A Synopsis of 2011 The NC Affordable Housing Conference Loans

Volume 22, Issue 1
CICCAR NEWSLETTER
February 3, 2012
Inside this issue
A Synopsis of 2011...........1
Loans Available for Participation.......................................1
The NC Affordable Housing Conference..................................1
CICCAR-Financed Property Photos.......................................2-3
Loan Closings & Extension Report.......................................4
Development Update Report.......................................5
Energy Efficient Mortgage and
Real Estate CE Training........6
Loans Approved and for sale to
Members................................7
A Synopsis of 2011
In 2011 CICCAR issued 18 new loan commitment letters which included
3 senior and 15 multifamily developments; 15 new construction developments and 3 adaptive reuse developments, totaling $20.8 million.
In 2011 CICCAR closed 31 loans which included 8 senior developments, 23
multifamily developments; 25 new construction properties and 6 adaptive
reuse properties, totaling $27.5 million.
CICCAR co-hosted the 2011 NC Affordable Housing Conference which
had over 900 attendees, 41 sponsors and 32 exhibitors.
We thank our members for their support and participation!
Loans Available for Member Participation
The CICCAR Board of Directors reviewed and approved for sale to our
member banks: Pool #284, Rowan Pointe Apartments, which is completed and located in Mocksville, NC; and Pool #285, Cottages at Azalea
Apartments, to be located in Lancaster, SC. Rowan Pointe Apartments is
95% leased and we’re working toward closing this loan in the first quarter
of 2012! Please consider participating in both of these CRA loan pool opportunities. Go to page 7 for further details.
The NC Affordable Housing Conference
Thank you to everyone who attended the 2011 NC Affordable Housing
Conference on November 1-2, 2011 at the Raleigh Convention Center. This
year was our biggest conference yet with over 900 registrants! This day and
a half event had attendees from the entire east coast with an excellent array
of speakers.
A heartfelt thank you to all of our sponsors! Please save the date for our
next conference, September 27-28, 2012, to be held at the Raleigh Convention Center. For sponsorship and exhibitor opportunities, please contact
shellie@ncbankers.org.
North Carolina CICCAR-Financed Properties
Sandy Ridge Apartments, Wendell, NC
Carolina Cove Apartments, Greenville, NC
Rivers Edge & Rivers Retreat, Elizabeth City, NC
Chapel Ridge Apartments, Roanoke Rapids, NC
Nathaniel Village, Greenville, NC
Cottages at Glendale Apartments, Wilson, NC
2
South Carolina CICCAR-Financed Properties
Brookhollow Apartments, Sumter, SC
Madison Station II Apartments, Columbia, SC
Cypress Place Apartments, Columbia, SC
Pebble Creek Apartments, Lexington, SC
Hampton Crest & Hampton Greene, Anderson, SC
Springhollow Apartments, Sumter, SC
3
Loan Closing Report
We anticipate the following loans will close in the next three months:
Pool
Pool
Pool
Pool
Pool
Pool
Pool
Pool
226, Rivers Retreat Apartments, Elizabeth City, NC
231, Glenwood Hills Apartments, Morganton, NC
240, Pebble Creek Apartments, Lexington, SC
247, Pinecrest Green Apartments, Charleston, SC
253, The Villas at Horizon Village Apartments, N. Charleston, SC
257, Scottish Glen II Apartments, Laurinburg, NC
282, Heatherwood Apartments, Anderson, SC
284, Rowan Pointe Apartments, Mocksville, NC
Recent loan closings:
Loan #238211, Clinton Green Apartments, Clinton, SC, closed on September 8, 2011 for $400,000
Loan #254212, Cotton Mill Village Apartments, Rock Hill, SC, closed on September 19, 2011 for $809,000
Loan #216213, Sandy Ridge Apartments, Wendell, NC, closed on October 11, 2011 for $1,267,735
Loan #225214, River’s Edge Apartments, Elizabeth City, NC, closed on October 13, 2011 for $580,000
Loan #239215, Brooke Pointe Apartments, Concord, NC, closed on November 8, 2011 for $2,299,646
Loan #230216, Windsor Crossing Apartments, Lumberton, NC, closed on November 8, 2011 for $630,000
Loan #189217, Cleveland Ridge Apartments, Kings Mountain, NC, closed on November 29, 2011 for $300,000
Loan #190218, Kings Falls Apartments, Kings Mountain, NC, closed on November 29, 2011 for $250,000
Loan #229219, Carolina Cove Apartments, Greenville, NC, closed on December 15, 2011 for $988,802
Loan #250220, Brookside Gardens Apartments, Greenville, SC, closed on December 21, 2011 for $900,000
Loan #224221, Crystal Springs Apartments, Greenville, NC, closed on December 21, 2011 for $880,627
Loan #251222, Highland Terrace Apartments, Cary, NC, closed on December 28, 2011 for $1,170,000
Loan #243223, Hampton Crest Apartments, Anderson, SC, closed on December 28, 2011 for $1,085,854
