1 / 14

Toscana Seniors Apartments

Toscana Seniors Apartments. A 9% LIHTC Proposed Development Presented by: The NuRock Companies. Toscana Seniors is a proposed 105 unit new construction neighborhood environment l ocated in Marietta, Georgia. This well preplanned, luxurious one and two

nell-henson
Download Presentation

Toscana Seniors Apartments

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Toscana Seniors Apartments A 9% LIHTC Proposed Development Presented by: The NuRock Companies

  2. Toscana Seniors is a proposed 105 unit new construction neighborhood environment located in Marietta, Georgia. This well preplanned, luxurious one and two bedroom unit gated community features a wide variety of amenities for its residents that are 55 year of age and older, including: A “tribal” community meeting center that features daily bagels, doughnuts, coffee and tea, several lounge relaxation areas for private conversations, reading and board games, such as chess and WIFI; A crystal clear, sparkling swimming pool that offers water aerobics, wave pool and sun tanning; Monthly scheduled visits to retail outlets and malls, church gatherings restaurants and farmer’s markets, and other Foodie excursions; Planned gatherings to include costume balls, date nights, pot luck dinners and late night chocolate fondue fountains For the men (and those special women), barrel whiskey sipping and of course several wine and cheese tastings. And MUCH MUCH MORE………..

  3. Underwritten Rents

  4. 15 Year Proforma

  5. Permanent Sources and Uses

  6. Tax Credit Equity Summary and Pay In Schedule

  7. Permanent Debt Requirements

  8. SPONSORSHIP CHARACTERISTICS The Principals of the NuRock Companies have been in the LIHTC business since its inception in 1986, and has been in the affordable housing business since the early 1980’s. NuRock operates in the Southeastern and Southwestern portion of the United States, with offices in Atlanta, Georgia, Dallas, Texas and Palm Beach, Florida. To wit: ● Since 1992, NuRock has developed, owned and managed over 8,900 multifamily and senior LIHTC and market rate units in Florida, Georgia, Tennessee and Texas. ●NuRock communities have won multiple local and national awards for “Excellence in Building Design”, “Excellence in Development Concept” and Excellence in Quality ● Since 1992, NuRock has completed each and every project within development cost budget parameters and with its budgeted schedule ● NuRock’s limited partners have never had a recapture of Low Income Housing Tax Credits. ● NuRock’s solid balance sheet and proven historic performance enables NuRockto negotiate above average credit pricing and debt terms for it’s developments

  9. Pertinent Deal Terms Sponsor Fee/Cash Flow Payments ●$250,000 Development Overhead at initial closing, $250,000 over construction period ● 95% of Net Developer Fee paid at final CO issuance ● Remaining 5% paid at issuance of IRS 8609s ● Incentive Management Fee to be structured to take 100% of cash flow as priority in LPA waterfall Sponsor Guarantees ● $200,000 Maximum Operating Deficit Guarantee (“ODG”), expires 5 years from stabilization ● Five (5) year tax credit delivery guarantee burn off, to coincide with ODG ● Constructioncompletion guarantee provided on a personal and corporate level

More Related