Water Garden Manor

8/6/2019 Water Garden Manor

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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Water Garden Manor

ddress: 8408 Glenwood Avenue

ty: Raleigh County: Wake Zip:

ensus Tract: 537.10 Block Group: 1

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:Charles Last:Meeker

Title: Mayor

risdiction Address: PO Box 590

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(nb2cp2a3s...27F9046EF7&SNID=781BFF9DC29C4869A4E605B52F24B68A (1 of 22)4/14/2009 1:15:25 PM

27612

27602

(919)890-4168

35.881364

-78.73680


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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: DHIC, Inc.

ddress: 113 S. Wilmington Street

ty: Raleigh State: NC Zip:

ontact: First: Natalie Last:Connell Title:Vice President

elephone:

t Phone:

ax:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


27601

(919)832-4345

(919)832-2206

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

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:


3.5 3.5


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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:


12/31/2009

990,000


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oning

esent zoning classification of the site:Thoroughfare District

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: Water Garden Manor, LLC

dress: 113 S. Wilmington Street

y: Raleigh State:NC 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? Yes

the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Water Garden Senior Housing, Inc.

rst Name: Gregory Last Name: Warren Function: Managing Member

ddress: 113 S. Wilmington Street

ty: Raleigh State: NC Zip: 27601

hone: Fax:

Mail: Nonprofit: No

Org: DHIC, Inc.

rst Name: Gregory Last Name: Warren Function: Member

ddress: 113 S. Wilmington Streetty: Raleigh State: NC Zip: 27601

hone: Fax:

Mail: Nonprofit: Yes


27601

(919)832-4345 (919)832-2206

[email protected]

(919)832-4345 (919)832-2206

[email protected]


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oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

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:

tesPlease 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.


1 3

4,434

2

81,755

80,922

4

8

8
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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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








tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


35 60

9 40

9 30

6 30

13 60

3 40

3 30

2 30

80


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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:CIty of Raleigh

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:Wake County

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))


1,175,000 7.25 30 30 96,187

1,200,000 1.00 30 30

800,000 1.00 30 30

1,108,244 0 30 30 0

6,332,982

10,616,226

635


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he City of Raleigh and Wake County loans are proposed to be repaid on a pro-rata split of availablesh flow while maintaining a 1.15 debt coverage ratio.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

ocal Gov. Loan - CIty of Raleigh

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20

her Loan 1 - Wake County

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


23189 23098 22953 22753 22494 22174 21790 21339 20818 20223

19551 18799 17963 17039 16024 14913 13702 12387 10963 9427

15459 15399 15302 15169 14996 14783 14527 14226 13878 13482

13034 12533 11975 11359 10682 9942 9135 8258 7309 6284


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29 Title and Recording

SUBTOTAL (lines 14 through 29)

30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


21,503

821,609

42,000 42,000

15,000 15,000

2,300

68,711

12,000 12,000

12,000

56,000

208,011

120,000 120,000

800,000 800,000

40,000 40,000

Other Basis Expense (p 73,052 73,052

Other Basis Expense (s

40,000

Other Non-basis Expen

Other Non-basis Expen

1,073,052

75,000

231,243

Other Reserve (specify)

Other Reserve (specify)

9,626,226 0 9,083,969

0

9,083,969 0 9,083,969

100.00% 100% 100%


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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 unit58,295


9,083,969 0 9,083,969

100.00% 122.00%

11,082,442 0 11,082,442

3.50 9.00

997,420 0 997,420

0

990,000

10,616,226

997,420


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arket Study Information

ease provide a detailed description of the proposed project:

ater Garden Manor will consist of 80 apartments (59 one bedroom and 21 two bedroom) for seniors aged and over. The three story building will feature secure entrances with card entry, a covered drop off area,o elevators, on-site management, support services provided by Resources for Seniors and graciousmmon areas that will encourage active social interactions between the residents. There will be a laundryoms on each floor, a fitness center, a computer room/library with high speed internet access, game room,

mall sitting areas, outdoor patio, and a spacious main gathering area with a kitchen.

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:

The exterior design will emphasize variety. A mix of materials, projections of facades, broken roof lines,gables and brackets will be employed.

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

While not yet built, this design is based on the Highland Terrace project that DHIC will be building in Cary,NC. This project was awarded tax credits in 2008.

e Amenities:

e design features a covered entry and seating area for residents coming and going. An outdoor coveredtio as well as outdoor seating areas for residents to enjoy are provided in an interior corridor. While thee is only a portion of the former "Water Garden" tract fronting Glenwood Avenue, the main entrance tos complex will be from Marvino Lane. A sidewalk will connect residents to the Cornerstone Commons

hopping Center which includes a Lowe Foods Grocery Store, 3 restaurants, a dentist, fitness center, naillon and hair salon. The shopping center is less than 1/4 mile away from Water Garden Manor.

e balance of the site is likely to be developed as multifamily housing; either more seniors housing ornventional apartments. DHIC has a right of first refusal to purchase the balance of the property.

site Activities:

HIC will contract with Resources for Seniors (RFS) to provide on-site service coordination for residents.ere will also be social and educational events organized by RFS and property management staff. RFS

ganizes regular health screenings and other programs to advise residents of resources available to thesidents to maintain independent living.



