2017 Closings, Perm Loan Conversions:

Creekview Apartment Homes, Austin, Texas                      

  • 4% HTC and Tax-Exempt Loan                                                                                               
  • $44.55MM Development                                                                                                       
  • 264 Units, all Affordable                                                                                                                                                                                                                              

Verandah Townhomes, Plano, Texas                                                                                    

  • 9% HTC with local Non-Profit                                                                                    
  • $12.0MM Development                                                                                                         
  • 40 Townhomes, 50/50 Market-Rate/Affordable                                                                                                                                                                                                                                          

2016 Closings                                                                                                                                                                                                      

Indian Lake Apartment Homes, Indian Lake, Texas                                                             

  • 9% HTC with For-Profit Developer                                                                                      
  • $13.29MM Development                                                                                           
  • 80 Units, 80/20 Affordable/Market-Rate                                                                                                                                                                                                                

City Square Artist Lofts, Garland, Texas                               

  • 9% HTC public private JV for tax exemption                                                                         
  • $20.2MM Development; Mixed Income                                                                                            
  • 132 Units, 70/30 Affordable/Market-Rate                                                                                                               

Colorado Creek Apartment Homes, Austin, Texas                                                               

  • 4% HTC and Tax-Exempt Loan                                                                                                           
  • $37.70 Million Development                                                             
  • 240 Units, all Affordable                                                                                                                                                                                 

2017 Perm Loan Conversions:                                                                                                                                               

Vista Monterrey Apartment Homes, Brownsville, Texas

  • 9% HTC mixed income                                                                                                                       
  • $18MM Development
  • 120 Units, 60/40 Market-Rate/Affordable                                                                           
  • FNMA Perm Loan for $11MM                                                                                    
  • TBC=August 2017                                                                                                                                                                                                                                                                                          

The Azure Apartment Homes , Midland, Texas                                                                    

  • HOME-Financed property                                                                                          
  • $18.5MM Development                                                                                                         
  • 156 Units, 80/20 Market/Affordable (CHDO HOME units)                                                   
  • FNMA Perm Loan for $15.8MM                                                                                 
  • TBC=August 2017                                                                                                                                                                                                                                                                                          

The Savannah at Gateway Senior Independent Living, Plano, Texas                                  

  • 4% HTC with interim TEL                                                                                           
  • $33.5MM Development                                                                                                                     
  • 292 Independent Senior Living units80/20%  Affordable/Market (VASH program)          
  • FNMA Perm Loan for $23.3MM                                                                     
  • TBC=September 2017                                                                                                                                                                                                                                                                                    

Majors Place Apartment Homes, Greenville, Texas                                                

  • HOME-Financed Property                                                                                          
  • $20.5MM Development                                                                                                         
  • 176 Units 80/20 Market-Rate/Affordable (HOME units)                                                     
  • FNMA Perm Loan for $17.5MM                                                                     
  • TBC=December 2017                                                                                                                                                                                                                                                                                     

Bellfort Park Apartments, Houston, Texas                                                                           

  • HUD HAP Property                                                                                                     
  • $4.5MM Property As-Is                                                                                                                      
  • 64 Units in the Westwood Neighborhood of Houston                                              
  • Bellwether Enterprise Mini-Perm for $3.5MM                                                         
  • TBC=June 2017                                                                                                                                   

 

Summary grid of units by category:

 Total number of housing units:  5,522 units since 2003

Total number of affordable units: 4,200 units since 2003

Total number of units with housing authorities: 950 units since 2003

Total number of units with hurricane CDBG-DR money: 644 units since 2008

Total number of units mixed finance with HUD:  1290 units since 2003

Total HOME Funds:   $17.05 million (includes section 108 loan funding)

Total CDBG-Hurricane Recovery Funds:  $39 million plus GO ZONE HTC; the total is $68 million (includes section 108 loan funding)

Total AHP Grant or other Funds, including HTF: $8.0 million

Total HTC Equity 4% and 9%:  $240 million allocated from TDHCA, MFA and CHFA

Total amount of Tax Exempt Bonds: $270 million in bonds issued and sold

Total Senior Housing since 1997:  3090 units in Texas 

City Square Artists Lofts, Garland, Texas:

A 126-unit new construction, 9% HTC, mixed income, adaptive re-use development for families is located in Downtown Garland near the new City municipal complex. The development is a TOD within walking distance of the DART light rail line. Resident incomes range from 30% of AMFI to 60% of AMFI. Thirty percent (30%), are leased at market rates without income restrictions. Rise Residential or their affiliate is the GP and owner of the development partnership. Construction financing for this development will be provided by International Bank of Commerce (IBC) in the amount of $13.5 million. The City of Garland and their HFC made financial contributions to the development totaling $1.75MM including a construction period loan. IBC is providing a permanent mortgage at stabilization at 4.5% per annum fixed for 15 years, 40-year amortization permanent mortgage for this property in the amount of $10.5MM.  The contractor broke ground on the project in October 2016. HTC award was $930,000 in annual 9% credits or $9.3 million total. The construction contract is $10.5 million

Villas at Indian Lake, Los Fresnos, Texas:

An 80-unit new construction, 9% HTC, mixed income development for families is located in the Town of Indian Lake. Resident incomes range from 30% of AMFI to 60% of AMFI. Twenty percent (20%) are leased at market rates without income restrictions. Rise Residential or their affiliate is the GP and owner of the development partnership. Construction financing for this development will be provided by International Bank of Commerce (IBC) in the amount of $10.0 million. The Town of Indian Lake made financial contributions to the development totaling $15,000 including a construction period loan. IBC is providing a permanent mortgage at stabilization at 5% per annum fixed for 15 years, 40-year amortization permanent mortgage for this property in the amount of $3,250,000.  The contractor broke ground on the project in October 2016. HTC award was $880,000 in annual 9% credits or $8.8 million total. The construction contract is $9.35 million

