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Inspirica Review of Physical Assets. Properties Included. Franklin Common 8 Woodland Place (99 Year Lease) 24 Woodland 26 Woodland Gilead House McKinney - Stamford Metcalf House (Lease) Rose Park Atlantic Park Apartments Colony Apartments
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InspiricaReview of Physical Assets Properties Included • Franklin Common • 8 Woodland Place (99 Year Lease) • 24 Woodland • 26 Woodland • Gilead House • McKinney - Stamford • Metcalf House (Lease) • Rose Park • Atlantic Park Apartments • Colony Apartments • Bread and Roses – Georgetown* • 992 Summer Street • * Sold April 2014
FRANKLIN COMMON X • FRANKLIN COMMON • • 141 Franklin Street • • Two Buildings (Franklin Elementary School, YWCA) • • Brick construction – 86,758 sq. ft. • • Built about 1930, acquired June, 1992 • • Assessed value of $8,198,000 in 2009 • Debt • • Nine forgivable notes to City of Stamford secured by mortgages with face value of approximately $550,000 (actual indebtedness amortizes down over twenty year life of each note) • • Due 2026 – 2034 • •Must use property as at present, and maintain it or note comes due • • Notes used to fund repairs/renovations • • Others may be added • Use/Program • • Family Housing • • Single or two parent families • • 21 Beds (about 7 families) for up to 2 months’ stay • • 63 Beds (about 22 families) for up to 24 months’ stay • • Dormitory setting w/ private bedrooms • • Shared Kitchens, Living Rooms, Bathrooms • • Also Headquarters with staff offices for Inspirica
8 WOODLAND PLACE X Property •8 Woodland Place • Old Episcopal Church Building • Wood frame construction – 37,623 sq. ft. • Built roughly 1892-1898 • Leased from Episcopal Church (99 years ending 6/30/2092 at $1 per year) Debt • Six forgivable notes to City of Stamford secured by mortgages with face value of approximately $500,000 (actual indebtedness amortizes down over twenty year life of each note) • Due between 2018-2023 • Must use property as at present, and maintain it or forgivable notes come due • Notes used to fund repairs/renovations • Assessed value $2,610,310 (2011) Use/Program • Single women housing • 25 beds for up to 2 months’ stay • Shared bedrooms, bathrooms • Common TV/computer room • Breakfast and dinner served by volunteers • Additional facilities on site for • computer usage • kitchen/culinary arts training • common space
GILEAD HOUSE Property • 712 Pacific Street (Woodland Campus) • Wood frame construction – 6,480 sq. ft. • Built 1920, acquired July, 1986 • Assessed value - $656,000 in 2011 Debt • Forgivable note for $186,000 to City of Stamford due 2035 and secured by a mortgage (actual indebtedness amortizes down over twenty year life of note) • Must use property as at present, and maintain it or forgivable notes come due • Notes used to fund repairs/renovations Use/Program • Single men and women with mental illness •Transitional housing for up to 13 people • •Also, up to 3 in jail diversion program • • Private bedrooms on all three floors • • Shared kitchens and bathrooms on each floor •Common TV/computer/living room on each floor X
MCKINNEY - STAMFORD Property • 20 Woodland Place (Woodland Campus) • Wood frame construction – 6,688 sq. ft. • Built 1910, acquired December, 1987 • Appraised at $690,000 in 2011 Debt • Secures Inspirica’s Revolving Line of Credit of $750,000 • Five forgivable notes to City of Stamford, FHLB and DSS secured by mortgages with face value of approximately $230,000 (actual indebtedness amortizes down over twenty year life of each note) • Due between 2018 and 2042 Use/Program • Single men and women with HIV/AIDS • Transitional housing for 10 on first two floors • Permanent housing for 5 on third floor • Private bedrooms • Shared kitchen, TV/living room, bathroom on each floor • Computer station on each floor X
