ABOUT DANTES PARTNERS · CASE STUDY #1 -Preservation of Low Income Housing with Supportive Services...
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ABOUT DANTES PARTNERS • 18 Workforce Deals Closed • 1189 Workforce Units Financed • $381M Total Commercial Real Estate Financing Secured for Workforce Deals • 12 Tax Credit Deals Closed: • Housing Tax Credit Deals: 9 • New Markets Tax Credit Deals: 2 • Historic Tax Credit Deals: 1
Transcript of ABOUT DANTES PARTNERS · CASE STUDY #1 -Preservation of Low Income Housing with Supportive Services...
ABOUT DANTES PARTNERS
• 18 Workforce Deals Closed
• 1189 Workforce Units Financed
• $381M Total Commercial Real Estate Financing Secured for
Workforce Deals
• 12 Tax Credit Deals Closed:
• Housing Tax Credit Deals: 9
• New Markets Tax Credit Deals: 2
• Historic Tax Credit Deals: 1
Occupation Median Wage
Capitol Hill Staffer $50,417
Preschool Teacher $32,680
Teaching Assistant $25,830
Law Clerk $65,570
Speech Language
Pathologist $73,270
Bicycle Repairer $22,360
Loan Officer $73,510
Social Science
Research Assistants $45,500
Police Officer $67,480
Hairdressers,
Hairstylists $43,330
Seniors on Fixed
Income $25,757
GS-8 Federal
Employee $47,684
TARGET MARKET
60% AMI – Projected Monthly Rents
Studio 1BR 2BR
$1147 $1229 $1474
Novo Vitalis
25-Unit Senior Housing
Girard St & 16th St. NE
Development Cost $17.9 mil.
Unit Count 84
Deal Type Tax Credits
Multiple Sources
Phyllis Wheatley YWCA
CASE STUDY #1
-Preservation of Low Income Housing
with Supportive Services
CASE STUDY #1
-Preservation of Low Income Housing with
Supportive Services
Sources Uses
LIHTC Equity 9,658,679 Acquisition 2,426,263
Deferred Developer Fee 570,902 Construction 8,337,867
DBH Grant / Sponsor Loan 2,188,000 Permits & Bonds 57,324
DCHA Capital Funds 1,500,000 Utilities/Testing & Inspection 172,225
Assumed Debt 2,339,591 Architect & Engineering 383,123
PACE Loan 547,950 Legal 425,000
Financing 234,357
Carrying Costs & Reserves 2,036,642
Miscellaneous & Other 695,723
Soft Cost Contingency 217,915
Developer Fee - Construction 1,291,551
YWCA Dev. Fees 227,921
Loan Servicing - Construction 299,211
Total Sources 16,805,122 Total Uses 16,805,122
CASE STUDY #2
Novo Vitalis
90-Unit Multifamily
7th St. & P St. NW
Development Cost $28 mil.
Unit Count 90
Deal Type Tax Credits
Tax-Exempt Bonds
DHCD Support $6.28 mil.
The Hodge on 7th (CityMarket at O)
-Senior Housing as Component Development
CASE STUDY #2 -Senior Housing as Component Development
CASE STUDY #2 -Senior Housing as Component Development
The Hodge Demographics (100% Leased Up)
Average Household Size: 1.07 People
Average Age: 66 17% Own Cars
20% Are Employed
Average Income: $22,000
78%
17%
1% 1% 3%
Race Distribution
% Black
% White
% Hispanic
% Asian
% Other
29%
71%
Gender Distribution
% Male
% Female
82%
18%
Residence Relocated
From
% FromApartment
% From House
CASE STUDY #2 -Senior Housing as Component Development
CASE STUDY #2 -Senior Housing as Component Development
Sources Uses
JP Morgan Chase - Tax Exempt Bonds 6,840,000 Acquisition 136,205
City Market @ O Loan 2,408,222 Construction 19,281,925
DHCD HOME Subordinate Debt 6,279,412 Permits & Bonds 57,605
Tax Credit Equity 11,503,984 Utilities/Testing & Inspection 216,225
Deferred Developer Fee 163,831 Architect & Engineering 940,087
Legal 616,820
Financing 731,283
Carrying Costs & Reserves 821,492
Miscellaneous & Other 1,367,287
Soft Cost Contingency -
Developer Fee 2,500,000
Loan Servicing - First Trust 526,518
Total Sources 27,195,449 Total Uses 27,195,449
Novo Vitalis
28-Unit Multifamily
14th St. & Euclid St. NW
Development Cost $10 mil.
Unit Count 28
Deal Type Tax Credits
Justice Park
CASE STUDY #3 -Workforce Housing
CASE STUDY #3 -Workforce Housing
CASE STUDY #3 -Workforce Housing
Justice Park Demographics (100% Leased Up)
Average Household Size: 1.32 People
Average Age: 33
43% Own Cars
18% Have Children
Average Income: $38,000
32%
68%
Gender Distribution
% Male
% Female
21%
7%
50%
4%
18%
Race Distribution % American Indian orAlaskan Native
% Asian
% Black or AfricanAmerican
% Native Hawaiian orPacific Islander
% White
CASE STUDY #3 -Workforce Housing
CASE STUDY #3 -Workforce Housing
Sources Uses
1st Trust Debt - Wells Fargo 1,323,081 Acquisition 132,716
LIHTC Equity - Wells Fargo 8,292,923 Construction 6,758,212
DMH - Permits & Bonds 107,671
Deferred Fees 345,567 Utilities/Testing & Inspection 119,500
Architect & Engineering 486,464
Legal 180,000
Financing 166,427
Carrying Costs & Reserves 372,874
Miscellaneous & Other 294,200
Soft Cost Contingency 53,597
Developer Fee 1,187,627
Loan Servicing - First Trust 102,283
Total Sources 9,961,570 Total Uses 9,961,570