Austin Colorado Creek Apartments, Austin, TX:

A 240-unit new construction development for low and moderate-income families located in Austin, Texas, approximately 1 mile east of Austin Bergstrom Airport at the intersection of TX 130/45 and Hwy 71. The site is located on Fallwell Road. Construction and permanent financing for this development has been provided by IBC Bank, N.A. through a tax exempt bond offering for $25,000,000. The bonds closed and the contractor broke ground on the project in April 2016.  It is schedule for completion in September 2018. It is scheduled for 100% occupancy by August 2019. The 42 Equity Partners is the equity investor in this development. Total development costs of $37 MM.

Villas at Plano Gateway Senior Housing, Plano, TX:

A 292-unit new construction, mixed income development for low and moderate-income seniors age 55 years and better located in Plano, Collin County, Texas, approximately 1.5 miles east of Central Expressway, 75, and the new State Farm regional headquarters. The development targets senior at or below 60% of AMFI for 80% of the living units. The remaining market rate units, 20%, are without income or rent restrictions. The site is located in a zero vacancy, urban infill area of North Dallas. Medical service providers surround the property location. The new Richardson Methodist Hospital is the center piece of this medial services complex. Construction financing and HTC equity for this development has been provided by IBC Bank in conjunction with a tax exempt bond offering for $20,000,000. The bonds closed on December 5 and the contractor broke ground on the project in January 2015.  Completion in 20-24 month is December 2016 with full occupancy by July 2017. Rise is the general contractor and property manager. SHA is the development consultant. The Developer is a JV between Plano Housing Corporation and Belmont Properties. The construction contract is $19.3 million. ORM is the property manager through lease up and stabilization. At stabilization the bonds are purchased, pursuant to a rate locked forward purchase agreement by AFR.                                                                                                                                

Major Place Apartments, Greenville, Texas:

A 176-unit new construction, HOME, mixed income development for families is located in Greenville, Hunt County, Texas.  Resident incomes range from 30% of AMFIto 50% of AMFI for the 20% of the units that are affordable. A majority of the development units, 80%, are leased at market rates without income restrictions. Rise Residential or their affiliate is the GP and owner of the development partnership. SHA is the development consultant and RRC is the general contractor. Construction and permanent financing for this development was provided by IBC Bank in the amount of $15.0 million. The permanent mortgage at stabilization is 4.5% per annum fixed for 15 years, 35-year amortization in the amount of $18.0 million, HUD 223 F.  The contractor breaks ground on the project in December 2014.  It is scheduled to reach 100% completion in June 2017.  The property should be 100% occupied as of 12/30/17. The HOME award was $3.0 million. The construction contract is $16.2 million.

The Lakeshore, Lake Dallas, Texas:

A 140-unit new construction, CHDO HOME, mixed income development for families is located in Lake Dallas, Denton County, Texas.  Resident incomes range from 30% of AMFIto 50% of AMFI for the 20% of the units that are affordable. A majority of the development units, 80%, are leased at market rates without income restrictions. Rise Residential or their affiliate is the GP and owner of the development partnership along with a CHDO Not for Profit, Housing Services, Inc. Construction and permanent financing for this development was provided by an FHA insured HUD 221 D 4 program loan in the amount of $14.0 million. The permanent mortgage at stabilization is 4.30% per annum fixed for 40 years, 40-year amortization in the amount of $14.0 million.  The contractor broke ground on the project in June 2014.  It reached 100% completion in October 2015.  The property was 100% occupied as of 3/31/16. The HOME award was $3.05 million. The construction contract is $12.5 million.

The Azure, Midland, Texas:

A 156-unit new construction, CHDO HOME, mixed income development for families is located in Midland, Texas.  Resident incomes range from 30% of AMFIto 50% of AMFI for the 20% of the units that are affordable. A majority of the development units, 80%, are leased at market rates without income restrictions. Rise Residential or their affiliate is the GP and owner of the development partnership along with a CHDO Not for Profit, Housing Services, Inc. Construction and permanent financing for this development was provided by IBC Bank, N.A. The permanent mortgage at stabilization is 4.5% per annum fixed for 15 years, 35-year amortization in the amount of $21.0 million.  The contractor broke ground on the project in December 2013.  It is  100% completion in March 2015.  The property should be 100% occupied as of 7/31/15. The HOME award was $3.0 million. The construction contract is $14.5 million.

Grand Manor Apartments:

 A 120-unit, rehabilitation of an existing two story, garden apartment, community located in Tyler, TX. This redevelopment is a preservation project of a HUD HAP property near Texas College in the City’s North-end Revitalization area. Rise is the fee developer and general contractor for the community. This project was considered at-risk with an expiring HAP contract and was preserved with the acquisition of the property in August 2012 by the partnership. During the 2013 TDHCA application rounds the property received an award of 9% housing tax credits in the amount of approximately $12 million. Resident incomes range from 30% of AMFI to 60% of AMFI. Acquisition, construction and permanent financing for this development will be provided by IBC in the amount of $6.5 million. Greystone offered a rate locked forward funding commitment at 5.4% per annum fixed for 15 years, 35-year amortization permanent mortgage for this property in the amount up to $5,600,000.  The contractor broke ground on the project in December 2013 following the first section of resident relocation.  It was completed in January 2015. The value of the construction contract is approximately $8.0 million.

