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HomeMy WebLinkAboutExhibit ACITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: FROM: Members of the Housing and Cornrnercial Loan Conunittee George Mensah, Director DATE : SUBJECT: Department of Housing & Conununity Developmeit EFERENCES ENCLOSURES: October 29, 2021 Citadelle Village, LLC: Citadelle Village FILE : BORROWER: Citadelle Village, LLC, a Florida limited liability company created for the development of the project. HACDC Citadelle Village, LLC is a Florida limited liability company, Managing Partner (0.01 % interest). Managing partners are HACDC CV Manager, LLC (51% interest) and Royal American Development, Inc. (49% interest). Little Haiti Housing Association, Inc. is a Florida corporation, Managing Partner (99.99% interest). The principal is Ms. Tessa P. Pienson, Executive Director of Haitian American Comrnun ity Development Corporation. Haitian American Community Development Corporation ("HACDC"), a subsidiary of Little Haiti Housing Association, Inc ("LHHA"), is a Florida non-profit community -based organization. Incorporated in 1987, LHHA was formed by residents and cornnnunnity stakeholders of Little Haiti to address the need for affordable housing. From its inception, the organization has facilitated the closing of over 300 homes, developed or co -developed over 169 for -sale units and educated thousands of low-income households in areas of budgeting, credit repair and homebuyer counseling. HACDC has leveraged approximately $60 million in residential first mortgages and in grant funds for down payment assistance. HACDC is a City of Miami certified Cornrnunity Housing Development Organization ("CHDO"). Royal American Development is a subsidiary of Royal American Companies that was founded in 1968 in Panama City by Joseph F. Chapman III, the principal. Over the years, Mr. Chapman formed the development, management, hospitality, real estate and insurance companies. Committed to developing projects and programs to benefit the conununity, Royal American Group of Companies has been linked to many milestones and landmarks in Florida. Royal American has developed over 10,000 units most of all of them employing some form of governmental financing. Royal American Management manages over 20,000 units, including Miami-Dade's public housing units. Royal American has developed a total of 5,939 units of which 2,344 are affordable housing units. PROJECT Citadelle Village will be new construction of 12-story mixed -use multifamily rental building with a total of ninety-six (96) units located at 181 NE 82 Street in the Little Haiti neighborhood. The project consists of a total of ninety-six (96) units of which nineteen (19) one-bedroom/one- Citadelle Village, LLC: Citadelle Village 2 October 29, 2021 bathroom units; sixty-four (64) two bedroom/two-bathroom units; and thirteen (13) three - bedroom/ three -bathroom units. The ground floor will be used for commercial space. The project will be targeting low and very low-income households (30% to 60% of AMI). 85 units will be GOB -assisted and 11 units will be HOME -assisted. BACKGROUND On February 25, 2019, the Housing & Commercial Loan Committee ("Department") issued a Request for Proposals ("RFP") in HOME Investment Partnerships Program ("HOME") funds; Community Development Block Grant ("CDBG") funds; State Housing Initiatives Partnership Program ("SHIP") funds; Affordable Housing Trust Funds ("AHTF") funds; and Miami Forever General Obligation Bonds ("GOB") for the construction and rehabilitation financing of multifamily rental housing projects. On June 18, 2019, the Housing and Commercial Loan Committee ("HCLC") approved an allocation of $990,000 in HOME Investment Partnerships ("HOME") for the development of the project. BORROWER'S REQUEST On September 27, 2021, the Borrower submitted a letter requesting an additional allocation of $3,000,000 in gap financing for the development of the project. All units will be GOB -assisted targeting low and very low-income households. In addition, besides this project being a tax credit deal, its initial total Debt Service Coverage Ratio is 1.17% which is over the minimum required ratio of 1.15%. The Citadelle Village project will be located at 181 NE 82nd Street in the Little Haiti neighborhood. DEPARTMENTAL RECOMMENDATION Based on the Borrower's request, the Department has reviewed and determined recommending the allocation of up to $3,000,000 in GOB funds to Citadelle Village, LLC in gap financing for the development of Citadelle Village project. The following loan teens and conditions shall apply: 1. Use of Funds: City funds will be used for development costs. 2. City Assisted Units: 85 project units shall be assisted with GOB funds for low and very low-income households. 11 project units shall be assisted with HOME funds for extremely low-income households. 3. Maxiinuin Rent Levels: Rents charged on GOB -assisted units will be subject to Florida Housing Finance Corporation for Multifamily Rental Programs and CWHIP Homeownership according to the income target proposed by the Borrower. The rent and income limits are published annually by the US Department of Housing and Urban Development ("HUD") and Florida Housing Finance Corporation ("FHFC"). Rent charged on HOME -assisted units will be subject to Low HOME Rents (up to 50 percent of area of median income). 