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ndscaping Plans:

ndscaping will meet or exceed Raleigh and NCHFA requirements. Colorful, native plant species will beed as much as possible. There will be sod installed in high visibility open areas. All air handlers will bereened.

erior Apartment Amenities:e apartments will include emergency pull cords in bathrooms and master bedrooms, frost-free refrigeratorth ice maker, self-cleaning ovens and other energy efficient appliances, emergency fire sprinkler system,ni-blinds, spacious closets.

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.

Water Garden Manor is located in the rapidly growing quadrant of NW Raleigh and offers easy access to

esearch Triangle, RDU and the Briar Creek area. As part of a larger 11-acre site, the property willventually have access to Glenwood Avenue/US 70 with the extension of Marvino Lane to Glenwood.

is adjacent to the Long Lake PUD that was developed over the past 5 years. A mixture of townhouses andngle- family homes characterizes the area. Access to the property will be from Marvino Lane in line withe intersection of Sommerwell Street into Marvino. Later, it is expected that property will also have direct

ccess to the private road of Mount Valley Lane and the Cornerstone Commons Shopping Center.

he fundamentals of this area are very strong with a vibrant and growing retail base and new homes beinguilt on the few remaining undeveloped areas of NW Raleigh. Homes on Sommerwell Street are valued atpwards of $400,000.

here is little, if any, affordable or subsidized housing found in the area. Because of this, the City of Raleigh

anks this area as its top priority for affordable housing per its scattered site affordable housing policy.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, distributioncilities, 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. As noted above, the surrounding land uses are residential with a mixattached townhomes and single-family detached homes. There is no rental housing in the immediate area.most adjacent to the site is shopping center anchored by a Lowes Foods grocery store. There are nocompatible uses in the area. Towards Glenwood Avenue, a stream is located south of the property but willt impact the development of Water Garden site. The balance of the property, yet to be developed, fronts on

enwood Avenue; a highly traveled traffic corridor. Water Garden Manor is set back significantly from noisenerated by the highway. It is anticipated that the balance of the property will be developed for multifamilyusing and the developer of Water Garden Manor, DHIC, has a right of first refusal to purchase the balancethe property. The property is well known in Raleigh design circles as it served as the office and creativealate for one of Raleighs best-known landscape architects, Richard Bell. The remains of the Waterarden complex are still standing (but not on the portion of the site slated for Water Garden Manor). DHICpes to honor this legacy of quality design at Water Garden Manor.

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. The site will be accessed from Marvino Lane that currently comes of off

ountry Trail Road and dead ends prior to a stream that parallels Glenwood Avenue. The traffic counts on

s road are very low. Eventually, the developer of the balance of the Water Garden tract will be expected tonnect Marvino to Glenwood and the City of Raleigh is on record as being prepared to share half the coststhis connection. However, no traffic improvements will be required to access Water Garden Manor forarvino. Later, it is expected that the Water Garden Manor will also connect to Mill Valley Lane. DHIC hase rights to place signage for Water Garden Manor on the adjacent property that fronts Glenwood Avenueering very high visibility to the many travelers along Glenwood Avenue.



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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).

here are no on-site negative features or barriers on the Water Garden Manor site.

milarity of scale and aesthetics/architecture between project and surroundings.

he site is relatively flat with limited grading required. Wetlands are located south of the site but they will notfect plans to develop this portion of the property. A soils survey of the property has been completeddicating that some soils may be unsuitable. This has been factored into the construction budget and DHICseeking a basis boost to help offset these costs and the high land costs that this site commands. There

re no buildings that will need to be demolished to proceed with this development.

he Water Garden Manor design calls for a 3-story building. The building will back up to an existing 2-storywnhouse development but roof elevations will remain about the same given the grade differences

etween the two properties.

r each applicable neighborhood feature, enter distance from project in miles.

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:

e property is on a transit corridor served by Triangle Transit Authority and the Raleigh CAT bus system;wever, currently the closest bus stop is almost a mile away. DHIC will seek to secure a bus stop in the

ea to serve Water Garden Manor. The draft City of Raleigh Comprehensive Plan identifies Glenwoodvenue as a transit corridor and we are confident that bus service will come soon to this development.

erhaps the most important facility within walking distance is found at the Cornerstone Commons Shoppingenter which is less than a mile from the apartment community. It contains a Lowes Grocery Store, 3staurants, a dentist and other services.

Google Map that shows more facilities and services can be accessed at the following link:

ttp://maps.google.com/maps/ms?=en&gl=us&ie=UTF8&view=map&msa=0&msid=104026709699365129509.00045ffbbe2a3f8c36b2f&z=14>


2 2

2 5

1.3

.8

6 .8

6 2.1


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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)

Documents

Water Garden Manor