Colonial Hillcrest and La Posada Apartments, Carlsbad, NM: (sold for $4.4 million)

An 88-unit rehabilitation of an existing two story, garden apartment community, located in the boom town that is Carlsbad, New Mexico. This redevelopment is also a preservation project of an expiring HUD HAP contract. Rise is the fee developer and general contractor for the community. The not of profit partner is NM Inter-faith, ABQ, NM, if necessary. This project was considered at-risk with an expiring HAP contract and was preserved with the acquisition of the property in August 2013 by the partnership. The HUD HAP was marked to market and extended for 20 years. The partnership plans an extensive rehabilitation using MFA of HOME funds combined with a HUD 221 D 4 interim and permanent loan. The partnership was awarded a $500,000 AHP grant via IBC Bank to provide resources to this redevelopment effort. Resident incomes range from 30% of AMFI to 50% of AMFI. A bridge loan was provided by IBC in the amount of $2.0 million. IBC Bank offered a 6% interest only loan for 12 months with a 6 month extension right.  The value of the construction contract is $4.85 million.

Vista Monterrey Apartment Homes, Brownsville, Texas:

A 120-unit new construction, 9% HTC, mixed income development for families is located in the Brownsville Country Club neighborhood. Resident incomes range from 30% of AMFI to 60% of AMFI. A majority of the development units, 60%, are leased at market rates without income restrictions. Rise Residential or their affiliate is the GP and owner of the development partnership. Construction financing for this development will be provided by International Bank of Commerce (IBC) in the amount of $10.0 million. The City of Brownsville made financial contributions to the development totaling $750,000 including a construction period loan. IBC is providing a permanent mortgage at stabilization at 7.5% per annum fixed for 15 years, 30-year amortization permanent mortgage for this property in the amount of $3,250,000.  The contractor broke ground on the project in August 2014. HTC award was $500,000 in annual 9% credits or $5 million total. The construction contract is $10.8 million. 

A representative list of projects (Sonoma principals and affiliates):

Champion Homes at Canyon Creek Family HousingA 100-unit, new-construction, 9% HTC, mixed-income development for families in Brownsville, Texas. Resident incomes range from 30% of AMFI to 60% of AMFI. Sonoma principals are the fee-developer and contractor of the development partnership. Construction financing for this property is provided by International Bank of Commerce (IBC) in the amount of $7.5 million. IBC provided a permanent mortgage take-out at stabilization at 7.25% per annum, fixed for 18 years, 30-year amortization permanent mortgage in the amount of $2.5 million.  The HTC award was $1.348 million in annual 9% credits, which were sold to an investor for $0.79 in September of 2011. The construction contract was for $10.4 million.

Marina Landing Apartments:  A 256-unit, garden-style rental community located at 72nd and Heards Lane, Galveston, TX. This is a demolition rehabilitation of a Hurricane Ike-damaged apartment community. The project financing is based upon allocation of Community Development Block Grant funds from the TDHCA, awarded in March 2010 in the amount of $10 million (no payment fully-subordinated, 2% interest, accrued only, with a balloon in year 30) combined with a forward allocation of housing tax credits. TDHCA awarded credits from the 2010 credit ceiling for the development of $1.65 million in annual credits to fully fund the acquisition and rehabilitation of the community. At least 18 of the units are specially equipped for residents with special needs. Sonoma principals make up the fee developer and general contractor team for the development. Construction financing for this development is provided by IBC Bank using the FHLB CIP program in the amount of $8.0 million. The IBC FHLB funds offers a rate lock, forward funding commitment at 7.60% per annum fixed for 15 years, 30-year amortization, permanent mortgage for this property in the amount up to $8,000,000. The construction contract is for $13.2 million (Equity Provided by Liberty Bankers Life).

Bay Walk Apartments:  A 192-unit, garden style, rental community located at 72nd and Heards Lane, Galveston, TX. This is a demolition rehabilitation of a hurricane Ike damaged apartment community. The project financing is based upon allocation of Community Development Block Grant funds from the TDHCA awarded in December 2009 (same terms as Marina Landing) in the amount of $5.0 million combined with an allocation of hurricane recovery housing tax credits in the 2009 application round. In July 2009, TDHCA awarded the development a tax credit commitment of $1.45 million in annual housing tax credits to fully fund the acquisition and rehabilitation of the community. At least 14 of the units are specially equipped for residents with special needs.

Sonoma principals were the fee developer and contractor team for the development. They are also the long-term owner. Construction financing for this development is provided by IBC in the amount of $7.0 million. IBC\FHLB offered a rate locked forward funding commitment at 7.25% per annum, fixed for 18 years, a 30-year amortization permanent mortgage for this property in the amount up to $7,000,000.  The contractor broke ground on the project in November 2010.  It was completed in October of 2011. The construction contract is for $10.44 million (closed and funded transaction).

Brittany Place Single Family Homes:  A 100-unit, single family home rental community located at Ray Avenue and 58th Street near Hwy 73 in Port Arthur, TX. This is an off-site replacement housing development to recover units lost to Hurricane Rita. This development is undertaken as a joint venture with the Housing Authority of the City of Port Arthur (PAHA). The project financing is based upon allocation of Community Development Block Grant funds from the TDHCA, awarded in September 2007. This is hurricane replacement housing that targets displaced residents of the community earning at or below 80% of AMFI. The Housing Authority has provided approximately 95 project-based rental vouchers to help families in need of direct assistance. Another 15 of the single-family homes are equipped for residents with special needs. The income and rent restriction expires 5 years following construction completion, at which point they may be sold as market-rate homes or affordable housing home ownership.

