New Development Press Release Questionnaire

HTG QUESTIONS FOR NEW DEVELOPMENTS PRESS RELEASES

What is the exact name and address of the property?

Flagler Station
991 Banyan Blvd.
West Palm Beach, FL 33401

Describe the property (# of units, square feet, type, etc.)

Flagler Station is a new construction 94-unit affordable workforce public / private partnership rental housing development for families. The development will consist of one (1) high-rise concrete building across eight stories, a 3,200 SF double-high multi-purpose clubroom available to residents for activities, a computer/business center, a rooftop pool, and a state-of-the art fitness center with on-site parking. It is a 9% LIHTC development funded under Florida Housing Finance Corporation’s RFA 2018-112.

Flagler Station will consist of a unit mix of seventy (70) 1 bedroom / 1-bathroom units, twelve (12) 2 bedroom / 2 bath units, and twelve (12) 3 bedroom / 2 bath units.

Describe the property amenities (clubhouse, pool, etc.)

see above.

What is the affordability breakdown (i.e. 30 % AMI, market rate, etc.)

Flagler Station will be income averaged with 15 units being set-aside at 30% AMI, 45 units being set-aside at 60% AMI, 23 units being set-aside at 70%, and 11 units being set-aside at 80% AMI.

What is the all-in price of the property? (I.e. value of land, construction, etc.)

$32,950,000

Please describe the funding sources – i.e. tax credits used, who bought the tax credits, as well as additional loans taken, and sources of soft financing. Total of financing.

$23,272,317 in 9% Housing Tax Credits purchased by City Real Estate Advisors
$20,300,000 construction loan provided by KeyBank
$8,933,000 permanent loan provided by Freddie Mac
$550,000 HOME loan provided by Palm Beach County
$75,000 City of West Palm Beach loan
$314,446 Palm Beach County Grant
$500,000 City of West Palm Beach CRA Grant

If this was a public-private partnership, please indicate the partner that should receive credit.

City of West Palm Beach
Palm Beach County

When is construction slated to begin/complete?

Begin 11/6/20
Complete February 2022

When is leasing slated to begin?

December 2021

What is the range of monthly rent?

$393 to $1,689

If residents receive any services (i.e. childcare) as part of community, please indicate.

Who is the contractor, architect, engineer, landscaper (i.e. full design/construction team)?

Wantman Group as Engineer and Landscape Design
Modis Architects
Rinaldi Construction

What else is notable that ought to be highlighted?