Loan #241224, Villas at Logan Gardens Apartments, Concord, NC, closed on December 29, 2011 for $1,050,000
Loan #236225, Soco Creek Apartments, Cherokee, NC, closed on December 29, 2011 for $796,534
Loan #249226, Crowfield Greene Apartments, Goose Creek, SC, closed on January 18, 2012 for $900,000
Loan #235227, Enfield School Apartments, Enfield, NC, closed on January 24, 2012 for $247,493
Loan #244228, Hampton Greene Apartments, Anderson, SC, closed on January 25, 2012 for $1,865,000
Loan #210229, Cottages at Glendale Apartments, Wilson, NC, is closing on February 7, 2012 for $591,421
4
Cotton Mill Village Apartments, Rock Hill, SC
4
Martinsville Loft Apartments, Martinsville, VA
Development Update Report
Pool # Project Name
223
226
231
232
233
240
242
247
253
256
257
258
261
263
264
265
266
267
268
269
270
272
273
274
275
276
278
279
280
281
282
283
Location
Eno Haven
Hillsborough, NC
Rivers Retreat
Elizabeth City, NC
Glenwood Hills
Morganton, NC
Mebane Mill Lofts
Mebane, NC
Martinsville Lofts
Martinsville, VA
Pebble Creek
Lexington, SC
Powell Spring
Pittsboro, NC
Pinecrest Greene
Charleston, SC
The Villas at Horizon VillageN. Charleston, SC
Ashebrook Park
Wilson, NC
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 Lynchburg, VA
Ellsworth Commons
Greenville, NC
Summerville
Summerville, SC
Heatherwood
Anderson, SC
Chestnut Place
Sumter, SC
Stage of Completion
Construction complete - leasing the units - anticipate closing in June
Construction complete - anticipate closing February
Construction complete - anticipate closing February
Renovation complete - leasing the units
Renovation complete - leasing the units
Construction complete - anticipate closing in February
Construction complete - leasing the units
Construction complete - anticipate closing in February
Construction complete - 100% occupied - anticipate closing in Feb.
Construction complete - leasing the units
Construction complete - anticipate closing in February
Construction complete - leasing the units
Construction 45% complete
Construction 15% complete
Construction complete - leasing the units
Construction 60% complete
Construction complete - leasing the units
Construction complete - leasing the units
Construction complete - leasing the units
Construction 15% complete
Construction 85% complete
Construction 23% complete
Renovation 50% complete
Construction underway
Construction underway
Construction underway
Construction underway
Construction underway
Closing Equity and construction loan
Closing Equity and construction loan
5
anticipate closing in February
Closing Equity and construction loan
Energy Efficient Mortgage and
Real Estate CE Training
Ushering in the future of housing
Continuing Education for
Real Estate Brokers, Appraisers & Mortgage Lenders
Join the NCEEA and other real estate professionals for a groundbreaking half-day seminar exploring energy efficiency in the housing industry. Real Estate Brokers, Mortgage Lenders, and
Appraisers who attend will be able to qualify for CE credits from their respective providers. A
plenary session on current trends in energy efficient construction will be followed by breakout seminars on topics specific to each industry professional.
Specific topics for Mortgage Lenders include:
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9am - 1pm. (Lender CE finishes at noon)
Lunch included. See website for details.
LOCATIONS
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TO REGISTER, VISIT:
www.ncenergystar.org
QUESTIONS?
hurstnr@email.appstate.edu
The CICCAR Board of Directors reviewed and approved for sale to our members the following loan
requests:
Pool #284, Rowan Pointe Apartments, a 60-unit family development located in Mocksville, NC, is being developed by Landmark Asset Services, Inc. This development provides 12 onebedroom units, 24 two-bedroom units and 24 three-bedroom
units to families earning 50%/60% of the area median income.
The property has received Exchange Funds, a grant from the
Federal Home Loan Bank and state tax credits. The first mortgage request is for $1,508,374. Rowan Pointe Apartments is
95% leased and we’re working toward closing this loan in the
first quarter of 2012!
Pool #285, Cottages at Azalea Apartments, a 48-unit family
development to be located in Lancaster, SC, is being developed
by Pendergraph Development, LLC. This development will provide 8 one-bedroom units, 24 two-bedroom units and 16 threebedroom units to families earning 50%/60% of the area median
income. The property has received federal low income tax credits. The first mortgage request is for $722,000.
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: shellie@ncbankers.org