Sonoma principals made up the fee developer and contractor for PAHA, which is the long-term owner of the development. Construction financing for this development was provided by IBC in the amount of $6.0 million. FNMA offered a rate locked forward funding commitment at 7.27% per annum fixed for 10 years, 30-year amortization permanent mortgage for this property in an amount up to $6,000,000.  The contractor broke ground on the project in May 2009 following the release to work by TDHCA.  The homes were completed in summer 2010. The CDBG grant for this portion of the development is $17.0 million. The construction contract is for $12.44 million.

Brittany Place Townhomes:  A 96-unit, townhome-style rental community located at 3500 Normandy, Port Arthur, TX. This is a demolition reconstruction of an apartment community that was severely damaged by Hurricane Rita. This re-development was undertaken as a joint venture with PAHA. The project financing is based upon allocation of Community Development Block Grant funds from the TDHCA, awarded in September 2007. This is hurricane replacement housing that targets displaced residents of the community who are earning at or below 80% of AMFI. PAHA has provided approximately 25 project-based rental vouchers to help families in need of direct assistance. Another 15 of the townhomes are specially equipped for residents with special needs.

Sonoma principals make up the fee developer and contractor team for PAHA, which is the long-term owner of the development. Construction financing for the development was provided by IBC in the amount of $4.0 million. FNMA offered a rate-locked forward funding commitment at 7.27% per annum, fixed for 10 years, and a 30-year amortization permanent mortgage in the amount up to $4,000,000.  The contractor broke ground on the project in June 2008 following demolition of the previous apartment community.  It was completed in November 2009. 100% occupancy was achieved February 2010. The CDBG grant for this portion of the development is $11.0 million. The construction contract was for $7.95 million.

Candlewick ApartmentsA 132-unit, rehabilitation of an existing two-story, garden apartment community located at 1155 Paredes Line Road, Brownsville, TX. This re-development was undertaken in a joint venture with the Brownsville Housing Authority (BHA). This project was considered at-risk with an expiring HAP contract and was preserved with the acquisition of the property in August 2007 by the partnership following an award of 9% housing tax credits and an allocation of HOME funds from TDHCA and the City of Brownsville respectively. Resident incomes range from 30% of AMFI to 60% of AMFI. Sonoma principals made up the fee developer and contractor team for the BHA, which is the long-term owner of the development. The project received a soft money contribution from the City of Brownsville of $800,000 of HOME funds in the form of a long-term, low-interest loan. The TDHCA awarded $10,760,000 in total credit to this development in the 2007 competitive HTC round, and were sold to the investor at $0.80. Construction financing for this development is provided by IBC in the amount of $8.3 million. FNMA offered a rate-locked forward funding commitment at 7.15% per annum, fixed for 18 years, 30-year amortization permanent mortgage for this property in an amount up to $6,350,000.  The project converted to a perm loan in October 2010. The contractor broke ground on the project in March 2009 following the first section of resident relocation.  It was completed in March 2010. 100% occupancy was achieved in April 2010. 100% of the units are subsidized by 20-year, project-based rental assistance (HAP Contract) from HUD. The construction contract was for $7.5 million.

Alta Vista Senior TowersA 100-unit rehabilitation of a six story, mid-rise, senior tower financed and developed using 9% HTC. This is a mixed income, HUD mixed financed development for seniors age 55 and older located at 303 West 6th Street, Weslaco, Texas. Resident incomes range from 30% of AMFI including public housing units to 60% of AMFI. Sonoma principals made up the fee developer and contractor team for the Housing Authority of the City of Weslaco (WHA), which is the long- term owner of the development. The project received a soft money contribution from WHA of $1.45 million in the form of a long-term, low-interest loan. The TDHCA awarded $5,393,850 in total credit to this development in the 2006 competitive HTC round. The project is eligible for 4% acquisition credits in addition to the 9% HTC award. Construction financing for this development is provided by AIG Sun America in the amount of $1.45 million. AIG Sun America provided a rate locked forward funding commitment at 7.75% per annum fixed for 18 years, 30-year amortization permanent mortgage for this property in the amount of $1,450,000.  The contractor broke ground on the project in May 2008.  It was completed in December 2008. 100% occupancy was achieved November 2009. The construction contract was for $4.65 million.

Centerpointe Home OwnershipA 36 unit single-family home development on 40 scattered lots within an existing single family, Centerpointe subdivision is located at Diamond Boulevard and International (FM 1015), Weslaco, Texas. Residents are vesting with the Section 42 option to own the home for the debt plus the exit taxes at the end of the primary compliance period. The rents are mixed-income with affordable units for families earning 30% to 60% of the 2006 area median income of the Weslaco MSA.  Public units, if any, fall under the 30% to 60% of AMFI category and consist of not less than 10% of the units. All of the units in the community will be covered by income and rent restrictions. Sonoma principals made up the fee developer and contractor team for the Housing Authority of the City of Weslaco (WHA). This is a HUD mixed-finance development.  AIG Sun America is providing construction financing for this development in the amount of $2.0 million. AIG also committed a rate locked forward funding commitment at 7.75% per annum fixed for 18 years, 30-year amortization permanent mortgage for this property in the amount of $1,050,000.  The contractor broke ground on the project in August 2007.  It was completed in April 2008. 100% occupancy was achieved June 2008. AIG provided the perm loan at stabilization. This project received a soft money contribution from WHA for $600,000 plus an assignment of the pubic housing subsidy for the public housing units. The HTC award was $527,676 in annual 9% credits, $5,276,760 total. The construction contract was for $7.25 million.

