Mixed Income Housing Development 2012 by kmilchman

G U L E S I A N WAREHOUSE

Jared P re s s & Kari M ilc hman M ixe d -I nc o me H o us ing Deve lo pment Fall 201 2 | Pete r Roth Depar tme nt o f U rb an Studie s & P lanning , M I T

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The historic Gulesian warehouse on Brookline Street in Cambridge, MA, has been identified for a low- and moderate-income housing development aimed at preserving socioeconomic diversity within the rapidly gentrifying neighborhood of Cambridgeport, MA. A highly mixed-use community with numerous amenities and in close proximity to multiple modes of mass transit, this site is prime for redevelopment. In a high-cost neighborhood like this, affordable housing is vital to preserve social and cultural vibrancy. Given recent economic conditions, including elevated rates of unemployment, moderate- and low-income residents are particularly vulnerable to displacement. Gulesian Warehouse aims to stabilize this groupâ&#x20AC;&#x2122;s footing in Cambridgeport through the provision of 60 affordable units spread across two buildings on a site with a shared courtyard and parking at grade. At 55,020 square feet, 130 Brookline Street features 50 rental units at 60% AMI, leasing from $1,027/month for a studio to $1,526/month for a 3-bedroom apartment. Two-bedroom units make up 50% of the mix, leasing for $1,321/month. 17 Tudor Street is 15,600 square feet and includes 10 2-bedroom, for-sale units at 80% AMI ($197,000) and 6 at market rate ($500,000). Both buildings are affordable in perpetuity, providing a long-term place in Cambridgport for low- and moderate-income families.

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The Boston skyline as seen from Cambridgeport

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EXECUTIVE SUMMARY

Built in the early 1920s, the Gulesian building at 130 Brookline Street has been home to various tenants. From the beginning, the warehouse was used largely by businesses in the automobile industry, such as repair shops and later car dealerships. Now, the building has been vacant for a little more than a decade. Despite its disuse, the structure and its architectural detail remain as a reminder of the history of this former industrial area.

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130 Brookline circa the 1970s

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The Cambridgeport neighborhood, particularly along the southeastern edge, has experienced significant development in recent years. University Park, a mixed-use project dating back to the 1980s, is comprised of office and laboratory buildings, several biotechnology companies, residential developments, retail areas, and parks and open space.

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HISTORY

Prior tenant Fisk Alden circa the 1930s

Proximity to mass transit is one of the key assets of this site. It is located within one-half mile of the Central Square Red Line T Station. It is also served by multiple MBTA buses, including the #47 Bus, which stops at the intersection of Brookline Street and Tudor Street, the northwest corner of the site. Less than a mile away are four bridges over the Charles River, as well as access points to Interstate 90.

PROJECT SITE

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1 CT1

CT2

commercial node green space red line green line

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At the site level, Gulesian Warehouse is located between two zones: To the northeast is dense residential fabric consisting of multi- and singlefamily homes, and to the south is University Park. Within this context, the site is poised to serve as a transitional piece or seam stitching these two sides of the neighborhood together.

Cambridgeport, MA

bus line

religious institution

school

grocery social service

0’

500’ 1,000’

100 m 500 ft

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Gulesian Warehouse is situated within the neighborhood of Cambridgeport, MA, an area particularly rich in various amenities. Small businesses are scattered throughout Cambridgeport and a major commercial corridor runs along Massachusetts Avenue and continues through Central Square, where the Red Line and multiple bus lines make stops. In addition to shopping, the area is home to several office buildings and research and development facilities. There is also a multitude of religious institutions, parks and other public spaces, and several art galleries in the neighborhood. The nearest public school is Morse Elementary School, and the Community Charter School Of Cambridge and Cambridge Rindge and Latin High School are also nearby. Cambridgeport is situated between MIT and Harvard University, and just across the river from Boston University.

