Development Opportunities With Non-Traditional Partners Saturday, - - PowerPoint PPT Presentation

Saturday, March 13th, 2010

Development Opportunities With Non-Traditional Partners

What is a Non-Traditional Partner?

The Symbiotic Relationships

Parasitic Symbiotic Commensal

What is a Non-Traditional Partner?

The Symbiotic Relationships

Parasitic Symbiotic Commensal

About Carlisle Development Group

• Carlisle is one of the largest

Affordable Housing Developers in the nation

• 6th largest Affordable Housing Developer

and 14th largest Affordable Housing Owner in the Nation according to Affordable Housing Finance Magazine

• Developed over 7,000 units of

affordable housing since 1998

• Revitalized over 700 public

housing units since 2006

• Developer of award-winning

historic housing (The Royalton)

• Specialized in Housing Authority

partnerships

+ “Triple Bottom Line” Business Model + =

Carlisle Development Group works with community partners to structure effective solutions

Triple bottom line Social Environmental Financial Focused specifically

• n public-private

partnerships

Unique Business Model

Extensive

development team

Strong track record

• f procuring state

and local funds:

• ver $1.2 billion

Largest affordable

housing developer in Florida: over 7,000 units built

Complicated, multi-

layered financing structures

Scale and Creativity

YMCA Area Housing

Commission of Pensacola

Broward County

Housing Authority

Housing Authority of

the City of Fort Lauderdale

Camillus House Carrfour Supportive

Housing

City of Lakeland Miami-Dade Transit

Community Partnerships

Flexible deal

structure

4%, 9% or mixed-

finance options

Design concept can

be tailored to suit the needs of the community

Sustainable design

Quality Development Plan

Public-Private Partnership Expert

• Broward County HA (847)
• Housing Authority of the City of
• Ft. Lauderdale (992)
• Miami-Dade Transit (496)
• St. Agnes CDC (544)
• Area Housing Commission (196)

YMCA Village Allapattah

Over 30 developments in partnership with non-profits

Silurian Pond

Case Studies Public–Private Partnerships

Morris Court Brownsville Transit Station Tallman Pines

Village Allapattah

• 2 Phases
• 200 Units
• 1st YMCA development

to use tax credit housing

• 27,000 SF YMCA Facility
• $60 Million TDC
• Collaboration with YMCA
• ffers families child care,

after‐school teen programs, adult learning classes, and every other service that TMCA members enjoy

Village Carver

• 3 Phases
• 360 Units for families

and individuals

• Ground Lease

Case Study

YMCA Developments Miami-Dade County

Mutually Beneficial Relationship:

• Serving the community together by providing safe, attractive,

affordable housing and recreational facilities and programs

• YMCA has available land in areas that need affordable

housing

• Residents of affordable housing are users of YMCA

recreational facilities and programs

Benefits to YMCA:

• Proceeds from ground lease
• Direct access to families and

individuals who benefit from YMCA programs & facilities

• A financing vehicle to build or

enhance YMCA facilities

Benefits to Carlisle:

• Access to scarce land in areas

where affordable housing is sorely needed

• Market YMCA facilities &

programs to prospective residents Case Study

YMCA Developments Miami-Dade County

Case Study

YMCA Developments Financing Scenarios

YMCA Village Allapatah Phases I and II SOURCES AND USES Permanent Sources

Permanent first Mortgage $2,400,000 Base RRLP $2,323,091 Phase I Parking Contibution $3,689,000 Supplemental RRLP $910,000 ELI RRLP $409,957 YMCA Contribution $2,250,000 Surtax $4,866,541 Local Contribution $750,000 Defferred Developer Fee $132,384 Limited Partner Equity $45,153,000 Total Sources $62,234,365

