Project Showcase Seward Towers Panelists Jeff Koerselman Winthrop
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Project Showcase: Seward Towers Panelists: Jeff Koerselman, Winthrop & Weinstine Bob Mueller, Common. Bond Amanda Novak, Common. Bond Kent Paulson, Wells Fargo Moderator: Becky Landon, Landon Group www. Affordable. Housing. Summit. MN. com
Seward Towers East and West: 2910 East Franklin Avenue & 2515 South 9 th Street, Minneapolis, MN 640 units, 623 Project Based Section 8 www. Affordable. Housing. Summit. MN. com
Development Team • • • Common. Bond Communities Seward Redesign Seward Neighborhood Group Winthrop & Weinstine Landon Group LHB Architects Frerichs Construction Mahoney Ulbrich Christiansen & Russ Pro. Source Technologies www. Affordable. Housing. Summit. MN. com
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CONSTRUCTION FINANCING STRUCTURE (AS OF JANUARY 14, 2016) $29, 750, 000 Loan ($24, 836, 947 as A Bond Collateral) Seward Towers Renovation Limited Partnership Seward Towers Renovation LLC (0. 01% General Partner) Common. Bond Communities (51% Managing Member Interest) $739, 200 Subgrant(s) $29, 000 Loan of A Bonds Proceeds $$$ Wells Fargo Affordable Housing Community Development Corporation (99. 99% Limited Partner) Seward Towers Corporation (49% Non-Managing Member Interest) A Bonds City of Minneapolis (Bond Issuer) $2, 884, 231 Capital Contribution of Existing Reserves & Residual Receipts $221, 250 Grant of ERF funds Bond Loan not secured with mortgage; rather collateralized account with HUD and MHFA loan proceeds up to $29, 000 Sturges Company (A Bond Purchaser/Underwriter) $30, 641, 312 Capital Contribution ($6, 416, 246 during construction) $3, 623, 431 Capital Contribution $739, 200 Capital Contribution Jones Lang La. Salle Multifamily, LLC (HUD 221(d)(4) Lender) (First Mortgage) $$$ $19, 847, 101 Equity Bridge Loan of B Bonds Proceeds $4, 625, 603 HOME Loan ($4, 163, 053 as A Bond Collateral) Hennepin County B Bonds Wells Fargo Bank, N. A. Minnesota Housing Finance Agency (Second Mortgage) City of Minneapolis $517, 950 Grant of TBRA Funds Developer Fee ($7, 228, 265 Total) ($2, 884, 300 Deferred) CB Seward Development LLC $4, 116, 621 CDBG Loan $300, 000 AHIF Loan $21, 516, 831 Seller Loan Development Services Common. Bond Communities (sole member) www. Affordable. Housing. Summit. MN. com Metropolitan Council City of Minneapolis (Third Mortgage) Hennepin County HRA (Fourth Mortgage) Seward Towers Corporation (Fifth Mortgage)
PERMANENT FINANCING STRUCTURE (AS OF JANUARY 14, 2016) HUD Loan of $29, 750, 000 Seward Towers Renovation Limited Partnership $4, 625, 603 HOME Loan $3, 623, 431 Capital Contribution $30, 641, 312 Capital Contribution Seward Towers Renovation LLC (0. 01% General Partner) $739, 200 Capital Contribution Common. Bond Communities (51% Managing Member Interest) $739, 200 Subgrant(s) Wells Fargo (99. 99% Limited Partner) $2, 884, 231 Capital Contribution of Existing Reserves & Residual Receipts Seward Towers Corporation (49% Non-Managing Member Interest) $221, 250 Grant of ERF funds Developer Fee ($7, 228, 265 Total) ($2, 884, 300 Deferred) Development Services CB Seward Development LLC Common. Bond Communities (sole member) www. Affordable. Housing. Summit. MN. com $300, 000 AHIF Loan $21, 516, 831 Seller Loan Hennepin County City of Minneapolis $517, 950 Grant of TBRA Funds $4, 116, 621 CDBG Loan Metropolitan Council Jones Lang La. Salle Multifamily, LLC (HUD 221(d)(4) Lender) (First Mortgage) Minnesota Housing Finance Agency (Second Mortgage) City of Minneapolis (Third Mortgage) Hennepin County HRA (Fourth Mortgage) Seward Towers Corporation (Fifth Mortgage)
Sources and Uses Seward Towers Development Budget Land Acquisition Seward Towers Financing Sources 4, 020, 000 HUD 221 d 4 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 4, 625, 604 Professional Fees 2, 729, 919 Minnesota Housing Deferred Loan 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 Capitalized Reserves 3, 387, 332 Property Residual Receipts 304, 335 99, 213, 652 Existing Property Reserves 2, 579, 896 Sales Tax Rebate Deferred Developer Fee 1, 170, 000 585, 553 2, 884, 300 99, 213, 652 www. Affordable. Housing. Summit. MN. com