Tropical Gardens at Boca Chica Family HousingA 158-unit new construction, 9% HTC, mixed-income development for families is located in Brownsville, Texas. This is a HUD mixed finance development.  Resident incomes range from 30% of AMFI including 30% public housing units to 60% of AMFI. A small portion of the development units, 5%, are leased at market rates without income restrictions. Sonoma principals made up the fee developer and contractor team for the Housing Authority of the City of Brownsville, BHA, who is the GP and owner of the development partnership. Construction financing for this development was provided by International Bank of Commerce (IBC) in the amount of $5.5 million. AIG Sun America provided a permanent mortgage at stabilization at 7.15% per annum fixed for 18 years, 30-year amortization permanent mortgage for this property in the amount of $3,250,000.  The contractor broke ground on the project in December 2005.  It was completed in October 2006. 100% occupancy was achieved April 2007. This project received a soft money contribution from BHA for $710,000 plus an assignment of the pubic housing subsidy for the public housing units. BHA received a $750,000 HOPE VI demolition grant to supplement this replacement housing project in the Rio Grande ValleyThe HTC award was $1.082 million in annual 9% credits. AIG Sun America is the equity investor. The construction contract was for $10.4 million.

The Edinburg Senior TowersA 100-unit rehab of an eight story senior tower, 9% HTC, mixed income development for seniors age 55 and older located in Edinburg, Texas.  Resident incomes range from 30% of AMFI including 30% public housing units to 60% of AMFI. Sonoma principals made up the fee developer and contractor team fee developer and contractor for the Housing Authority of the City of Edinburg, EHA, who is the GP and owner of the development partnership. This is a HUD mixed financed development. Construction financing for this development was provided by AIG Sun America in the amount of $4.0 million. AIG Sun America provided a rate locked forward funding commitment at 6.75% per annum fixed for 18 years, 30-year amortization permanent mortgage for this property in the amount of $1,200,000.  The contractor broke ground on the project in June 2006.  It was completed in December 2006. 100% occupancy was achieved April 1, 2007. This project received a soft money contribution from EHA for $1,210,000 plus an assignment of the public housing subsidy for the public housing units. This project received an AHP grant for $350,000 from the FHLBB, Dallas, via IBC Bank, Brownsville in the Fall of 2006. The HTC award was $387,316 in annual 9% credits. The project was eligible for 4% acquisition credits in addition to the 9% HTC award. The non-public housing units are supported by a ten year project based section 8 contract. AIG Sun America is the equity investor. The construction contract was for $3.95 million.

Quail Creek Family HousingA 264-unit new construction development for low and moderate-income families located in Denton, Texas, approximately 15 miles North of Downtown Dallas. The site is located on Brinker Road with access to Loop 288 near the new Denton Regional Medical Center. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $16,800,000. The bonds closed and the contractor broke ground on the project in May 2003.  It was completed in August 2004 and achieved stabilized occupancy in June 2005. The Related Capital Companies is the equity investor in this development. (This project was sold to Provident Realty Advisors in 2004). The construction contract was for $15.25 million.

Rose Court at Thorntree Family Housing: A 280-unit new construction development for low and moderate-income families located in Dallas, Texas, approximately 15 miles South of Downtown Dallas. The site is located on Wheatland Road with access to Hwy 67 near the new Methodist Regional Medical Center. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $16,800,000. The bonds closed and the contractor broke ground on the project in October 2003.  It was completed in October 2004 and achieved stabilized occupancy in June 2005. The Related Capital Companies is the equity investor in this development. (This project was sold to Provident Realty Advisors in 2004).  The construction contract was for $16.25 million.

Champion at Rush Creek Family Housing: A 248-unit new construction development for low and moderate-income families located in Arlington, Texas, approximately 5 miles south of Downtown Arlington. The site is located on Sublett Road with access to Cooper Street. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $16,600,000. The bonds closed and the contractor broke ground on the project in May 2004.  It was completed in April 2005 and is scheduled for 100% occupancy by October 2005. Related Capital Companies is the equity investor in this development. Wachovia Bank N.A. was the Letter of Credit provider during the interim construction. The LC has been released at this time. This development has achieved stabilized occupancy and converted to permanent in May 2007. (This project was sold to CCG in December 2008).  The construction contract was for $14.75 million.

Champion Town Homes on the Green Family Housing: A 238-unit new construction development for low and moderate-income families located in Houston, Texas, approximately 15 miles North of Downtown Houston. The site is located on Veterans Memorial Parkway at Beltway 8, with direct access to the George Bush International Airport. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $16,200,000. The bonds closed and the contractor broke ground on the project in February 2004.  It was completed in April 2005. The Related Capital Companies is the equity investor in this development. This development has achieved stabilized occupancy and converted to permanent in May 2007. (This project was sold to CCG in December 2008). The construction contract was for $15.15 million.

Champion at Marshall Meadows Mixed Income Family Housing: A 250-unit new construction development for families of mixed income from 60% of AMFI to market rate housing located in San Antonio, Texas, approximately 10 miles South of Downtown San Antonio. The site is located on Loop 410 at Espada Road near the site of the new Texas A&M campus on the Mission Trails. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $14,260,000. Soft money was loaned into the development partnership by TSAHC, the issuer for $500,000 and $250,000 by Bexar County in the form a HOME funds grant to the non profit GP and a loan to the project partnershipThe bonds closed and the contractor broke ground on the project in March 2005.  It was completed in July 2006 and was 100% occupied by September 2007. The Related Capital Companies is the equity investor in this development. It is 60% market rate 40% affordable. (This project was sold to CCG in December 2008). The construction contract was for $16.35 million.

