1. American Tobacco Holdings, LLC
$13,850,000* Richmond Redevelopment and Housing Authority (Va) Series 2017 Revenue Bonds Acquisition, Renovation & Equipping of an Affordable Housing Apartment Project

2. Project Overview Affordable Housing Project in Richmond, Virginia
Substantial Rehab of Historic Tobacco Plant/Warehouse Facilities
Property placed on National Register of Historic Places (August 2016)
4 Story Building(s) with 134 Total Units:
131 One and Two Bedroom Units
3 Three Bedroom Units
142d transaction - 4% LIHTC Qualifications
Federal, Historic, State Tax Credit Equity
Tax-exempt bonds 50% of project hard costs
Funding Sources: Tax Credit “Equity” 55% Bond Proceeds 45%
Borrower: American Tobacco Holdings, LLC

3. Project Phases
Phase I: 134 units under construction Phase II: 159 units in predevelopment
Project Costs
Phase 1
Phase II
Totals
Acquisition
$2,340,000
$1,700,000
$4,040,000
Hard Costs
16,743,208
12,897,500
29,640,708
Soft Costs
5,128,784
6,044,160
11,172,944
Reserves
1,208,335
600,000
1,808,335
Fees
3,226,000
2,124,000
5,350,000
Total Investment
$28,646,327
$23,365,660
$52,011,987

4. Summary of Tax Credit Equity – Phase I
Equity Types
Types of Equity
Amount
Federal Low Income Housing Tax Credits (LIHTC)
$ ,467,416
Federal Energy Tax Credits (Energy)
312,117
Federal Historic Tax Credits (FHTC)
4,107,929
State Historic Tax Credits (SHTC)
4,129,197
Total
$ ,016,659
Equity Contribution Schedule
Credit Type
Stage 1
(Bond Settlement)
Stage 2* (Construction Completion)
Stage 3*
(At Targeted Occupancy)
Totals
LIHTC
$ ,693,483
$ ,657,079
$ ,116,854
$ 8,467,416
Fed Energy TC
62,423
171,664
78,030
312,117
FHTC
821,586
2,259,361
1,026,982
4,107,929
SHTC **
2,500 -
4,126,697
4,129,197
Total
$ ,579,992
$ ,088,104
$ ,348,563
$ 17,016,659

5. Financing Summary - Sources and Uses (Bond Closing)
Phase I Sources and Uses
Sources of Funds
Par Amount
$ ,850,000
Tax Credit Equity
3,171,321
Bridge Loan (Tax Credit Equity)
9,000,000
Total Sources
$ ,021,321
Uses of Funds
Project Fund
$ ,743,208
Acquisition Costs
2,340,000
Capitalized Interest
1,057,088
Lease-up Reserve
250,000
Debt Service Reserve Fund (Max Annual DS)
660,856
Financing Fees for Tax Credits, Interim Loan, etc.
2,066,748
Reimbursable Costs
1,100,143
Professional Fees
1,362,800
Costs of Issuance
440,478
Total Uses

6. Financing Summary (cont)
$13,850,000* Series 2017 Revenue Bonds
Maturity Date
Principal Amount
Interest Rate
Price
CUSIP
July 1, 2020**
$3,790,000
3.13%
100%
AA1
January 1, 2037
$10,060,000
5.55%
AB9
Summary Bond Metrics
Blended Yield
4.88%
10-Year UST
2.33%
WAM
13.8 Years
DSCR
1.25x
Loan to Cost
48%
Amortization Basis 2037 Maturity
40 Years
Balloon at Year 20
$8,135,000 (30% of Cost)
*The source of repayment of Term Bonds maturing July 1, 2020 will be Tax Credit Equity (as defined herein), plus any available revenue from Project Operations

7. Transaction Positive Attributes
Development Team Experience
Market segment familiarity
CAHEC Involvement – additional due diligence, annual monitoring
Well leveraged - Bonds vs Equity
Staged construction, reduced construction risk
Final product quality “atypical” for affordable project
Jefferson Davis Corridor focal point of the City of Richmond

8. Project Overview (continued)
The American Tobacco Plant consists of a prior manufacturing structure with a power plant building that was used to provide steam and power to the facility as well as tobacco storage. The property has been bifurcated into the 2017 affordable housing project and a future project that will incorporate the tobacco storage sheds.
Rear portion of northernmost building showing windows

9. American Tobacco Site as of June, 2017
Project Progress
American Tobacco Site as of June, 2017

10. Project Progress
Cutting Concrete

11. Project Progress
Framing Underway

12. Project Progress
Framing Atrium

13. Refurbishing Historic Windows
Project Progress
Refurbishing Historic Windows

14. Converting Drying Sheds
Project Phases
Converting Drying Sheds