Ken Sing Ton Apartments

8/6/2019 Ken Sing Ton Apartments

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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: and number of units:

ttps://www.nchfa.org/Rental/RTCApp/(S(iw5wyn454...BC3A7AE581&SNID=68E8EDCD4E92401CAFA7540927F11265 (2 of 22)4/8/2009 2:49:57 PM


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

st become part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Crosland, LLC

ddress: 227 West Trade Street, Suite 800

ty: Charlotte State: NC Zip:

ontact: First: Dionne Last:Nelson Title:Vice President

elephone:

t Phone:

ax:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


28202

(704)561-5235

(704)561-5251

(704)525-3562

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


4.07 4.07


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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


3/31/2010

820,000


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oning

esent zoning classification of the site:O-1

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Kensington Apartments Charlotte, LLC

ddress: c/o Crosland, LLC, 227 W. Trade St., Ste. 800

y: Charlotte State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Crosland, LLC

rst Name: Dionne Last Name: Nelson Function: Managing Member

ddress: 227 West Trade Street, Suite 800

ty: Charlotte State: NC Zip: 28202

hone: Fax:

Mail: Nonprofit: No


28202

(704)561-5235 (704)525-3562

[email protected]


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nit Mix

e Median Income for Mecklenburg county is $66,500.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2

Gdn Apt 3

Gdn Apt 2

Gdn Apt 3

Utilities included in rents: Water/Sewer Electric Gas Other Trash Collection

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

atistics

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):


904 6 2 354 79 0 433

1169 6 2 405 96 0 501

904 16 1 725 79 0 804

1169 18 1 850 96 0 946

46 6 31454

46 6 31454

3 3

2,435


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Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

otal Net Sq. Ft. (All Heated Areas):

icate below any additional targeting for special populations proposed for this project:

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low

income units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(iw5wyn45...C3A7AE581&SNID=68E8EDCD4E92401CAFA7540927F11265 (10 of 22)4/8/2009 2:49:57 PM

57,686

52,733

3

6

5
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:Housing Trust Fund Loan

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:

Other Loan 2 - Specify:Market Rate Loan

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

stimated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))


920,000 2.00 20 20 55,850

452,227 7.00 30 30 36,104

685,473 0 30 30 0

4,318,482

6,376,182

70


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e plan to pursue a Charlotte Housing Trust Fund loan for $920,000 on this project. We will fill themaining gap with market rate debt if no additional subsidized source is available.



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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit59,996


5,272,871 0 5,272,871

100.00% 130.00%

6,854,732 0 6,854,732

3.50 9.00

616,926 0 616,926

0

820,000

6,376,182

616,926


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arket Study Information

ease provide a detailed description of the proposed project:

ensington Apartments will consist of 46 multi-family units in a community for households with incomesnging from 30% to 60% of area median income. The units will be two and three bedroom garden flats andve been well designed to for comfortable living and long-term durability. The complex will provide a sensecommunity with many site amenities and a resident clubhouse with management offices and communityace available for the enjoyment and support of its residents. The plans follow the Crosland standard of

oducing affordable communities to comparable product standards as market rate apartments so as to besually indistinguishable from them.

e believe that such affordable units will be in high demand. The community location is in the approvedea of the City of Charlottes locational policy which indicates that no other subsidized community is in nearoximity to this site. Additionally, the community will be located directly across from a complex of threeharlotte Mecklenburg schools. This will be attractive not only to families with students that attend thesehools, but also CMS employees. CPI, a local security services company, recently built its corporateices less the 0.5 miles away from the site. Furthermore, the community will be in close proximity to many

dustrial and corporate employment locations, the Paramount Carowinds Theme Park, the Charlotteouglas International Airport, hotels, restaurants and retail shops, all of which serve as employmentportunities for potential residents. There is a planned office/retail center less than 0.5 miles from the sitethe corner of Sandy Porter Road and W. Arrowood Road. This center is being developed by Merrifield

artners, an affiliated Crosland company. As such, we have been able to confirm that the center will be

lled Arrowood Village, and it has a committed daycare tenant. Additionally, a hotel and convenience storeay also occupy space. When this development is complete, it will bring additional jobs and services to theighborhood.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

The project is designed with significant use of masonry product, for the long term durability of the buildings.

The masonry product used in this project is stone instead of brick. Also, the project will be built to EnergyStar standards by Crosland Contracting, which has strict quality control standards.

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

The designs used for Kensington Apartments have been adapted from another Crosland developmentdesigned by the same architect. Similar garden style apartments are found at Springfield Gardens (9525Springfield Gardens Drive, Charlotte, NC). Kensingtons designs have been enhanced to distinguish fromSpringfield Gardens by changing the siding color and design and the masonry product from brick to stone.Kensington Apartments will also feature more masonry product than was used in previous developments.

e Amenities:

te amenities include: playground, resident computer center, two covered picnic areas, three outdoorting areas, covered patio with seating, coin-operated laundry and resident use multi-purpose room withchen.