4. Affordability Period: an affordability period of 30 years will apply commencing from the date the City approves the closeout of the project. Citadelle Village, LLC: Citadelle Village 3 October 29, 2021 5. Loan Repayment & Interest Rate Terms: This is a deferred loan provided to the Borrower with no debt service payments required. The property must maintain the required affordability structure for a period of 30 years. Failure to comply with these requirements will result in the full repayment of principal and an agreed upon interest rate. Full repayment of principal is due at the 30-year maturity. 6. Draw Disbursements: The City shall not fund any draw request in an amount that exceeds the City's initial contribution percentage of the entire development cost of the project. 7. City Incurred Costs: Borrower understands and agrees that $10,000 of the GOB funds may be used by the City to cover costs incurred by the City on behalf of the project. 8. Increase in Project Costs: If the project costs increase ten percent (10%) or more of the original budget, and the Borrower is not able to secure additional funding within 60 days before the project cornrnencement, the project will be subject to recornrnendation to the Housing and Corrunercial Loan Committee for de -obligation of the project funding. 9. Retainage(s): Five percent (5%) of each draw request will be retained until the City has received as part of the close-out, at the Borrower's sole cost, a Final Cost Certification prepared by an independent certified public accountant, both in form and substance acceptable to the City. 10. Commitment Fee: There will be a $5,000 commitment fee. 11. Eligible Project Costs: Eligible project costs will be effective from the date of environmental clearance. 12. Reporting Compliance: Borrower is subject to compliance reporting requirements in the process of construction and during the affordability period. 13. Development Benchmarks/Scope of Work: The project shall: (a) commence construction within six (6) months from the Effective Datetil of the contract; (b) obtain all certificates of occupancy required for the project within 18 months from the Effective Date; and (c) have all project units rented within 12 months after the issuance of project's certificate(s) of occupancy, but in no event later than 30 months from the Effective Date. 14. Insurance Requirements: Borrower shall obtain and furnish evidence of insurance coverage as the City may require in connection with the Project. 15. Affirmative Marketing Plan: Borrower shall provide an Affirmative Marketing Plan using HUD's approved form and report to the City annually on all actions taken to comply with said plan. Borrower shall comply with the requirements of the affordable housing notice to City Officials Ordinance #13491. 16. Lottery: Selection of eligible tenants shall be from the results of a tenant lottery, which shall be conducted with a representative of the City of Miami present. In addition, the project shall comply with the requirements of the City of Miami Ordinance 13645, Resident Preference. 17. Project Signage: Borrower shall furnish signage identifying the Project and shall acknowledge the contribution of the City by incorporating the seal of the City and the names of the City commissioners and officials in all documents, literature, pamphlets, advertisements, and signage, permanent or otherwise. All such acknowledgments shall be in a form acceptable to the City and its costs should be covered under the City Incurred Cost line item. PI The "Effective Date" is the date on which the contract has been signed by the City Manager and attested to by the City Clerk. Citadelle Village, LLC: Citadelle Village 4 October 29, 2021 18. De -obligation of Funds: The City may at its sole discretion de -obligate the funding approved herein, if by no later than six (6) months from the date of approval of the City funds, the Borrower has failed to close on all funding commitments represented herein. 19. Discretionary Action by Administration: Staff shall have the discretion to approve and, by way of Memorandum, authorize the City Manager to execute any and all documents needed to further the Project Completion, provided, however, that the lien position nor the project terms are not materially affected. 20. Project Default: If the City determines that the project is in default, the following conditions will apply: • The highest interest rate available under the law will be applicable for the funds disbursed from date of disbursement. • The Restrictive Covenant will remain as a restriction on the Project property throughout the Affordability Period; and • The borrower, project developer, managing partner(s) of the borrower and/or other individuals, principals and/or other entities as determined by the City will be debarred from receiving any City funding for a period of five (5) years. HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION: Approved as Recommended by Staff To Include Additional Conditions or Restrictions Disapproved To Include Further Action Specify any further action, conditions or restrictions: Chairperso or Representativ, Yes F1 No ❑ /A ❑ Yes No E /A❑ Yes No /A❑ Yes ❑ No N/A ❑ HOUSING LOAN COMMI nHOUSING LOAN COMMITTEE Oitiap9baQQ1 OCT 2 9 2021 APPROVEr__APPROVED Due to the realities of financing affordable housing developmerrta, II le lutal dullar drrILunt of this development's senior debt is subject to change. Please be advised that so long as the dollar amount of the senior debt, as