Housing Works - North Carolina Bankers Association

Volume 22, Issue 2
CICCAR NEWSLETTER
April 12, 2012
Inside this issue
The NC Affordable Housing Conference.....................................1
Loans Available for Participation..........................................1
FHLBA Affordable Housing Products.........................................2
Loan Closings Report..............2
Spotlight on a Developer - Connelly Development, LLC.................3
Development Update Report...4
Loans Approved and for sale to
Members.................................5
Housing Works
Join us for the 2012 North Carolina Affordable Housing Conference at the Raleigh Convention Center, September 27-28, 2012.
This conference is hosted by Community Investment Corporation
of the Carolinas, the North Carolina Housing Finance Agency and
the North Carolina Housing Coalition. Visit www.nchousinconference.com for updated information. A big thank you to all of the
companies who have already committed to sponsor: Alliant Capital, Bank of America, BB&T, Bernard Robinson & Company, LLP,
Blanco Tackabery, CAHEC, Carolina Bank, Dixon Hughes Goodman, Enterprise, First Bank, First Citizens Bank, KMW Builders,
North State Bank, Novogradac & Company LLP, Parker General
Contractors, LLC, PNC Bank, The Pendergraph Companies, Progress Energy, Raymond James, RBC Capital Markets, Red Stone Equity Partners, Southern Bank & Trust, SunTrust Bank, TD Bank,
Tightlines Designs/Maurer Architecture, VantageSouth Bank,
Weaver Cooke Construction LLC, Weaver-Kirkland Housing LLC
and Wells Fargo. We still welcome your sponsorship to help fund
the conference. Exhibitor booths are going fast! Please contact
Shellie Lempert at [email protected] for more information, or
if you’d like to sponsor or exhibit.
Loans Available for Member Participation
The CICCAR Board of Directors reviewed and approved for
sale to our member banks: Pool #287, Hampton Pointe Apartments, which will be located in Hillsborough, NC, and Pool
#288, Westgate Senior Apartments, which will be located in Leland, NC. Please consider participating in these CRA loan pool
opportunities. Go to page 5 for further details.
Federal Home Loan Bank of Atlanta Affordable Housing
Products
As North Carolina banks continue to face lingering effects from the financial crisis, it is critical that bankers make the most of resources at their disposal. One important resource comes
in the form of affordable housing products and services that are available through financial
partnerships with Federal Home Loan Bank of Atlanta (FHLBank Atlanta).
The Bank’s Affordable Housing products provide real estate equity which supports the
funding of rental and ownership housing development, acquisition and rehabilitation. The
products, which focus on community stability, foreclosure recovery and weatherization/accessibility rehabilitation, will assist North Carolina financial institutions in growing loan
production, managing transactional credit risk, and building new business relationships.
For more about FHLBank Atlanta’s Affordable Housing products, click here or call 1-800536-9650, option 3, option 3.
To learn how you can put these products to work in your community, join FHLBank Atlanta
on May 2, 2012 for a luncheon with North Carolina Bank CEOs and Chief Lending Officers
at the Grandover Resort & Conference Center in Greensboro, North Carolina. For details
please contact Scott Biehle at [email protected].
Loan Closings Report
We anticipate the following loans will close in the next three months:
Pool
Pool
Pool
Pool
Pool
231, Glenwood Hills Apartments, Morganton, NC
233, Martinsville Lofts, Martinsville, VA
253, The Villas at Horizon Village Apartments, N. Charleston, SC
257, Scottish Glen II Apartments, Laurinburg, NC
282, Heatherwood Apartments, Anderson, SC
Recent loan closings:
Loan #240230, Pebble Creek Apartments, Lexington, SC, closed on February 21, 2012 for $800,000
Loan #284231, Rowan Pointe Apartments, Mocksville, NC, closed on March 15, 2012 for $1,508,374
Loan #247232, Pinecrest Greene Apartments, Charleston, SC, closed on March 15, 2012 for $967,000
Loan #226233, Rivers Retreat Apartments, Elizabeth City, NC, closed on April 4, 2012 for $272,682
2
Spotlight on a Developer
Kevin Connelly, Connelly Development, LLC
Kevin Connelly is the owner of Connelly Builders, Inc. and Connelly Development,
LLC, and is currently developing tax credit projects in North Carolina, South Carolina
and Georgia. Since becoming involved in the residential construction and development
industry in 1987, Mr. Connelly has been instrumental in producing over 4,000 units of
multi-family housing as well as several hundred single family homes.
