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BOOK _wry "J Qt Jul, <br />CASE STUDY: NEW CONSTRUCTION <br />ELDERLY MARKET <br />THE GROVES OF DELRAY <br />LOCATION: Delray Beach, Florida — 142 acre site <br />IMPROVEMENTS: 158 Apartment homes. 86 one -bedroom (639 sq.ft.) <br />72 two-bedroom, two bath apartments (900 sq.ft.) <br />Amenitites include: swimming pool; whirlpool spa; car care center, <br />shuffleboard courts; 5,550 square foot recreation/office building with full <br />kitchen and fitness center, laundry building. <br />Senior -related amenities include: Emergency medical call button system <br />connected to a nearby hospital. Free hot meal each weekday in the <br />clubhouse. An activities director and free transportation for shopping, <br />hospital and medical visits. <br />RENT STRUCTU_RE: 100% of the units affordable to persons earning 60% <br />of Palm Beach County median income. One -bedroom unit $464. per <br />month and two-bedroom unit $550. per month. Leased solely <br />to households with at least one person age 55 years and above. <br />Now'... <br />W�a <br />_ l' <br />COST <br />DMIRCREMoN <br />�'R <br />Building Construction <br />1RF' <br />4,280,000 <br />Site Improvements <br />1,434,000 <br />Hard Cost Contingency <br />200,000 <br />Land <br />948,000 <br />Soft Costs <br />1,658,000 <br />Personal property <br />110,000 <br />ImpactFees; Water/Sewer <br />582,000 <br />TOTAL 9,212,000 <br />February 27, 1997 <br />FINANCING STRUC JItE <br />(Closed April 1994) <br />SOURC 3= <br />DMIRCREMoN <br />AMSLIIl!lT <br />Community Financing <br />IN�RF�T RATE <br />Consortium, Inc. LOAN <br />Florida Housing <br />Ist MORTGAGE <br />3,300,000 85% 15/20yr. <br />Finance Agency LOAN <br />Palm Beach County LOAN <br />2nd MORTGAGE <br />3rd MORTGAGE <br />1,502,000 3% 15yr. <br />TtansAmcica EQUITY <br />SALE OF TAX <br />400,000 3% 15yr. <br />4,009,998 <br />INVESTMENT <br />CREDIT <br />ON <br />TOTAL 9,212,000 <br />DEVELOPER <br />Florida Affordable Housing ,Inc. and Epoch Properties, Inc. <br />