listed herein, does not increase more than 9.99%, then such changes will be deemed approve by the City of Miami's ("City") Housing and Commercial Loan Committee even if such change negatively impacts the City's mortgage's lien priority. The Department also hereby requests your authorization to utilize funding provided to the City under the American Rescue Act in place of the Miami Forever Bond Program if it is felt to be in the best interest to the City. All project conditions would meet both funding sources. Citadelle Village, LLC Project Analysis: Citadelle Village Market Risk According to the City of Miami's 2014-2018 Consolidated Plan, city residents have not been able to keep up with the increasing high cost of living in the Miami area, as such 67% of city residents fit the low -to -moderate income category and nearly half of city households (46%) are cost -burdened. Several trends are affecting the Miami area, 1) demographic changes signal an increased need for housing, especially in certain subsets of the population. The growth of the non -family households in the City will likely impact the demand for smaller housing units overtime. Another trend is the housing cost/income mismatch has led to a significant number of cost -burdened households and the need for more affordable housing options. The Miami area has the most cost -burdened middle -income households in the nation due to a combination of very low-income and high combined costs of housing and transportation. In addition, the job market in the area was impacted by a hiring slump in 2013 that further aggravated the mismatch between income and cost of living. In addition, pursuant to the Market Study that was issued by Meridian Appraisal Group dated October 13, 2017, the existing affordable projects near the subject property have maintained high occupancy rates and are generally achieving the maximum allowable rental rates indicating the strong demand for affordable apartment units. The proposed project is a new construction of a multi -family tax credit residential building that will provide a total of ninety-six (96) units. The unit breakdown consists of nineteen (19) one-bedroom/one- bathroom units; sixty-four (64) two-bedroom/two-bathroom units; and thirteen (13) three- bedroom/three-bathroom units. The proposed project targets low and extremely low-income level households that meets the demographic housing demands in the area. Eighty-five (85) units will be Miami Forever Bonds ("GOB") funded and eleven (11) units will be HOME -assisted. The project is well suited for affordable housing and the needs and demands of the market area. Borrower Risk Citadelle Village, LLC is a Florida Limited Liability Company that was created for the development of the Project. The Managing Partners are HACDC Citadelle Village, LLC (0.01%) and Little Haiti Housing Association, Inc (99.99%). The Managing Partners for HACDC Citadelle Village, LLC are HACDC CV Manager, LLC (51%) and Royal American Development, Inc (49%). Haitian American Cornrnunity Development Corporation ("HACDC"), formerly known as Little Haiti Housing Association, Inc ("LHHA"), is a Florida non-profit community -based organization. LHHA was formed in 1987 by residents and community stakeholders of Little Haiti to address the need for affordable housing. From its inception, the organization has facilitated the closing of over 300 homes, developed or co -developed over 169 for -sale units and educated thousands of low- income households in areas of budgeting, credit repair and hornebuyer counseling. HACDC is a Cornrnunity Housing Development Organization ("CHDO") that has leveraged approximately $60 million in residential first mortgages and in grant funds for down payment assistance. Royal American-Development-("RAD")-a-subsidiary-of-Royal American Companies that was founded in 1968 in Panama City by Joseph F. Chapman III, the principal. Over the years, Mr. Chapman formed the development, management, hospitality, real estate and insurance companies. Committed to developing projects and programs to benefit the community, Royal American Group of Companies has been linked to many milestones and landmarks in Florida. Royal American has developed over 10,000 units most of all of them employing some form of governmental financing. Royal American Management manages over 20,000 units, including Miami-Dade's public housing units. Royal American has developed a total of 5,939 units of which 2,344 are affordable housing units Project Risk Citadelle Village will be a new construction of 12-story mixed -use multifamily rental building located at 181 NE 82nd Street in the Little Haiti neighborhood. The site is owned by HACDC where their offices are currently located. The new project will consist of nineteen (19) one-bedroom/one-bathroom units; sixty- four (64) two-bedroom/two-bathroom units; and thirteen (13) three-bedroom/three-bathroom units. The project will offer commercial space on the first floor. The target market is for low and extremely low income households, ranging from 28% and 60% of the area median income. Development moneys are as follows: $4,400,000 traditional loan; $3,600,000 in SAIL funds; $600,000 in ELI funds; $3,400,000 in Surtax funds; $3,000,000 in GOB funds; $990,000 in HOME funds; and $15,161,112 in Equity. Total development cost of the project is $33,467,936. Based on the information provided by the borrower, the project is financially viable. Acquisition/Relocation