planned Triangle Place Promenade running
rough it, providing additional visibility and connectivity. This road will be a Boulevard design with gentle
rving shape to control traffic.egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).
he site will require extensive grading to incorporate connecting road and create aesthetic buildingcations. Sewer is not currently to the site but has been planned and engineered by the seller of theroperty. If seller does not complete the required extension of sewer, purchase contract requires escrow ofnds to complete.
milarity of scale and aesthetics/architecture between project and surroundings.
he building will be consistent with the residential nature of surrounding development.
r each applicable neighborhood feature, enter distance from project in miles.
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Grocery Store Community/Senior Center
Mall/Strip Center Hospital
Outdoor Athletic
eldsPharmacy
Day Care/After
chool
Basic Health Care
SchoolsPublic Transportation
Stop
Convenience Store Public Parks
Gas Station Library
her facilities or services:
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51 3.03
75 5.35
.4.51
.23.92
36.1
88 1.4
88 3.27
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reliminary App Checklist
e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.
Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.
B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe
internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.
Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.
C - Community Revitalization Plan
Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.
F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.
G - Rent Roll (Rehabs only)
Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)