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site Activities:

nsite activities at Kensington Apartments will be coordinated by residents and the property managementaff of the community and may be supported by various community organizations. Activities will be held ine clubhouses general assembly space or computer center, outdoor picnic area, playground or othermmunity green space.

ndscaping Plans:

e landscaping budget for Kensington Apartments is substantially above what is required. Plans include emphasis on planting trees and/or protecting existing trees so that the community will benefit frombstantial shade over the coming years. Landscaping plans also focus on highlighting key areas of the sitech as the entrance and common green spaces. Landscaping plans exceed all landscaping requirementsdesignated by the NCHFA.

erior Apartment Amenities:erior apartment amenities will include comfortably sized rooms, fully equipped kitchens including a

shwasher, range, hood, disposal, refrigerators and pantry, washer and dryer connections, ceiling fans,ni-blinds, overhead lights, cable television connections, patios and/or front porches, and adequate closetsd storage in each unit.

you plan to submit additional market data (market study, etc.) that you want considered? No

If yes, please make sure to include the additional information in your pre-application packet.



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

s a result of a recently opened extension of I-485 and the rising housing costs in south Charlotte,

outhwest Charlotte is expected to be one of the primary residential and business growth spots of theture. Many new home communities have been developed. Following the residential buildup, the area has

een a surge of retail and entertainment growth. For example, the Ayrsley project at I-485 and S. Tryontreet (just one exit away from the exit for Kensington Apartments on I-485), includes 140 acres of businessevelopment. This new development features shops, restaurants, hotels, movie theaters, a branch of theMCA, and luxury apartments and townhomes. Additionally, less than 2.5 miles away from the site atrrowood Road and S. Tryon Street is the retailing center Whitehall Commons, a 585,000 square-foothopping center that includes a Wal-Mart and Lowes.

egarding employment opportunities, southwest Charlotte has historically housed many industrialompanies and it now draws high-tech companies and national headquarters, with new buildings and officearks announced frequently. For example, the CPI Security Systems offices are located just down the streetom the Kensington Apartments site on Sandy Porter Road. Also, the 400,000-plus-square-foot campus for

icrosoft Corp. is at ArrowPoint, off Arrowood Road and less than 3 miles from the Kensington site. Inddition to Microsoft, ArrowPoints major tenants include BellSouth and the U.S. headquarters of Royal &unAlliance Insurance. The Whitehall Corporate Center is one of Charlottes largest office parks andcludes a technology park and corporate center located at I-485 and Arrowood Road. Source Technologiesas created its state-of-the-art U.S. headquarters there. Paramounts Carowinds and the Charlotte Douglasternational Airport are also nearby employment centers.

ducational options in the area include Central Piedmont Community College, which recently opened itsarper Campus. It is located about 5 miles away from the site near Arrowood Road and I-77. The high-techampus specializes in teaching graphic arts, printing, electronics and welding. It is home to the Harperational Flexographic Center, a key learning center for those who want to enter the printing field. Alsobout 5 miles away is the Steele Creek Library, a brand-new 15,000-square-foot facility, on Steele Creekoad near S. Tryon Street. The new building provides a wealth of books, technology and programs for

milies.URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The present land use pattern nearby is mixedsome recent offices,e Olympic School Campus, some older rural ranch houses and modern subdivisions, all within a mile oro of the site. Other areas nearby remain undeveloped. The presence of the I-485 interchange at Arrowood

oad is a significant benefit to this site. It eases access to many nearby amenities and employmentportunities. The frontage of the site along I-485 is a minor negative that can readily be buffered with

equate insulation for interior noise control as required.



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TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The site is unusually well-endowed with road connections including a rampI-485 less than one mile away. Sandy Porter Road is lightly travelled at virtually all times so the 46artments built in the Kensington community will not unduly burden this thoroughfare. Additionally, the

cation of a major public school complex across the street from the site ensures the accessibility of publiccilities, and finally as development along this corridor is completed, we believe that public transportationtions will easily be extended to include direct access from the Kensington Apartments site. The

mmunitys buildings and site signage will be visible not only from the school complex and CPI Securityice complex nearby but also from I-485. We expect this visibility to help drive demand for the project.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no on-site negative features that will impede construction. The site has frontage along I-485,hich is a minor negative that can readily be buffered with adequate insulation for interior noise control as

equired.

milarity of scale and aesthetics/architecture between project and surroundings.

he continuity between Kensington Apartments and the surrounding community has been considered in theevelopment of architecture and site plan. As such, the project design will be complementary to surroundingesidential and business facilities. Additionally, the Kensington Apartment buildings do not exceed threeories, creating modestly scaled multi-family buildings that blend with the surrounding uses.

r each applicable neighborhood feature, enter distance from project in miles.

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public TransportationStop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ensington Apartments will be located in close proximity to schools, major employment centers and retail.ease see the Neighborhood Characteristics section of this application. Additionally, there is a plannedice/retail center less than 0.5 miles from the site at the corner of Sandy Porter Road and W. Arrowood

oad. This center is being developed by Merrifield Partners, an affiliated Crosland company. As such, we


.6 2.2

.8 5.2

21.6

21.5

2 1.6

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ve been able to confirm that the center will be called Arrowood Village, and it has a committed daycarenant. Additionally, a hotel and convenience store may also occupy space. When this development ismplete, it will bring additional jobs and services to the neighborhood. As this area of Charlotte continuesdevelop, Kensington Apartments will provide affordable residential units in the high growth area.



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reliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Ken Sing Ton Apartments

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