Risk The property is owned by HACDC and currently being used as their office. The current building will be demolished before the start of development of the project. No relocation will be necessary since it is new construction, therefore the Uniform Relocation Act will not apply. Portfolio Risk The project, is located in the Little Haiti neighborhood in District 5. The partnership of RAD with HACDC, a CHDO, offers a great dynamic where RAD has the much more experience in development and management of tax credit multifamily projects and HACDC offers a new project to its community and gains development experience with this development. The project addresses the objectives within the City of Miami's Consolidated Plan and it is consistent with the borrower's affordable housing portfolio. The project will have 85 GOB -assisted units and 11 HOME -assisted units. The City's total average investment per unit in GOB funds is $35,294 and $90,000 in HOME funds. The project will have a 30-year affordability period. This development will be possible due to the partnership between the two parties. Development Budget: Land Hard Cost Soft Cost Total Development Cost: $ 1,300,000 $ 23,399,934 $ 8,768,002 $33,467,936 See attached the Budget - Cost Allocation. Maximum Developer Fee permitted under the RFP shall be up to 18% for Bond / 4% Low- income Housing Tax Credit funded projects. The City will not pay any developer fee. Developer fee: $4,836,768 (18%) Project Information: Project Location: 181 NE 82nd St, Miami, F133138 Structure: Total Units: City Units: One 12-story rental tax credit apartment building. The first floor will provide commercial space that will include office space for the HACDC, owner of the property. 96 85 GOB and 11 HOME Amenities: Project amenities will include parking garage, a fully equipped exercise facility, a large multi- purpose community room with full kitchen adjoining a beautiful outdoor patio, a computer/library, smaller meeting rooms and each floor will have a private laundry room. Project Feasibility: Citadelle Village - Unit Breakdown GOB / HOME # Units # Bed # Bath Square Feet Income Target (AMI) Rent Utility Allowance Maximum Rent HOME 6 1 1 687 28 $474 $71 $786 HOME 4 2 2 900 28 $569 $98 $930 HOME 1 3 2 1134 28 $658 $128 $1,060 GOB 47 1 1 630 60 $1,017 $71 $1,285 HOME 1 1 1 630 60 $1,017 $71 $1,023 GOB 30 2 2 900 60 $1,221 $98 $1,529 HOME 2 2 2 900 60 $1,221 $98 $1,218 GOB 1 3 2 1134 60 $1,410 $128 $1,752 HOME- - 4- 3— 2 1134 60- $1,4--10-- - $128- $1,383- Royal American Companies September 27`h, 2021 Housing and Commercial Loan Committee 444 SW 2nd Avenue, 2nd Floor Miami, FL 33130 Dear Committee, ROYAL AMERICAN MANAGEMENT, INC, ROYALAMERICAN DEVELOPMENT, INC. ROYAL AMERICAN CONSTRUCTION CO., INC. The purpose of this letter is to request an additional $3,000,000 in Miami Forever Bonds ("GOB") funds for gap financing of the Citadelle Village project. The project is a partnership between the Haitian American Community Development Corporation ("HACDC"), a City of Miami Community Housing Development Organization ("CHDO") as sponsor of the project and Royal American, which has more than 50 years of experience in the development and management of real estate, including affordable housing. The Citadelle Village project will bring to the Little Haiti community much needed affordable housing for low and very low-income households. The project's total economic impact to the City is estimated to be valued at over $100 million. All 96 units will be affordable for at least the next 50 years and potentially in perpetuity given to HACDC's commitment to affordable housing in the Little Haiti community. Beyond being an affordable place to call home, Citadelle Village will provide 5 permanent jobs and construction employment for over 80 persons. HACDC will continue to own the project site and the development will provide much needed infusion of capital to HACDC, as well as creating new office space for the organization. The project is in urgent need of the additional moneys since other funding commitments are in jeopardy, which includes tax credit dollars. We greatly appreciate the City of Miami's support of its CHDO and the financial assistance in the development of a great project that will provide 96 affordable housing units for the Little Haiti community. Sincerely, Joseph F. President Royal American Development, Inc ACCREDITED MANAGEMENT ORGANIZATION * LICENCED REAL ESTATE BROKER * CERTIFIED GENERAL CONTRACTOR* FL. LICENSE K CG C0S5219 1002 W.23RD STREET, SUITE 400 * PANAMA CITY FL 32405 * TELEPHONE (850) 769-8981 * TDD 711 * www.royal-american.net Citadelle Village - Project Financing Construction Financing Source Funds Amount First Mortgage Bonds $ 4,400,000.00 Florida Housing Finance Corp SAIL $ 3,600,000.00 Florida Housing Finance Corp ELI $ 600,000.00 Miami -Dade County Surtax $ 3,400,000.00 City of Miami GOB $ 3,000,000.00 City of Miami HOME $ 990,000.00 Investor Partner Syndication Equity $ 15,161,112.00 Deferred Developer Fee $ 2,316,824.37 Total $ 33,467,936.37 Permanent Financing Source Funds Amount First Mortgage Bonds $ 4,400,000.00 Florida Housing Finance Corp SAIL $ 3,600,000.00 Florida Housing Finance Corp ELI $ 600,000.00 Miami -Dade County Surtax $ 3,400,000.00 City of Miami GOB $ 3,000,000.00 City of Miami HOME $ 990,000.00 Investor Partner Syndication Equity $ 15,161,112.14 Deferred Developer Fee $ 2,316,824.37 Total $ 33,467,936.51 Agency: