Development Opportunities With Non-Traditional Partners Saturday, March 13 th , 2010
What is a Non-Traditional Partner? Commensal Symbiotic Parasitic The Symbiotic Relationships
What is a Non-Traditional Partner? Commensal Symbiotic Parasitic The Symbiotic Relationships
About Carlisle Development Group Carlisle is one of the largest � Affordable Housing Developers in the nation 6th largest Affordable Housing Developer � and 14 th 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 + + =
Quality Development Unique Business Model Scale and Creativity Community Partnerships Plan � Extensive � YMCA � Triple bottom line � Flexible deal development team structure � Area Housing � Social Commission of � Strong track record � Environmental � 4%, 9% or mixed- Pensacola of procuring state � Financial finance options � Broward County and local funds: Housing Authority over $1.2 billion � Design concept can � Housing Authority of be tailored to suit � Focused specifically � Largest affordable the City of Fort the needs of the on public-private housing developer Lauderdale community partnerships in Florida: over � Camillus House 7,000 units built � Sustainable design � Carrfour Supportive Housing � Complicated, multi- layered financing � City of Lakeland structures � Miami-Dade Transit Carlisle Development Group works with community partners to structure effective solutions
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) �
Case Studies Public–Private Partnerships Morris Court Silurian Tallman Pines Pond YMCA Village Allapattah Brownsville Transit Station Over 30 developments in partnership with non-profits
Case Study YMCA Developments Miami-Dade County Village Carver Village Allapattah • 3 Phases • 2 Phases • 360 Units for families • 200 Units and individuals • 1st YMCA development • Ground Lease to use tax credit housing • 27,000 SF YMCA Facility • $60 Million TDC • Collaboration with YMCA offers families child care, after ‐ school teen programs, adult learning classes, and every other service that TMCA members enjoy
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 : � Benefits to Carlisle: Proceeds from ground lease � Access to scarce land in areas � where affordable housing is Direct access to families and � sorely needed individuals who benefit from YMCA programs & facilities Market YMCA facilities & � programs to prospective A financing vehicle to build or � residents enhance YMCA facilities
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
Case Study Morris Court and Silurian Pond Escambia County � 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 Phases II and III Escambia County � Benefits to Circle Inc. and � Benefits to Carlisle: Area Housing Commission : Work with well known and � Add much needed new construction established local partner � units to portfolio Assist with tenant outreach � Raise funds through sale of land � Help navigate local politics � Avoidance of construction and � Obtain local government � lease-up risk sources Additional access to subsidies and � capital sources
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
Case Study Tallman Pines Broward County � LEED Certified affordable LEED SILVER Certification housing developer First and Only Tax Credit � Partners: Broward County Development in the South ‐ Housing Authority east U.S. to receive this � Integrated public park space USGBC certification into site design to enhance local neighborhood � Carlisle: 6 LEED certified developments breaking ground in 2010 � WINNER: Developer Magazine’s Annual Sustainability Award, 2009
Case Study Tallman Pines Broward County � Benefits to Broward Co. � Benefits to Carlisle: Housing Authority: � Provided Land � Decreased long term operating � Opportunity to build green expenses through LEED building and use the skills of in-house practices LEED Accredited Professional Development staff � Building Affordable Housing capacity � Build long-term relationship with housing authority � Oriented site plan to create access to specially created public park � $2 million ground lease
Case Study Tallman Pines Financing Scenario 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 on Miami ‐ Dade rapid transit system
Labre Place Miami-Dade County � Partnered with Camillus House � LEED certified HOMELESS housing development � Commencing construction summer 2010 � Sources include state exchange equity and SAIL funds
The Royalton Hotel Miami-Dade Cou nty � 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
Dixie Court I, II and III Broward County � 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
Lake Mirror Tower Polk 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
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