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CASE STUDY: MIXED -USE <br />CQUISITIONIREHABILITATIO <br />HARRIS MUSIC BUILDING APARTMENTS <br />LOCATION: Downtown West Palm Beach, Florida <br />HISTORY: Originally built in 1907 as the Palm Beach Mercantile Company <br />1. Building <br />NEW MIXED-USE: Re -developed into a six story, 41,250 sq.ft. building <br />Residential: thirty-eight (38) one -bedroom apartments <br />Retail: 5,000 sq.ft. of ground level retail. A bookstore will occupy the <br />ground level space. <br />RENT STRUCTURE: 100% of the units affordable to persons earning 60% <br />or below 9f Palm Beach County median income. Each unit $429Jmonth <br />COST STRUCTURE <br />Acqusition <br />500,000 <br />Rehabilitation <br />1,281,300 <br />Development do Soft Cost <br />342,985 <br />Legal; Impact Fees; Appraisals; <br />SOURCE <br />Accounting; Architectural; Taxes; <br />DESCRIPTION <br />Insutance; Loan Foes; Marketing; <br />Community Financing <br />Start-up; Reserves; Engineering <br />387,169 <br />TOTAL 2.511,454 <br />TOTAL 2,511,454 <br />9% 1520yr. <br />3% 15yr. <br />5% 15yr. <br />DEVELOPER <br />Harris Housing Limited Partnership (General Partner is Boston Capital Properties, Inc.) <br />February 27, 1997 <br />'FINANCING <br />STRUCTURE <br />(Closed February 1994) <br />SOURCE <br />niE <br />DESCRIPTION <br />AM0[il!rT <br />Community Financing <br />Consortium, Inc. <br />LOAN <br />1st MORTGAGE <br />665,000 <br />City WPB <br />(section 108) <br />LOAN <br />2nd MORTGAGE <br />495,000 <br />WPB(DDA <br />LOAN <br />3rd MORTGAGE <br />200,000 <br />WPBIDDA <br />RETAIL <br />50,000 <br />GRANT <br />WPBIDDA <br />GRANT <br />50,000 <br />Boston Capital <br />EQUITY <br />SALE OF TAX <br />Part ne t, Inc. <br />INVESTMENT <br />CREDIT <br />1,051,454 <br />TOTAL 2,511,454 <br />9% 1520yr. <br />3% 15yr. <br />5% 15yr. <br />DEVELOPER <br />Harris Housing Limited Partnership (General Partner is Boston Capital Properties, Inc.) <br />February 27, 1997 <br />