HTG New Development Press Release Questionnaire – AF Comments

HTG QUESTIONS FOR NEW DEVELOPMENTS PRESS RELEASES

What is the exact name and address of the property?

  • Development Name: Shoreline Villas
  • Address: 203 Dates Ave NW, Fort Walton Beach, FL 32548

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

  • Shoreline Villas is a 72-unit new construction, 3-story garden style development for Seniors 62 years and older. Situated on 4.55 acres of land in Okaloosa County, Shoreline Villas will feature 44 – 1BD/1BA units (650 SF) and 28 – 2BD/2BA units (872 SF).

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

  • Shoreline Villas will have a wide variety of amenities:
    • An 800 SF luxury style swimming pool, putting green, pickle ball court, firepit, dog park, community garden and a walking path with a trellis area.
    • A 3,155 SF internal clubhouse with an activity room featuring a catering kitchen and bar (1,183 SF), breakroom (148 SF), maintenance shop (256 SF), living room area (835 SF), theater room (275 SF) and a fitness center (458 SF).
    • The clubhouse will open to a 1,127 SF covered patio overlooking the pool and outdoor amenities

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

  • 90% of units (64) are set aside for residents earning 60% of AMI or below
  • 10% of units (8) are set aside for residents earning 33% of AMI or below

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

  • Total Development Cost: $15,635,992

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.

  • Funding sources include $10.4 million in 9% Low Income Housing Tax Credit Equity (LIHTC) provided by Raymond James, a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank.

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

When is construction slated to begin/complete?

  • Construction Start: May 2021
  • Construction Completion: May 2022

When is leasing slated to begin?

  • Leasing to begin January 2020

What is the range of monthly rent?

  • $482 to $1,053

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

  • Residents will receive the following resident services and programs:
  • Adult Literacy Training
  • Daily Activities
  • Assistance with Light Housekeeping, Grocery Shopping and/or Laundry

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

  • General Contractor: HTG Hennessy, LLC
  • Architect: PQH Group
  • Engineer:Choctaw Engineering
  • Landscape Architect: Booth Design Group
  • Interior Design: Cristina Stiles

What else is notable that ought to be highlighted?

  • Shoreline Villas will deliver much-needed first class affordable senior housing to residents that need it the most. The Northwest region of Florida has experienced significant population growth over the last decade. The shortage of housing and increased demand has driven homes prices and rental rates up. A substantial savings on housing costs will create more opportunity and financial flexibility for residents of Shoreline Villas.