History Over 35 years in business We Are Specialists in - - PowerPoint PPT Presentation
History Over 35 years in business We Are Specialists in multi-family, mixed-use, affordable and market-rate development Recognized experts in complex, multi- Developers with a depth of experience, a phase, mixed-finance, urban and
We Are…
affordable and market-rate development
phase, mixed-finance, urban and suburban development
History
Developers with a depth of experience, a reputation for quality, a commitment to diversity and a broad vision that allows us to consistently produce great spaces.
RAD – Rental Housing Demonstration
1.7B – Total Construction Costs Less than 25K in Rehab – 48% More than 25K in Rehab – 35% New Construction – 17% RAD FIRST COMPONENT UNITS PROJECTS Transactions 2015 – RAD Closings (53% of deals closed in the 4th Qtr.) 13,653 124 TOTAL CLOSED 27,000+ 258 Financing Type Non-FHA FHA 4% Tax Credits 20l% 9% 9% Tax Credits 20% 2% Mortgage Only 6% 6% No Debt 83% 17%
RAD Stats (as published in the January 2016; Issue 15 RAD Newsletter)
WYMAN HOUSE
Baltimore, MD 175 units
RAD – Housing Authority Baltimore City (HABC)
PROCUREMENT PROCESS 18 mixed population (Seniors/NEDS) public housing projects Issued Two Step Procurement: June 2013 RFQ – Ranked Development Companies Sept 2013 RFP – Determined Building(s) Awarded to: 11 Development Firms
Pennrose - Ranking of HABC 18 Buildings
1. Location of Building (Neighborhood Characteristics) 2. Proximity to existing Pennrose Developments 3. % of Seniors vs. NEDS 4. # of Units 5. Financial Analysis 6. Physical Condition of Building
Pennrose only chose to rank 5 out of the 18 buildings. We were awarded Wyman House, our 2nd ranked building. Ultimately, this was a decision of knowing that the building would be a part of our portfolio. NOTE: Only 3 other developers chose to only rank their top 5 choices. Other developers were awarded two projects.
Developer Collaboration
Maryland Affordable Housing Coalition (MAHC) developed a subcommittee by which the developers and their legal counsels worked together to deal with the issues below: Wyman House and 1st Component Deals
Deal terms with HABC RAD – Control Requirement Investor & Lender Requirements RAD Waivers (11 requested) Resident Advocate Input – Resident Communications Consent Decrees/DOJ - MDLC Operational Complexities – Waitlist Administration
Closing (Wyman House) – Dec 2015
Wyman House Apartments
Baltimore, MD
Project Overview:
and non-elderly)
Schedule:
Wyman House – Sources and Uses 168 existing/175 total
SOURCES OF FUNDS Debt Service Financing Source of Funds Lender Amount Taxable Bonds 14,600,000 $ Tax-exempt Bonds AGM/Wells 7,339,000 $ Total Debt Service Financing 7,339,000 $ Cash Flow Financing and Grants Source of Funds Lender Amount Rental Housing Funds Maryland DHCD 961,773 $ CIF Maryland DHCD 541,963 $ Other (TAKE BACK HABC 12,300,000 $ Total Cash Flow Financing 13,803,736 $ Equity Type of Equity Amount Low Income Tax Credit Proceeds 9,985,860 $ Interim Income (occupied rehabilitation pr 157,855 $ Total Equity 10,143,715 $ Total Sources of Funds (must equal Total 31,286,451 $ USES OF FUNDS Type of Uses Amount Per Unit $ Construction or Rehabilitation Costs 11,731,957 $ 67,040 Fees Related to Construction or Rehabili 1,349,350 $ 7,711 Financing Fees and Charges 2,071,710 $ 11,838 Acquisition Costs 12,421,496 $ 70,980 Total Development Costs 27,574,513 $ 157,569 Developer's Fee 2,500,000 $ 14,286 Syndication Related Costs 180,306 $ 1,030 Guarantees and Reserves 1,031,631 $ 5,895 Total Uses of Funds 31,286,451 $ 178,780 $
Wyman House Apartments
Existing Conditions - Lobby
Existing Conditions – Community Room
Wyman House Apartments
Existing Conditions
Wyman House Apartments
Existing Conditions - Library
THANK YOU
MISSION
Pennrose, in cooperation with its partners and key stakeholders, strives to develop high-quality, expertly managed properties -- which provide long-lasting enhancements to residents, their communities, and host municipalities.
CORE PRINCIPLES
We are committed to high-quality developments:
We stay for the long-term:
the test of time
We understand that quality management is the key to our ongoing success:
developments apart