Project Showcase: Seward Towers

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Presentation transcript:

Project Showcase: Seward Towers Panelists: Jeff Koerselman, Winthrop & Weinstine Bob Mueller, CommonBond Amanda Novak, CommonBond Kent Paulson, Wells Fargo Moderator: Becky Landon, Landon Group

Seward Towers Seward Towers East and West: 2910 East Franklin Avenue & 2515 South 9th Street, Minneapolis, MN 640 units, 623 Project Based Section 8

Development Team CommonBond Communities Seward Redesign Seward Neighborhood Group Winthrop & Weinstine Landon Group LHB Architects Frerichs Construction Mahoney Ulbrich Christiansen & Russ ProSource Technologies

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Construction Financing Structure (as of January 14, 2016) $29,750,000 Loan ($24,836,947 as A Bond Collateral) Jones Lang LaSalle Multifamily, LLC (HUD 221(d)(4) Lender) (First Mortgage) Bond Loan not secured with mortgage; rather collateralized account with HUD and MHFA loan proceeds up to $29,000,000 Seward Towers Renovation Limited Partnership $29,000,000 Loan of A Bonds Proceeds Sturges Company (A Bond Purchaser/Underwriter) $3,623,431 Capital Contribution $30,641,312 Capital Contribution ($6,416,246 during construction) $$$ A Bonds Seward Towers Renovation LLC (0.01% General Partner) Wells Fargo Affordable Housing Community Development Corporation (99.99% Limited Partner) City of Minneapolis (Bond Issuer) $739,200 Capital Contribution $2,884,231 Capital Contribution of Existing Reserves & Residual Receipts $$$ B Bonds CommonBond Communities (51% Managing Member Interest) Seward Towers Corporation (49% Non-Managing Member Interest) $19,847,101 Equity Bridge Loan of B Bonds Proceeds Wells Fargo Bank, N.A. $739,200 Subgrant(s) $4,625,603 HOME Loan ($4,163,053 as A Bond Collateral) Minnesota Housing Finance Agency (Second Mortgage) $221,250 Grant of ERF funds Hennepin County City of Minneapolis Metropolitan Council $517,950 Grant of TBRA Funds $4,116,621 CDBG Loan City of Minneapolis (Third Mortgage) Developer Fee ($7,228,265 Total) ($2,884,300 Deferred) $300,000 AHIF Loan Hennepin County HRA (Fourth Mortgage) CB Seward Development LLC Development Services $21,516,831 Seller Loan Seward Towers Corporation (Fifth Mortgage) CommonBond Communities (sole member)

Permanent Financing Structure (as of January 14, 2016) HUD Loan of $29,750,000 Jones Lang LaSalle Multifamily, LLC (HUD 221(d)(4) Lender) (First Mortgage) Seward Towers Renovation Limited Partnership $4,625,603 HOME Loan Minnesota Housing Finance Agency (Second Mortgage) $3,623,431 Capital Contribution $30,641,312 Capital Contribution $4,116,621 CDBG Loan Seward Towers Renovation LLC (0.01% General Partner) Wells Fargo (99.99% Limited Partner) City of Minneapolis (Third Mortgage) $300,000 AHIF Loan $739,200 Capital Contribution $2,884,231 Capital Contribution of Existing Reserves & Residual Receipts Hennepin County HRA (Fourth Mortgage) CommonBond Communities (51% Managing Member Interest) Seward Towers Corporation (49% Non-Managing Member Interest) $21,516,831 Seller Loan Seward Towers Corporation (Fifth Mortgage) $739,200 Subgrant(s) $221,250 Grant of ERF funds Hennepin County City of Minneapolis $517,950 Grant of TBRA Funds Metropolitan Council Developer Fee ($7,228,265 Total) ($2,884,300 Deferred) CB Seward Development LLC Development Services CommonBond Communities (sole member)

Sources and Uses Seward Towers Development Budget Seward Towers Financing Sources Land Acquisition 4,020,000 HUD 221d4 Mortgage 29,750,000 Building Acquisition 37,580,000 4% LIHTC Equity 30,641,312 Rehabilitation 35,259,846 Seller's Note 21,516,831 Abatement 739,200 Minneapolis Trust Fund Loan 4,116,621 Professional Fees 2,729,919 Minnesota Housing Deferred Loan 4,625,604 Relocation 2,150,000 Hennepin County AHIF Deferred Loan 300,000 Developer's Fee 7,228,265 Hennepin County Environmental Remediation 221,250 Financing Fees 3,659,930 Met Council Environmental Remediation 517,950 Construction Period Interest 2,459,160 Property Cash Flow during Construction 1,170,000 Capitalized Reserves 3,387,332 Property Residual Receipts 304,335 99,213,652 Existing Property Reserves 2,579,896 Sales Tax Rebate 585,553 Deferred Developer Fee 2,884,300