Kevin Connelly has built affordable single family homes, upper income single family
homes, and a variety of apartment communities, utilizing HUD, FHA, VA, USDA, LIHTC and HOME financing. CICCAR has either provided or committed to provide the
permanent first mortgage for Springhollow Apartments, Brookhollow Apartments and
Chestnut Pointe Apartments in Sumter, SC, Cotton Mill Village Apartments in Rock Hill,
SC, and Cypress Place Apartments in Columbia, SC. InterMark Management Corporation, based in Columbia, SC, manages these developments.
Springhollow Apartments, Sumter, SC
Cotton Mill Village, Rock Hill, SC
Brookhollow Apartments, Sumter, SC
Cypress Place Apartments, Columbia, SC
3
Development Update Report
Pool #
223
231
232
233
242
253
256
257
258
261
263
264
265
266
267
268
269
270
272
273
274
275
276
278
279
280
281
282
283
285
286
Project Name
Location
Eno Haven
Hillsborough, NC
Glenwood Hills
Morganton, NC
Mebane Mill Lofts
Mebane, NC
Martinsville Lofts
Martinsville, VA
Powell Spring
Pittsboro, NC
Villas at Horizon Village N. Charleston, SC
Wessley Landing
Wilson, NC
(previously Ashebrooke Park)
Scottish Glen II
Laurinburg,NC
Chapel Ridge
Roanoke Rapids, NC
Mingo Village
Knightdale, NC
Willow Oak Run
Charlotte, NC
May River Village
Bluffton, SC
Autumn Oaks
Sanford, NC
Rock Pointe
Rock Hill, SC
Madison Station II
Columbia, SC
Bay Pointe II
Myrtle Beach, SC
Forest Park Crossing
Kannapolis, NC
Lanier Pointe II
Shelby, NC
Port Royal
Beaufort, SC
Colony Place
Fayetteville, NC
Woods at Avent Ferry
Holly Springs, NC
Parker at Cone Village Greenville, SC
Carriage Hills
Lumberton, NC
Auburn Trace II
Burlington, NC
Jobbers Overall Apts. Lynchburg, VA
Ellsworth Commons
Greenville, NC
Summerville
Summerville, SC
Heatherwood
Anderson, SC
Chestnut Place
Sumter, SC
The Cottages at Azalea Lancaster, SC
The Highlands
Goldsboro, NC
Stage of Completion
Construction complete - leasing the units - anticipate closing in June
Construction complete - anticipate closing April
Renovation complete - leasing the units
Renovation complete - anticipate closing in April
Construction complete - leasing the units
Construction complete - 100% occupied - anticipate closing in April
Construction complete - leasing the units
Construction complete - anticipate closing in April
Construction complete - leasing the units
Construction 70% complete
Construction 30% complete
Construction complete - leasing the units
Construction 75% complete
Construction complete - leasing the units
Construction complete - leasing the units
Construction complete - leasing the units
Construction 30% complete
Construction 95% complete
Construction 45% complete
Renovation 65% complete
Construction underway
Construction underway
Construction underway
Construction underway
Renovation underway
Closing Equity and construction loan
Closing Equity and construction loan
Anticipate closing in June
Closing Equity and construction loan
Closing Equity and construction loan
Closing Equity and construction loan
Wessley Landing Apartments (Ashebrook Park), Wilson, NC - Construction Complete and Currently Leasing.
4
The CICCAR Board of Directors reviewed and approved for
sale to our members the following loan requests:
Pool #287, Hampton Pointe Apartments, a 48-unit family development to be located in Hillsborough, NC, is being developed by The Banks Law Firm, LLC. This
development will provide 24 two-bedroom units and 24 three-bedroom units to families earning 30%/50%/60% of the area median income. The property will receive RPP
Funds, a state tax credit loan and federal low income tax credits. The first mortgage
request is for $837,929.
Pool #288, Westgate Senior Apartments, a 72-unit senior development to be located
in Leland, NC, is being developed by Connelly Development, LLC. This development will provide 36 one-bedroom units and 36 two-bedroom units to seniors earning
40%/50%/60% of the area median income. The property will receive CDBG Funds,
a state tax credit loan and federal low income tax credits. The first mortgage request
is for $678,254.
Construction Complete and Currently Leasing:
Rock Pointe Apartments, Rock Hill, SC
Chapel Ridge Apartments, Roanoke Rapids, NC
Community Investment Corporation of the Carolinas
3601 Haworth Drive. Raleigh, NC 27609
(P.O. Box 19999 Raleigh, NC 27619-9916)
Phone: 800-662-7044
Fax: 919-781-2155
Shellie Lempert
Email: [email protected]