CITADELLE VILLAGE LLC Project Cltadelle Village Total Protect City HOME SAIL ELI Loan GOB Loan Surtax Loan Tradl0onal Lender Deferred Developer Fee Equity Check Total Over/(Short) Capitalized Lease 3 1,300,000.00 $ - $ - $ - $ - 3 - 3 - $ 1,300,000.00 $ 1,300000.00 $ Hard Costs $ 21,094,22300 $ $ 1,054,711 00 $ 951,00000 $ 300,00000 $ $ $ $ 769,6136.00 $ 175,314.00 3 2,463,542.00 9 115,355.00 5 326,521.00 $ 35,675.00 3 2,261,633.00 $ 720,367.00 $ 2,305000.0D $ 12,769,930.00 3 95000.00 $ 300.000.00 $ $ $ $ $ $ $ $ 207,911.00 $ - $ 855,0130.00 $ - $ - $ $ $ $ 21,094223.00 $ - 3 1,054,711.00 $ 951,000.00 $ 300,00100 $ - $ - $ $ $ $ $ $ $ $ $ Constriction rancho and Gates CW30110500 congngency Impact Fees Pe0nlls 7 Fees C9nstr Concrete Test WASH and Utility Fees Fire Fee Total Hard $ 23,399,934.00 5 940,000.00 $ 2,578,897.00 0 362,196.00 $ 2,990,000.00 $ 2,300,000.00 $ 13,165,930.00 $ - $ 1,062,911.00 $ 23,399,939.00 $ Soft Casts Title Insurance& Recording $ 214,178.00 $ 250,000.00 $ 564,000.00 $ 74,000.00 $ 25,000.00 $ 15,000.00 $ 151,770.00 $ 75000.00 $ - $ 789,334.00 $ 420,000.00 $ 32,500.00 $ 4,635760.00 $ 523,6133.00 $ 61000.00 $ 197,333.00 $ 79,000.00 $ 460,238.00 $ 50,000.00 5 109,032.00 $ 126,770.00 $ 65,300.00 $ 720,001.00 $ 750.00 $ 79,803.00 $ 3,750.00 5 25,000.00 $ 5,000.00 $ 3,500.00 $ 120,001.00 $ 10,000.00 $ 1,100,000.00 $ 213,428.00 $ 250,000.00 $ 375,165.00 $ 70,250.00 $ 25,000.00 $ 15,000.00 $ - $ 75,000.00 $ 789,334.00 $ 294,057.00 $ 27,500.00 $ 520,303.00 S 197,333.00 $ 79,000.00 $ (11697.3130 00 $ - $ - $ - $ - $ - $ - $ - 3 - 8 - $ -. 5 - $ - $ 2,316,824.00 $ - 3 - $ - $ - $ - $ - $ - S - $ - $ - $ - $ - $ - $ - $ - 5 60,643.00 $ - $ 2,519,994.00 5 - $ - S - $ 460,236.00 8 9,757,378.130 $ 219.178.00 $ 250,000.00 $ 564,000.00 $ 79,00000 $ 25,000.00 $ 15,000.00 $ 151,770.00 $ 75,000.00 $ - $ 789,334.00 $ 420,000.00 $ 32,500.00 $ 4,636,758.00 $ 523,883.00 $ 60.000.00 $ 197,333.00 $ 6,200.00 $ 960,236.00 $ $ - $ $ - $ - $ $ - $ § F - $ $ $ 5 - $ $ E - $ - Loan Closing Costs Archllecl&Engineering Construction nspecOONarelysls Surveys Appralsal Insurance Cons( Pedod RE lanes Clo ng Costs (Buyers - Interest Casts Legal Licenses/ Envimnmenlal Developer's Fees Misc&Contingency Cily $lcurred Cos l Inleresl(Absorblion) Conversion Fee Operating Deficit Reserve Co051rucllonLoan Repayment Total Soh $ 8,768,002.00 $ 50,000.00 $ 1,021,103.00 $ 237,804.00 $ 10,000.00 $ 1,100,000.00 $ (8,765.930.OD) 5 2,316824.00 0 12,798209.00 $ 8.765002.00 § TOTAL CONSTRUCTION COST $ 33,467,936.00 $ 900,000.00 $ 3,600,000.00 $ 600,000.00 $ 3,000,000.00 $ 3,40000000 $ 4,400,000.00 $ 2316,824.00 $ 15,161112.00 $ 33.967.936.00 Citadelle Village 96 per unit 2023 2024 2025 2026 2027 2028 2029 2030 Gross Pontential Rental Income Other Income 480.00 1,111,032 46,080 1,133,253 47,002 1,155,918 47,942 1,179,036 48,900 1,202,617 49,878 1,226,669 50,876 1,251,202 51,894 1,276,227 52,931 Vacancy 7% (77,772) (79,328) (80,914) (82,533) (84,183) (85,867) (87,584) (89,336) Effective Gross Income 1,079,340 1,100,927 1,122,945 1,145,404 1,168,312 1,191,678 1,215,512 1,239,822 Taxes 445 (42,720) (44,002) (45,322) (46,681) (48,082) (49,524) (51,010) (52,540) Insurance 850 (81,600) (84,048) (86,569) (89,167) (91,842) (94,597) (97,435) (100,358) Mgmt Fee 6.0% 675 (64,760) (67,995) (69,355) (70,742) (72,157) (73,600) (75,072) (76,574) Gen & Admin 1,160 (111,360) (114,701) (118,142) (121,686) (125,337) (129,097) (132,970) (136,959), Payroll 1,435 (137,794) (141,927) (146,185) (150,571) (155,088) (159,741) (164,533) (169,469) Utilities 950 (91,200) (93,936) (96,754) (99,657) (102,646) (105,726) (108,898) (112,164) Maint & Repair 550 (52,800) (54,384) (56,016) (57,696) (59,427) (61,210) (63,046) (64,937) Contracts 550 (52,800) (54,384) (56,016) (57,696) (59,427) (61,210) (63,046) (64,937) Marketing 100 (9,600) (9,888) (10,185) (10,490) (10,805) (11,129) (11,463) (11,807) Compliance/Monitoring Fees 500 (48,000) (49,440) (50,923) (52,451) (54,024) (55,645) (57,315) (59,034) Subtotal 7,215 (692,634) (714,705) (735,466) (756,837) (778,834) (801,478) (824,786) (848,779) Replacement Reserves 300 (28,800) (29,664) (30,554) (31,471) (32,415) (33,387) (34,389) (35,420) Total Expenses 7,515 (721,434) (744,369) (766,020) (788,307) (811,249) (834,865) (859,175) (884,199) Net Operating Income 357,906 356,558 356,925 357,097 357,063 356,813 356,337 355,623 Debt Service 1st only (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) Debt Service All Mortgages CASH FLOW 99,789 98,441 98,809 98,980 98,947 98,697 98,221 97,506 DSCR 1.39 1.38 1.38 1.38 1.38 1.38 1.38 1.38 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 1,301,751 53,990 (91,123) 1,327,786 55,070 (92,945) 1,354,342 56,171 (94,804) 1,381,429 57,295 (96,700) 1,409,057 58,441 (98,634) 1,437,238 59,609 (100,607) 1,465,983 60,802 (102,619) 1,495,303 62,018 (104,671) 1,525,209 63,258 (106,765) 1,555,713 64,523 (108,900) 1,586,827 65,814 (111,078) 1,618,564 67,130 (113,299) 1,650,935 68,472 (115,565) 1,264,619 1,289,911 1,315,709 1,342,023 1,368,864 1,396,241 1,424,166 1,452,649 1,481,702 1,511,336 1,541,563 1,572,394 1,603,842 (54,116) (55,740) (57,412) (59,134) (60,909) (62,736) (64,618) (66,556) (68,553) (70,610) (72,728) (74,910) (77,157) (103,368) (106,469) (109,664) (112,953) (116,342) (119,832) (123,427) (127,130) (130,944) (134,872) (138,919) (143,086) (147,379) (78,105) (79,667) (81,261) (82,886) (84,543) (86,234) (87,959) (90,598) (91,513) (93,343) (95,210) (97,114) (99,056) (141,068) (145,300) (149,659) (154,148) (158,773) (163,536) (168,442) (173,495) (178,700) (184,061) (189,583) (195,270) (201,129) (174,553) (179,789) (185,183) (190,739) (196,461) (202,355) (208,425) (214,678) (221,118) (227,752) (234,584) (241,622) (248,871) (115,529) (118,995) (122,565) (126,242) (130,029) (133,930) (137,948) (142,087) (146,349) (150,740) (155,262) (159,920) (164,717) (66,885) (68,892) (70,959) (73,088) (75,280) (77,539) (79,865) (82,261) (84,728) (87,270) (89,888) (92,585) (95,363) (66,885) (68,892) (70,959) (73,088) (75,280) (77,539) (79,865) (82,261) (84,728) (87,270) (89,888) (92,585) (95,363) (12,161) (12,526) (12,902) (13,289) (13,687) (14,098) (14,521) (14,956) (15,405) (15,867) (16,343) (16,834) (17,339) (60,805) (62,629) (64,508) (66,443) (68,437) (70,490) (72,604) (74,782) (77,026) (79,337) (81,717) (84,168) (86,693) (873,477) (898,900) (925,070) (952,010) (979,741) (1,008,288) 368886898 (1,068,804) (1,099,065) (1,131,122) (1,164,122) (1,198,094) (1,233,066) (36,483) (37,577) (38,705) (39,866) (41,062) (42,294) (43,563) (44,869) (46,216) (47,602) (49,030) (50,501) (52,016) (909,960) (936,477) (963,775) (991,876) (1,020,803) (1,050,582) ######### (1,113,674) (1,145,281) (1,178,724) (1,213,152) (1,248,595) (1,285,082) 354,659 353,434 351,934 350,148 348,061 345,659 342,929 338,975 336,421 332,612 328,410 323,799 318,760 (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) 96,543 95,317 93,818 92,031 89,944 87,543 84,813 80,859 78,305 74,496 70,294 65,683 60,644 1.36 1.35 1.34 1.33 1.31 1.30 1.29 1.27 1.25 1.23 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 1,683,954 1,717,633 1,751,986 1,787,025 1,822,766 1,859,221 1,896,405 1,934,334 1,973,020 2,012,481 69,842 71,239 72,664 74,117 75,599 77,111 78,653 80,226 81,831 83,468 (117,877) (120,234) (122,639) (125,092) (127,594) (130,145) (132,748) (135,403) (138,111) (140,874) 1,635,919 1,668,637 1,702,010 1,736, 050 1,770,771 1,806,187 1,842,310 1,879,157 1,916,740 1,955,075 (79,472) (81,856) (84,312) (86,841) (89,446) (92,130) (94,893) (97,740) (100,672) 9,664,558 (151,800) (156,354) (161,045) (165,876) (170,852) (175,978) (181,257) (186,695) (192,296) 18,460,392 (101,037) (103,058) (105,119) (107,222) (109,366) (111,553) (113,784) (116,060) (118,381) (117,304) (207,162) (213,377) (219,779) (226,372) (233,163) (240,158) (247,363) (254,784) (262,427) 25,193,005 (256,337) (264,027) (271,948) (280,106) (288,509) (297,164) (306,079) (315,262) (324,720) 31,173,086 (169,659) (174,749) (179,991) (185,391) (190,953) (196,681) (202,582) (208,659) (214,919) 20,632,202 (98,224) (101,170) (104,205) (107,332) (110,551) (113,868) (117,284) (120,803) (124,427) 11,944,959 (98,224) (101,170) (104,205) (107,332) (110,551) (113,868) (117,284) (120,803) (124,427) 11,944,959 (17,859) (18,395) (18,946) (19,515) (20,100) (20,703) (21,324) (21,964) (22,623) 2,171,811 (89,294) (91,973) (94,732) (97,574) (100,501) (103,516) (106,622) (109,821) (113,115) 10,859,054 (1,269,067) (1,306,129) (1,344,282) (1,383,559) (1,423,994) (1,465,620) (1,508,473) (1,552,589) (1,598,006) 141,926,721 (53,576) (55,184) (56,839) (58,544) (60,301) (62,110) (63,973) (65,892) (67,869) 139,131,627 (1,322,644) (1,361,312) (1,401,121) (1,442,104) (1,484,295) (1,527,730) (1,572,446) (1,618,482) (1,665,876) 281,058,349 313,275 307,325 300,889 293,947 286,477 278,457 269,864 260,675 250,864 283,013,423 (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) (258,116) 55,159 49,208 42,772 35,830 28,360 20,341 11,748 2,559 (7,252)1 282,755,307 1.21 1.19 1.17 1.14 1.08 1.05 1.01 0.97 1096.46 WORK SCOPE / DEVELOPMENT SCHEDULE Citadelle Village Citadelle Village will be new construction of 12-story mixed -use multifamily rental building with a total of ninety-six (96) units located at 181 NE 82 Street in the Little Haiti neighborhood. The project consists of a total of ninety-six (96) units of which nineteen (19) one-bedroom/one-bathroom units; sixty-four (64) two bedroom/two-bathroom units; and thirteen (13) three -bedroom/ three -bathroom units. The ground floor will be used for commercial space. The project will be targeting low and very low-income households (30% to 60% of AMI). 85 units will be GOB -assisted and 11 units will be HOME -assisted. Estimated Date Building Permitting (Permit Ready) May 2022 Start of Construction June 2022 Construction Completion October 2023 Commence Affirmative Marketing August 2023 Initial Lease -Up (Leasing Activities Commence) August 2023 Stabilized Occupancy November 2023 ADELLE VILLAGE MIXED USE BUILDING 181 NE 828d STREET. MIAMI, FLORIDA 33118 A 1 -LA- AIL 11,1,1.i, ANILLO TOLEDO LOPEZ NE 82nd TERR. HAITIAN AMERICAN OFFICES 2,920 SO. FT. NE 82nd ST GROUND FLOOR PLAN Scale: 1/16" = 1,0" BUILDING SO. FT. lionANYMEVICITRI as 1.0111,. Wu< as. rigraS1`..22.1. 17:4F.-15-4-44-.7.1" rrE71 10,01.1,11. UNIT BREAKDOWN ID 2 B 9 13 AVIE0.1,:mas.F. BIM •1513FUrtIVVI All dew, designs, amusements and plans ddlcelad or repisserded by thin doming are ovenod by, and ere the properly of AnIllo Toledo Lopes OD. and were Gamed, evolved end developed nee on, and In oonnedloo with this specified pioleoL These Ideas, designs. RIIHngernents end plere we not to be used, disclosed, repicauced, Waged, copied or transfened In eny ban or manner whateoever, RIMS the specific written permission of AMID Toledn Lope., LLD 90 RESIDENTIAL UNITS: (Preliminary Plans) 02/25/2020. 