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Northeast Buyers-Sellers Conference June 30-July 1, 2010

Northeast Buyers-Sellers Conference June 30-July 1, 2010. Kenyon Salo SK Properties Inc PO Box 250 New Ipswich NH 03071 ksalo@skcompanies.com 120 unit simple transfer with equity Three RD 515 Locations-Elderly/Family 20yr Expired use Two locations-Clinton CT, Westbrook CT.

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Northeast Buyers-Sellers Conference June 30-July 1, 2010

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  1. Northeast Buyers-Sellers ConferenceJune 30-July 1, 2010 Kenyon Salo SK Properties Inc PO Box 250 New Ipswich NH 03071 ksalo@skcompanies.com 120 unit simple transfer with equity Three RD 515 Locations-Elderly/Family 20yr Expired use Two locations-Clinton CT, Westbrook CT

  2. RD 515/538 GRRHP Transfer Process • Does it qualify for an equity payment? • Current Capital Needs Assessment? • Current Appraisal? • Conventional Rent for Comparable Unit. Are the current basic rents lower than Market? • Cash flow analysis - pre and Post transaction Attachment 7-B-1

  3. Ambleside & Lafayette Green

  4. Ambleside I And II • Ambleside 1 was built in 1983 as a 36 unit elderly 515 property • Ambleside II, 36 units, was built about a year later as a phase two family project with one and Two bedroom units. • Post Transaction, both phases were consolidated into one 515/538 mixed use property of 72 units • Consolidation decreased auditing costs,etc.

  5. Lafayette Green • Lafayette Green was built in 1983 and is located in Clinton CT. It is a 48 unit, one bedroom property, elderly / disabled.

  6. Letter of Intent • Owner- seller agrees to sign the Letter of Intent • $5,000 down payment and my works start. Appraisal, C.N.A and Rent Study to be funded by purchaser. • Once all reports are completed and the deal inks out with equity agreeable to owner , we sign Purchase Agreement 90 days Due diligence period

  7. Appraisal supports equity estimate in LOI • Ambleside I • Ambleside II

  8. Appraisal Supports equity estimate in LOI • Lafayette Green

  9. 538 GRRHP underwriting • Once all reports are accepted by RD its time to Partner with a funding source. • When using the 538 GRRHP to preserve a 515 RD property $6500 per unit is the minimum amount of Rehab required. • Bonneville Multi-family finance is very experienced and helpful in assisting with this complex financing. DSCR, Cash on Hand, etc.

  10. Ambleside I and II Before After

  11. Lafayette Green Before After

  12. Common area before after

  13. Typical Kitchen Kitchen pre rehab Kitchen post rehab

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