Champion at Port Royal Family Housing: A 250-unit new construction development for families of low and moderate income at or below 60% of AMFI to market rate housing located in San Antonio, Texas, approximately 5 miles Southwest of Downtown San Antonio. The site is located at 5300 Military Parkway near the entrance to Lackland Air Force Base. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $12,200,000. The bonds closed and the contractor broke ground on the project in April 2005.  It was completed in May 2006 and was 100% occupied by April 2007. The Related Capital Companies is the equity investor in this development. (This project was sold to CCG in December 2008). The construction contract was for $14.5 million.

Champion at Mission Del Rio Family Housing: A 240-unit new construction development for families of low and moderate income at or below 60% of AMFI to market rate housing located in San Antonio, Texas, approximately 3 miles South of Downtown San Antonio. The site is located at Riverside Drive off of South Presa. The cross street is VFW Boulevard, formally East White, near the entrance to the historic Mission San Jose. The site runs along the banks of the San Antonio River. Mission County Park is directly adjacent to the site. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $11,490,000. The bonds closed and the contractor broke ground on the project in May 2007.  It was completed in May 2009.  100% occupancy was achieved by June 2009. The Related Capital Companies is the equity investor in this development. (This project was sold to CCG in December 2008). The construction contract was for $16.8 million.

Villas at Winkler Senior Housing: A 234-unit new construction development for low and moderate-income seniors age 55 years and older located in Houston, Texas, approximately 5 miles south of Downtown Houston. The development targets senior at or below 50% and 60% of AMFI. The site is located just off of I-45 at Monroe with access to Hobby Airport. Medical service providers surround the property location. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $11,450,000. The bonds closed and the contractor broke ground on the project in April 2005.  It was completed in June 2006 and was 100% occupancy by December 2008. principals made up the fee developer and contractor team for the Housing Authority of the City of Houston, HACH, who is the GP and owner of the development partnership. The Related Capital Companies is the equity investor in this development. (This project was sold to CCG in December 2008). The construction contract was for $12.05 million.

Champion Town Homes at Pecan Grove Family Housing: A 250-unit new construction development for families of low and moderate income at or below 50% and 60% of AMFI located in Dallas, Texas, approximately 8 miles South of Downtown Dallas in the Pleasant Grove area. The site is located at 3131 Simpson Stuart Road near Paul Quinn College. The site is contiguous to the successful Homes of Persimmons development. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $14,030,000. The bonds closed and the contractor will break ground on the project in May 2005.  It was completed in June 2006 and was 100% occupied by December 2006. The Related Capital Companies is the equity investor in this development (this project was sold to CCG in December 2008). The construction contract was for $16.9 million.

Experience prior to the formation of  Sonoma Housing Advisors:

The Villas at Remond: A 131-unit new construction development for independent senior citizens age 60 and over located in Dallas, Texas.   Construction and permanent financing were provided by Bank One, and Related Capital purchased the tax credits. Remond reached 100% occupancy by December 2000. The projects permanent loan is a 30-30 at 8.0% fixed , FNMA cash forward that funded in January 2001. The Related Capital Companies is the equity investor in this development.

The Villas at Greenville: A 128-unit new construction development for independent seniors age 60 and over located in Greenville, Texas, approximately 60 miles east of Dallas. Construction financing for this development has been provided by Chase Bank of Texas. First Union committed a 15-year, 30-year amortization permanent mortgage for this property in the amount of $3,715,000.  The contractor broke ground on the project in December 1999.  The property is 100% occupancy and converted to the Fannie Mae perm loan on March 31, 2002. The Related Capital Companies is the equity investor in this development.

The Oaks at Hampton: A 250-unit new construction development for independent seniors age 55 and over located in Oak Cliff, Texas, approximately 5 miles South of Downtown Dallas.  Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $10,060,000. The City of Dallas provided $1.5 million of CDBG and Neighborhood Renaissance funding at very low interest for 18 years to support construction of the development.  The bonds closed and the contractor broke ground on the project inMay 2000.  It was completed in October 2001. It reached stabilized occupancy in March 2002. It is currently 100% occupied. This development was recognized by HUD as a “model for affordable housing” in 2002.  The Related Capital Companies is the equity investor in this development.

The Parks at Westmoreland: A 250-unit new construction development for independent seniors age 55 and over located in DeSoto, Texas, approximately 7 miles South of Downtown Dallas.  This project is the second phase of the successful Courtyards at Kirnwood development. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $10,060,000. The bonds closed and the contractor broke ground on the project inJuly 2000.  It was completed in March 2002and was 100% occupancy by July 2002. This development was recognized by the NAHB for its marketing material with a “Pillars of the Industry” Award in 2002. The Related Capital Companies is the equity investor in this development.

Medical Center Gardens: A 100-unit new construction development for families located in the UT Southwest Medical Center Hospital District in Dallas, Texas.  Construction financing for this development was provided by Bank One Texas. PW Funding, a FNMA DUS, committed an 18-year, 30-year amortization permanent mortgage for this property in the amount of $5,000,000. The contractor broke ground on the project in December 2000.  It was completed in March 2002  and 100% occupied by May 2002. This project was a cooperative venture with El Dorado Housing Development Corporation. This is mixed income project, 70% LIHTC income restricted units and 30% of the units at Market Rate. The Related Capital Companies is the equity investor in this development.