0 0 KJ J u, < Al LA_ AFL 1,11C1111E0111. A-1.1 NE 82nd TEAR. 8415, TO IFS 444 eYb]e'e 12ae ee u 14 P.S. NE 82nd ST 2nd. FLOOR PLAN Scale: 1/16" = 1.-0" 96 RESIDENTIAL UNITS: (Preliminary Plans) 02/25/2020. 0 0 w o 0 0 A l L,A mbTEAM AT, A-1.2 NE 82nd TERR 5000 0918. 0 0 0 35 P.S. MI 1 NE 82nd ST 3rd. FLOOR PLAN Scale: 1 /16' = 1.-0' NE 82nd ST PROPOSED 4th. TO 9th. FLOOR PLANS Scale: 1/16" = 1'-0" 96 RESIDENTIAL UNITS: (Preliminary Plans) 02/25/2020. O 0 N • 0 0 ▪ F A l L+A A-1.3 3D IMAGE Al LA AMIII[MIECILME A-3.4 3D IMAGE Al_ - LA Wct w E Ill gA a 86 n 8 01 A-3.5 3D IMAGE A l AIL An[ilnE,lul As Mem Arrl- A-3.6 T'•••7;;..„.. - • " ' • 3D IMAGE A 1 L+ A- ARAWMIEUTIME A-3.7 3D IMAGE A '1 LAA- AIL 000002 c.) A-3.8 • 3D IMAGE Al LA All A-3.9 Royal American Development — 94 Properties; 6.017 Units *** = Senior Properties # of LIHTC Dates Site Name/Location # of Units Units Financing Type Managed Texas — 2 Property, 216 Units 900 Winston 900 Winston Street Houston, TX 77044 114 92 Tax Credit 60% AMI HUD-811 Market 9/1/2021 To Present Chapman Crossing 14741 Chapman Woods Crossing Houston, TX 77044 102 102 Tax Credit 60% AMI HOME 7/1/2018 To Present Alabama — 9 Properties, 274 Units Abbewood Apts. 402 1/2 Dothan Road Abbeville, AL 36310 32 0 RD 515 1984 To Present Conecuh Bluffs Apartments 130 Bluff Circle Union Springs, AL 36089 40 0 RHS 515 With Rental Assistance 1986 To Present Glendale Apartments 100 Glendale Circle Foley, AL 36535 40 0 RD 515 1985 To Present Lakeridge 110 Old Dale Road Eufaula, AL 36027 30 30 RD 515 Housing Credit Tax Credit 1991 To Present Rocky Ridge Apartments 420 Rockaway Creek Road Atmore, AL 36502 24 0 RD 515 1985 To Present Sawgrass Apartments 24070 Canal Road Orange Beach, AL 36561 32 32 RD 515 Housing Credit Tax Credit 60% AMI 1993 To Present Villas of Lakeridge *** 160 Old Dale Road Eufaula, AL 36027 18 18 RD Elderly 515 With Rental Assistance Tax Credit 60% AMI 1991 To Present West Meadow I & II 911 West Meadow Avenue Geneva, AL 36340 26/32 0 RD Phase I: 515 Phase II: 515 with Housing Assistance 1983 / 1988 To Present Georgia — 7 Properties, 504 Units Brook Forest Apartments 2009 S. Court Street Quitman, GA 31643 32 0 RD 1986 To Present Lakeside Villa Apartments 387 Broad Street Hawkinsville, GA 31036 32 0 RD 515 1986 To Present Pineland Apartments 707 26th Avenue S.E. Moultrie, GA 31768 40 0 RD 515 1982 To Present Rivers Apartments 1105 Lake Drive Bainbridge, GA 39817 114 114 HUD Section 8 Tax Credit 1982 To Present The Enclave at Depot Park 2726 S. Main Street Kennesaw, GA 30144 78 78 HUD Section 8 Tax Credit 3/01/2020 To Present Wild Pines Apartments 600 Sands Drive Albany, GA 31705 160 0 HUD Section 8 1982 To Present Wildridge Apartments 1950 S. Hwy 301 #801 Jesup, GA 31546 48 48 RD Tax Credit 60% AMI 515 With Rental Assistance 1991 To Present Florida —76 Properties, 5,023 Units Alachua Apartments 13605 NW CR 235 P. 0. Box 1149 Alachua, FL 32616-1149 70 70 HUD 1984 To Present Bent Creek Apts I & II 209 Bent Creek Road Crestview, FL 32539 36/24 / 0 RD 1985 / 1990 To Present Biscayne Court*** 5211 NW 17th Ave. Miami, FL 60 60 Tax Credit 60% AMI 08/O1/09 To Present Briarwood Phase I & II 4495 Shelfer Rd. Tallahassee, FL 32305 92/63 63 0 HUD Section 8 1To4 Present Brookmeade Villas *** 102 Noble Circle Crestview, FL 32539 32 32 RD 515 Tax Credit 60% AMI 1995 To Present Camellia Gardens 901 Freedom Road, #701 Century, FL 32535 32 32 RD 515 Tax Credits 60% AMI 1995 To Present Casa Del Mar Apartments 1575 A-1-A South St Augustine, FL 32080 44 0 HUD Section 8 1976 To Present Century Woods Apartments 20 West Highway 4 Century, FL 32535 36 0 RHS HUD Section 8 RD 515 1984 To Present Clay Springs Apartments 101 Joey Drive, Box 1201 Green Cove Springs, FL 32043 51 51 RD 515 Tax Credits 60% AMI 1978 To Present Clearlake Isies *** 1546 Clearlake Road, Suite 1 Cocoa, FL 32922 84 84 Tax Credit 60% AMI 12/1/2016 To Present College I & II 2305 Hudson Avenue Palatka, FL 32177 94/14 0 UD Section 8 515 1972 / 1982 To Present Cottondale Village 4052 Old Cottondale Rd. Marianna, FL 32448 82 82 RD 515 HUD Section 8 Tax Credits 60% AMI 1979 / 1982 To Present Crestview Phase I & II *** 1450 Coremo Drive Crestview, FL 32539 40 24 / 0 RD 515 1988 / 1989 To Present Crown Point Apartments 300 Victory Lane Ocoee, FL 34761 34 0 RD 515 1985 To Present Crystalwood Apartments 1935 Crystal Grove Drive Lakeland, FL 33801 64 0 HUD Section 8 1982 To Present Dixie Grove Apartments 1901 Watauga Avenue Orlando, FL 32812 44 0 HUD Section 8 1983To Present East Lake Apartments 248 East Collins Street Umatilla, FL 32784 RD 515 With some rental assistance 1986 To Present Eastpoint Apartments 45 Begonia Street Eastpoint, FL 32328 30 30 RD 515 Housing Credit with Rental Assistance Tax Credit 60%AMI 1993 To Present Edgewood Apartments 3325 West 23rd Street Panama City, FL 32405 94 94 HUD Section 8 Tax Credit 60% AMI 1973 To Present Gatewood Apartments 7100 Noel Road Panama City, FL 32404 37 0 RD 515 1988 To Present Graceland Manor Apartments 5445 Brown Street Graceville, FL 32440 50 50 RD HUD Section 8 515 Tax Credit 60% AMI HOME 1980 To Present Greenbriar Villa Apartments 1550 Greenbriar Villa Circle Brooksville, FL 34601 40 0 RD 515 1987 To Present Greenville Pointe Apts. 192 NW Greenville Point Trail Greenville, FL 32331 32 32 RD 515 Housing Credit With Rental Assistance Tax Credit 1993 To Present Harbour Place Apartments 9742 Harbour Place Pensacola, FL 32506 68 0 HUD Section 8 1982 To Present Heritage Apartments 315 South 19th Street Defuniak Springs, FL 