24 WOODLAND PLACE 24 WOODLAND • 24 Woodland Place (Woodland Campus) • Wood frame construction – 5,000 sq. ft. • Built 1910, acquired January 2013 Debt • Mortgage of $400,000 with First County • 5.0% adjustable • Due 2038 • Two forgivable notes totaling of $380,000 to City of Stamford secured by mortgages due 2042 (actual indebtedness amortizes down over twenty year life of each note) Use/Program Deeply Affordable Housing
26 WOODLAND PLACE 26 WOODLAND • 26 Woodland Place (Woodland Campus) • Wood frame construction – 5,000 sq. ft. • Built 1910, acquired December 2013 Debt • Mortgage of $269,000 with First County • 5.0% adjustable • Due 2039 Use/Program Deeply Affordable Housing
COLONY APARTMENTS COLONY APARTMENTS • 41 Ludlow Street (Woodland campus) • Wood frame construction – 18,393 sq. ft. • Built 1996 • Appraised at $1,577,000 in 2011 • Low income housing tax credit partnership structure; Bought out limited partner 2012- now owned by InspiricaSubsidiary Debt • Mortgage of $2,183,000 from CHFA due 2042 at 1% interest deferred till maturity of loan • $135,000 forgivable note to City of Stamford (actual indebtedness amortizes down over twenty year life of each note) • Expires 2043 Use/Program • Permanent supportive housing • Single men and women • 29 Efficiency apartments • Each with bathroom and kitchen • Common community room with TV and computer • Common laundry room X
METCALF HOUSE X METCALF • 16 Forest Street • Wood frame construction – 3,876 sq. ft. • Built about 1810 • Leased from Unitarian Church (was rectory) • Lease ending 6/30/18 for $24,000 Debt • $80,000 forgivable note to City of Stamford secured by a mortgage (actual indebtedness amortizes down over twenty year life of each note) • Due December, 2020 • Must use property as at present, and maintain it for forgivable notes come due • Note used to fund repairs/renovations Use/Program • Permanent supportive housing • 10 Units for single men and women • Private bedrooms • Shared bathrooms and kitchens
ATLANTIC PARK APARTMENTS X ATLANTIC PARK APARTMENTS • 660 Atlantic Street • Wood frame construction –18,814sq. ft • Built about 1900, rehab in 1997. Historic site. • Appraised at $1,699,970 in 2011 • Low income housing tax credit partnership structure; bought out limited partner in 2012- now owned by Inspirica Subsidiary • Winner of Historic Preservation Awards (2013) Debt • Mortgage of $2,025,000 from CHFA, due 2041 at 1% interest deferred till maturity of loan • Two forgivable notes to City of Stamford with face value of approximately $310,000 (actual indebtedness amortizes down over life of each note) • Due 2027 to 2042 Use/Program • Permanent supportive housing • Single men and women • 27 Efficiency apartments • Each with bathroom and kitchen • Common community room with TV and computer • Common laundry room
ROSE PARK ROSE PARK • 28 Rose Park • Wood frame construction – 2,577 sq. ft. • Built 1914, acquired November 2002 • Appraised at $415,000 in 2011 Debt • Mortgage of $197,000 with HDF • 6.5% Interest • Due November, 2032 • Also forgivable notes to City of Stamford secured by mortgages with face value of approximately $280,000 (actual indebtedness amortizes down over twenty year life of each note) • Due 2032 to 2041 • Must use property as at present, and maintain it or forgivable notes come due Use/Program • Permanent supportive housing • 3 two-bedroom apartments • Either single men and women or families X
Bread and Roses - Georgetown X GEORGETOWN (Sold April 24, 2014) • 142 Portland Avenue, Redding • Wood frame construction – 6,300 sq. ft. • Built 1920, acquired Nov. 1994 by Bread and Roses Sold • Appraised at $515,000 in 2005/Assessed at 402,100 (2011) • Sold in April 2014 Use/Purpose • Served as Transitional/permanent housing for 6-7 people
992 SUMMER STREET X 992 SUMMER STREET • Vacant lot adjacent to 141 Franklin - .34 acres • Inspiricaacquired in July, 2007 as “in lieu” payment • Assessed value $747,620 (2011) • Inspiricaobliged to develop as affordable housing • No debt