Hillsboro Gardens Apartments: A 76-unit new construction development for families located in Hillsboro, Texas, 90 miles south of Dallas between Waco and Austin.  Construction financing for this development will be provided by Bank One Texas. PW Funding, a FNMA DUS, committed an 18-year, 30-year amortization permanent mortgage for this property in the amount of $2,000,000. The contractor broke ground on the project in December 2000.  It was completed in December 2001. 100% occupancy was achieved  March2002. This project is a cooperative venture with Villas Buenas, Inc. The Related Capital Companies is the equity investor in this development.

Bluffview Villas Senior Housing: A 250-unit new construction development for independent seniors age 55 and over located in Denton, Texas, approximately 15 miles North of Downtown Dallas.  This project was the first unanimous zoning case in Denton in 20 years. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $10,700,000. The bonds closed and the contractor broke ground on the project in May 2001.  It was completed in October 2003. It is expected to reach stabilized occupancy in the summer of 2003. The Related Capital Companies is the equity investor in this development. This project received an AHP grant for $500,000 from the FHLBB, Dallas.

Knollwood Villas Family Housing: A 264-unit new construction development for low and moderate-income families located in Denton, Texas, approximately 15 miles North of Downtown Dallas.  This project was approved by PD in a six to one zoning case in Denton. The site is located on McKinney Street with access to Loop 288. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $13,750,000. The bonds closed and the contractor broke ground on the project in June 2001.  It was completed in December 2002 and is scheduled for 100% occupancy by June 2003. The Related Capital Companies is the equity investor in this development.

Arbors at Creekside Senior Housing: A 176-unit new construction fee development for independent seniors age 55 and over located in Austin, Texas, approximately 3 miles north of the State Capitol.  The project is a corner parcel at I-35 and Hwy 290. This project is owned by an affiliate of the City of Austin, Austin Housing Finance Corporation, AHFC. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $8,600,000 and a taxable tail of up to $800,000. The bonds closed and the contractor broke ground on the project in June 2001.  It was completedin December 2002 and is scheduled to be 100% occupancy byMarch   2003. The City of Austin contributed the land to the project, which also enjoys 100% ad valorum tax abatement. The Related Capital Companies is the equity investor in this development. This community won a Meritorious Achievement Award for the National Council of Local Housing Finance Companies. This project received an AHP grant for $500,000 from the FHLBB, Dallas.

Shadow Mountain Family Housing: A 144 unit new construction development for low and moderate income families located in Colorado Springs, CO, approximately 3 miles North of Downtown on North Nevada Avenue.  This project was approved for a special use permit in a zoning case in July 2001. The site is located on North Nevada Avenue near the intersection with Garden of the Gods Boulevard.  Construction and permanent financing for this development will be provided by Amac and Related Capital Companies through a sale of the 9% LIHTC tax credits. The developer planned to close the land and break ground on the project in September 2001. This project is the largest recipient of tax credits in Colorado in 2001.  It was completed in June 2003 and achieved 100% occupancy in January 2004. The Related Capital Companies is the equity investor in this development. This project received an AHP grant for $350,000 from the FHLBB, Topeka. It also received HOME funds in the form of a long term low interest loan through the City of Colorado Springs in the amount of $400,000.

Hillside Family Housing: A 236 unit new construction development for low and moderate income families located in Dallas, Texas, located on Loop 12 and Trailglen Drive in the Pleasant Grove area of Dallas. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $14,250,000. The partnership closed the bonds and broke ground on the project in December 2001.  It was completed in December 2002 and achieved 100% occupancy in December 2003. The Related Capital Companies is the equity investor in this development. This project received an AHP grant for $500,000 from the FHLBB, Dallas.

Oak Hollow Family Housing: A 153 unit new construction development for low and moderate income families located in Dallas, Texas, located on the East corner of Ledbetter Road and Bonnie View. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $10,750,000. The bonds closed and the contractor broke ground on the project in December 2001.  It was completed in February 2003. It is projected to be 100% occupied by April 2003. The Related Capital Companies is the equity investor in this development. This project received an AHP grant for $500,000 from the FHLBB, Dallas. The City of Dallas provided funding of $1.4 million of CDBG and neighborhood renaissance monies to this development.

Highland Gardens Apartments: A 174-unit new construction development for families located in Harlingen, Texas.  Construction financing for this development was provided by Chase Bank of Texas. Community Development Trust provided a rate locked forward funding commitment at 7.75% per annum fixed for 18 years, 30-year amortization permanent mortgage for this property in the amount of $4,550,000.  The contractor broke ground on the project in March 2002.  It was completed in March 2003. 100% occupancy is anticipated to be achieved July 2003. This project is a cooperative venture with Casa Linda Development, Inc.  This project received an AHP grant for $500,000 from the FHLBB, Dallas, via IBC Bank, Brownsville. The Related Capital Companies is the equity investor in this development.

El Dorado Townhomes: A 146-unit new construction development for families located at Hwy 48 and Robindale Road in Brownsville, Texas.  Construction financing for this development was provided by Chase Bank of Texas. Community Development Trust provided a rate locked forward funding commitment at 7.75% per annum fixed for 18 years, 30-year amortization permanent mortgage for this property in the amount of $3,950,000.  The contractor broke ground on the project in March 2002.  It was completed in March 2003. 100% occupancy was achieved in July 2003. This project is a cooperative venture with El Dorado Housing Development, Inc. This project received an AHP grant for $500,000 from the FHLBB, Dallas, via IBC Bank, Brownsville. The Related Capital Companies is the equity investor in this development.