32435 50 0 RD HUD Section 8 515 1992 To Present Heritage Villas ofApalach 315 24th Avenue Apalachicola, FL 32320 23 23 RD 515 Housing Credit With Rental Assistance Tax Credit 1992 To Present Hilltop Pointe 4514 Hilltop Lane Panama City, FL 32405 50 50 LIHTC Bonds 5/0 To2021 Present Hilltop Preservation 159 S. W. Safari St Madison, FL 32340 72 0 HUD Section 8 515 1980 To Present Hollowbrook 5465 Curry Ford Road Orlando, FL 32812 144 0 Market HOME Ship 01/2015 To Present Hunters Run Apartments 2600 S. W. Williston Road Gainesville, FL 32608 184 0 Market 1987 To Present Lake ButlerRD 1005 S.W. Sixth Street Lake Butler, FL 32054 48 0 HUD Section 8 515 1981 To Present Lakewood Apartments 1 & II *** 1198 SW Anniston Circle Lake City, FL 32025 36/32 0 RD 515 With Assistance 1981 / 1988 To Present Little Oaks Apartments 300 West Atwater Eustis, FL 32726 68 68 HUD 100 % Tax Credit 60%AMI 70 units Home 32 Low Home 38 High Home 1996 To Present Mission Hills Apartments 2425 Mission Road Tallahassee, FL 32304 112 0 HUD Section 8 1979 To Present Murray Hill Apartments 1655 Lime Street Fernandina Bch, FL 32034 35 0 RD 515 Housing Credit with Rental Assistance 1984 To Present Northwood Apartments 307 East Ohio Avenue Macclenny, FL 32063 52 0 HUD Section 8 1981 To Present Oakdale Apts. 226 North First Street Defuniak Springs, FL 32433 48 48 HUD Section 8 Tax Credit HOME 1974 To Present Oak Tree Apts. 1701 Lakeshore Blvd. Jacksonville, FL 32210 162 0 HUD Section 8 1979To Present Orangewood Apartments 801 South Water Street Starke, FL 32091 46 0 RD HUD Section 8 515 1982 To Present Palmetto Apartments 1561 Blountstown Street Tallahassee, FL 32304 52 0 HUD Section 8 1980 To Present PanaVillaApartments 1802 Flower Avenue Panama City, FL 32405 72 72 HUD Section 8 Tax Credit HOME 1971 To present Pelican Pointe 10320 Clarence Street Panama City Beach, FL 32407 78 78 Tax Credit 60% AMI Sail MMRB 9/15/2017 To Present Pine Meadow Apts. 7025 West University Avenue Gainesville, FL 32607 78 78 HUD Tax credit HOME MMRB 1982 To Present Prairie Oaks Apartments 1050 S.W. First Drive Chiefland, FL 32626 54 0 HUD Section 8 1981 To Present Quail Run Apts. 315 So. 19th Defuniak Springs, FL 32435 32 0 RD Reserve at Kanapaha I & II 4440 S.W. Archer Road Gainesville, FL 32608 416 52 Bond - 4% Credits HUD Guaranteed Loan 20% @ 50% Market Rate 1998 To Present Reserve at Northshore 2101 West Hwy 390 Lynn Haven, FL 32444 2 00 41 Bond - 4% Credits HUD Guaranteed Loan 20% @ 50% 1999 To Present Ridge at Mt. Dora 3000 Lake Center Drive Mt. Dora, FL 32757 44 0 RD 515 With 10 Rental Assistance 1986 To Present Ridge View Apartments 880 S.E. 8thAvenue Crystal River, FL 34429 44 0 RD 515 1988 To Present Sand Dunes Apartments 8011 Front Beach Rd. Panama City Bch., FL 32407 104 104 HUD Tax Credit HOME MMRB 1982 To Present San Juan *** 2950 San Juan Circle Kissimmee, FL 34746 112 112 Tax Credit 60% AMI 10/1/2016 To Present Sherwood Oaks Apartments 13605 NW CR 235 Alachua, FL 32616 54 0 HUD Conventional Financing 1981 To Present Southern Villas of Apalachicola 401 24th Avenue Apalachicola, FL 32320 36 0 RD 515 with Rental Assistance 1983 To Present Stanford Pointe I 2401 Stanford Road Panama City, FL 32405 112 0 221 D4 Market Rate 1988To Present Sutton Creek Apartments 16978 N.W. Mayo Street Blountstown, FL 32424 50 0 HUD RD Section 8 / 515 1980 To Present Timbers Apartments 231 NE 97th Street Cross City, FL 32628 32 0 RD 515 With Rental Assistance 1993 To Present Trenton Apartments I & II 718 N.E. 7th Place # 905 Trenton, FL 32693 36/24 0 RD Phase I: Section 8 / 515 Phase II: 515 with Housing Assistance 1982 / 1989 To Present Village Allapattah I *** Village Allapattah II *** 2378 NW 17th Ave Miami, FL 33142 110/90 / 200 Tax Credit 60%AMI 10/01/09 To Present Village Oaks I & II 705 Northwest Drive Live Oak, FL 32064 32/24 0 HUD RD Phase I: Section I / 515 Phase II: 515 with Housing Assistance 1981 / 1989 To Present Villa Patricia I *** Villa Patricia II *** Villa Patricia III *** 7855 NE 2ndAve 125/125/89 339 Tax Credit 60% AMI HOME 10/01/09 To Present Villas of Shady Oaks 17 Shady Oak Villa Circle Brooksville, FL 34601 36 36 RD 515 Housing Credit With Rental Assistance Tax Credit 1994 To Present Willows I & II 1730 W. Carroll Street Kissimmee, FL 34741 46 45 / 0 RD 515 1988 To Present Wilson West Apartments 7855 Wilson Blvd. Jacksonville, FL 32210 50 0 HUD Section 8 1982 To Present Wind Meadow Apartments 3037 Wind Meadow Drive Gulf Breeze, FL 32563 46 0 RD 515 With Rental Assistance 1987 To Present PA Royal American Companies January 19, 2022 Mr. George Mensah Director Department of Community & Economic Development City of Miami 14 NE 1st Avenue, 2nd Floor Miami, FL 33132 Re: $2 million of GOB Funding for Citadelle Village Dear Mr. Mensah: ROYALAMERICAN MANAGEMENT, INC. ROYALAMERICAN DEVELOPMENT, INC. ROYAL AMERICAN CONSTRUCTION CO., INC. After reviewing the budget for Citadelle Village and a tentative agreement for project based rental assistance from the County, we can reduce our request from $3 million in GOB funding to $2 million (please see attached revised budget). We greatly appreciate all that the Department of Community & Economic Development has done to help move this funding forward. Sincerely, ACCREDITED MANAGEMENT ORGANIZATION * LICENSED REAL ESTATE BROKER * CERTIFIED GENERAL CONTRACTOR* FL. LICENSE # CG C055219 1002 W.23RD STREET, SUITE 400 * PANAMA CITY FL 32405 *TELEPHONE (850) 769-8981 * TDD 711 * www.royalamerican.com