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

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

3. 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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8. 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)

9. 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)

10. 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