Villas of Cedar Hill Senior Housing: A 132 unit new construction development for independent seniors age 55 and over located in Cedar Hill, Texas, East of Beltline Road and Joe Wilson Parkway. Construction and permanent financing for this development was be provided by the Prudential Fannie Mae DUS. AIG Sun America is the equity investor in the 9% LIHTC tax credits. The land acquisition closed and the contractor broke ground on the project in May 2002.  It was completed in March 2003. It achieved stabilized occupancy through the pre-leasing period. It was 100% occupied by December 2003. This is a mixed income development, 60% of the units are affordable the other 40% are market rate.

The Town Homes at Timbercreek: A 100 unit new construction townhouse development for families located in Dallas, Texas, located at I-20 and Polk Street near the site of the new University of North Texas, Dallas campus. Construction and permanent financing for this development was provided by the Prudential Fannie Mae DUS. Sun America is the equity investor in the 9% LIHTC tax credits. The land acquisition closed and the contractor broke ground on the project in May 2002.  This project is a cooperative venture with B & L Development, Inc. It reached completion in June 2003 and 100% occupancy by October 2003. Over 80% of the units were pre leased during construction. The community is a mixed income development, 60% of the units are affordable the other 40% are market rate.

Clarkridge Villas Family Housing: A 264-unit new construction development for low and moderate-income families located in Dallas, Texas, approximately 5 miles South of Downtown Dallas. The site is located on Clarkridge Drive and Clark Road with access to I-20 at Mountain Creek Parkway. The community families are served by the prestigious Duncanville School District Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $15,000,000. The bonds closed and the contractor broke ground on the project in September 2002.  It was completed in December 2003. It was forecast to achieve 100% occupancy by June 2004. The Related Capital Companies is the equity investor in this development.

Heatherwilde Villas Family Housing: A 256-unit new construction development for low and moderate-income families located in Pflugerville, Texas, approximately 5 miles North of Downtown Austin. The site is located on Yellow Sage Road with access to I-35 close by the community. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $14,750,000. The bonds closed and the contractor broke ground on the project inSeptember 2002.  It was completed in December 2003. It was scheduled for 100% occupancy by June 2004. The Related Capital Companies is the equity investor in this development.

Pleasant Valley VillasFamily Housing: A 280-unit new construction development for low and moderate-income families located in Austin, Texas, approximately 1 mile South of Downtown Austin. The site is located on Oltorf Street and Pleasant Valley Road. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $16,500,000. The bonds closed and the contractor broke ground on the project in October 2002.  It was completed in December 2003 and is scheduled for 100% occupancy by June 2004. The Related Capital Companies is the equity investor in this development. Approximately half the livings units are duplexes the balance are garden apartments.

Hickory Trace Family Housing: A 180-unit new construction townhouse style development for low and moderate-income families located in Dallas, Texas, approximately five miles South of Downtown Dallas.  The development zoning was unanimously approved by the Dallas City Council for this specific use. The site is located on Westmoreland Street just north of the intersection with Wheatland Road adjacent to Charlton Methodist Hospital. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $12,500,000. The bonds closed and the contractor broke ground on the project in November 2002.  It was completed in December 2003 and was scheduled for 100% occupancy by June 2004. The Related Capital Companies is the equity investor in this development.

Southern Oaks Family Housing: A 256-unit new construction development for low and moderate-income families located in Denton, Texas, approximately five miles East of Downtown Dallas. The development zoning was unanimously approved by the Dallas City Council for this specific use The site is located on McKinney Street with access to Loop 288. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $13,750,000. The bonds closed and the contractor broke ground on the project in June 2001.  It was completed in December 2002 and was scheduled to achieve 100% occupancy by June 2003. The Related Capital Companies is the equity investor in this development.

Primrose SA II Family Housing: A 280-unit new construction development for low and moderate-income families located in south San Antonio, Texas, approximately 10 miles south of downtown. The San Antonio City council unanimously approved the land sue for this community. The site is located on Palo Alto (Hwy 16) and Loop 410 near Palo Alto College. Construction and permanent financing for this development has been provided by Charter Mac through a tax exempt bond offering for $15,000,000. The bonds closed and the contractor broke ground on the project in December 2003.  It was completed in December 2003 and was scheduled for 100% occupancy by June 2004. The Related Capital Companies is the equity investor in this development. The partnership is owned and controlled by the Housing Authority of Bexar County.

Pleasant Valley Courtyards: A 163-unit new construction development for families located in Austin, Texas.  Construction financing for this development will be provided by Chase Bank of Texas. GMAC’sFNMA DUS will provide a rate locked forward funding commitment at 7.05% per annum fixed for 18 years, 30-year amortization permanent mortgage for this property in the amount of $7,250,000.  The development received nine percent LIHTC in July 2002 and met carryover in November 2002. It was completed in June 2003 and was scheduled for 100% occupancy by January 2004. This project is a cooperative venture with El Dorado Housing Development, Inc. GMAC is the equity investor in this development.

Heatherwilde Estates: A 176 unit new construction development for families located in San Antonio, Texas. Construction and permanent financing for this development will be provided by GMAC Fannie Mae DUS. GMAC is the equity investor in the 9% LIHTC tax credits. The land acquisition closed in November 2002. The project is a cooperative venture with B & L Development, Inc. and its principal, Bobby Leopold. GMAC’sFNMA DUS will provide a rate locked forward funding commitment at 7.05% per annum fixed for 18 years, 30-year amortization permanent mortgage for this property in the amount of $4,750,000.  The development received nine percent LIHTC in July 2002 and met carryover in November 2002. It was completed in December 2004 and was scheduled for 100% occupancy by June 2005. This project is a cooperative venture with B & L Development, Inc. The community is a mixed income development, 80% of the units are affordable and the other 20% are market rate. The partnership was to be owned and controlled by the Housing Authority of Bexar County.