Permanent Uses

Hard Costs $38,886,688.00 Soft Costs $23,347,676.73 Total Uses $62,234,365

Morris Court Phases II and III

Partners: Circle, Inc. and Area Housing

Commission

124 units of family and elderly

affordable housing

Sources include: RRLP, 4% and 9% tax

credits, Section 8 Vouchers, Hurricane Housing Recovery Fund

Silurian Pond

Partners: Circle, Inc. and Area Housing

Commission

72 units of family affordable housing Sources include: RRLP, HHRP, ELI Loan,

4% tax credits, tax-exempt bonds

Case Study

Morris Court and Silurian Pond Escambia County

Benefits to Circle Inc. and

Area Housing Commission:

• Add much needed new construction

units to portfolio

• Raise funds through sale of land
• Avoidance of construction and

lease-up risk

• Additional access to subsidies and

capital sources

Benefits to Carlisle:

• Work with well known and

established local partner

• Assist with tenant outreach
• Help navigate local politics
• Obtain local government

sources Case Study

Morris Court Phases II and III Escambia County

Case Study

Morris Court II and III Financing Scenarios

Morris Court Phases II and III SOURCES AND USES Permanent Sources

Permanent First Mortgage $785,000 Base RRLP $3,766,269 HHRP $2,240,000 Supplemental RRLP $520,000 Interest Income $122,176 Limited Partner Equity $12,736,727 Total Sources $20,054,515

Permanent Uses

Hard Costs $12,114,279 Soft Costs $7,940,236 Total Uses $20,054,515

Tallman Pines Broward County

LEED Certified affordable housing developer Partners: Broward County Housing Authority Integrated public park space into site design to enhance local neighborhood Carlisle: 6 LEED certified developments breaking ground in 2010 WINNER: Developer Magazine’s Annual Sustainability Award, 2009

LEED SILVER Certification

First and Only Tax Credit Development in the South‐ east U.S. to receive this USGBC certification

Case Study

Benefits to Broward Co.

Housing Authority:

Decreased long term operating

expenses through LEED building practices

Building Affordable Housing

capacity

Oriented site plan to create

access to specially created public park

$2 million ground lease

Benefits to Carlisle:

Provided Land Opportunity to build green

and use the skills of in-house LEED Accredited Professional Development staff

Build long-term relationship

with housing authority

Case Study

Tallman Pines Broward County

Tallman Pines

Financing Scenario

Case Study

Tallman Pines Phases I and II SOURCES AND USES Permanent Sources

Permanent First Mortgage $3,400,000 RRLP Non ELI $2,885,645 RRLP ELI $509,231 Supplemental RRLP $260,000 Interest Income $103,067 HOME $1,000,059 Limited Partner Equity $28,034,000 Total Sources $35,343,571

Permanent Uses

Hard Costs $18,973,735 Soft Costs $16,369,837 Total Uses $35,343,571

Brownsville Transit Village Miami-Dade County

Partnered with St. Agnes Rainbow Community Development

Corporation and Miami‐Dade County Transit Authority

Mixed use: Ground Floor Retail, Community Service Facilities,

and 496 affordable housing rental Units

Sources include: Exchange equity, conventional debt, County

surtax and conventional tax credit equity

$150 million TDC Tripled ridership

• n Miami‐Dade

rapid transit system

Partnered with

Camillus House

LEED certified

HOMELESS housing development

Commencing construction

summer 2010

Sources include state

exchange equity and SAIL funds

Labre Place Miami-Dade County

The Royalton Hotel Miami-Dade County

Built in 1923, Renovated in 2007 100 Units of Supportive Housing Partnered with Carrfour Supportive Housing Sources include: LIHTC equity, HTC equity, County Surtax, HOME, Homeless Housing Assistance Grant, State SAIL Winner of Affordable Housing Finance Magazine’s “Readers Choice” Award

Partnered with the

Housing Authority of the City of Fort Lauderdale

254 units Sources include: 9%

and 4% housing credits, SAIL, RRLP and Broward County Funds

Dixie Court I, II and III Broward County

Historic Preservation of a 77

unit landmark built in1929

Florida Trust for Historic

Preservation Award

Funding Sources include:

Conventional debt, HTC equity, City of Lakeland subordinate loan

Lake Mirror Tower Polk County