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NEIGHBORHOOD CONTEXT

caucasian african-american asian other

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Residents trend younger, with the largest representation consisting of the 18- to 24-yearold age group (20%), followed by 25-29 (17%) and 30-34 (12%). Children, the middle-aged, and the elderly are under-represented. The city is largely made up of family households (17,414), which are fairly evenly split between ownership and rental (8.817 and 8,597 respectively).

RACE

AGE

under 5 years old

Unsurprisingly, Cambridge is generally highly educated, with 74% of residents earning a bachelorâ&#x20AC;&#x2122;s degree or higher and less than 7% failing to graduate high school.

5-14 years old 15-17 years old 18-24 years old 25-39 years old

There is a striking disparity between the median household income of homeowners ($103,289) and renters ($51,416). Likewise, the gap between Caucasian ($80,373) and African-American ($31,792) earners is notable.

40-54 years old 55-74 years old 75-plus years old

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In the past decade, Cambridgeport has seen great population growth. As of 2010, its population was 12,220, which represents a more than 20% increase since 2000. The larger city of Cambridge is majority Caucasian (approximately 66%), with significant African-American (11%) and Asian (17%) populations.

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DEMOGRAPHIC INFORMATION

EDUCATIONAL ATTAINMENT

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100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% % without a % high school % bachelorâ&#x20AC;&#x2122;s high school grad or higher degree or higher diploma Source: 2010 U.S. Census

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MARKET CONTEXT MONTHLY RENTS AFFORDED BY AMI

Cambridge has been undergoing gentrification and the cost of housing has been rising at a rate disproportionate to area median incomes, as illustrated by the Cambridge Community Development Department’s 2010 Housing Profile. Median prices to rent and buy a range of housing types exceed the levels that are affordable to residents at the area median income.

$4,000 $4,000

$4,000

$3,500

$3,000

$3,500

$3,000

$2,500

$1,500

120% of AMI

$2,000

120% AMI Rent Limit

$1,500

80% AMI Rent Limit

$1,000

60% AMI Rent Limit Limit

80% of AMI 120% AMI Rent 60% of AMI

$2,000

$1,000

$1,500 $500

80% AMI Rent Limit

$500

1-‐BR

$1,000

2-‐BR

3-‐BR

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$2,000 $2,500

60% AMI Rent Limit

4-‐BR

$500

1-‐BR

2-‐BR

1 BR

INCOME REQUIRED FOR HOME OWNERSHIP

4-‐BR

3 BR

4 BR

APT. AVAILABILITY BY AMI IN CAMPRIDGEPORT 7070

$200,000 $200K $180,000 $180K

$4,000

Income Required to Purchase Median Priced Single Family Home

$140K $140,000 $120,000 $120K

$100K $100,000 $80K $80,000 $60K $60,000

HUD median income for family of 4

HUD Established Median Income for Family of 4

$40K $40,000 $20,000 $20K

6060 5050

2001

2002

2003

2004

2005

2006

2007

2008

4040

120% of AMI

$2,000

120% AMI Rent Limit # of Apartments

$1,500

80% AMI Rent Limit

$1,000

60% AMI Rent Limit

# of Apartments

3030

80% of AMI

# of Apartments

60% of AMI

$500

2009

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Source: City of Cambridge 2010 Housing Profile, Cambridge Community Development Department

$3,000

$2,500

2020 2000

$3,500

1010 00

1-‐BR

1 BR

1-‐BR

2-‐BR

2 BR

3-‐BR

3 BR

4-‐BR

4 BR

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required for median priced single familiy home required for median Income Required to priced Purchase Median unit in 2 familiy Priced Unit in Two home Family Home required for Income Required to median priced Purchase Median Priced condo Condo

$160,000 $160K

$0$0

3-‐BR

2 BR

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A Residential complex across Brookline St.

through streets

side streets

project buildings

C Nearby auto body shop

A B

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vehicular interior access

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B Pacific Street Park

project site

pedestrian circulation

#47 bus stop vehicular access

D Office building/lab space across Emily St.

0.02

0.04

0.08 Miles

Built in the 1920s, the abandoned warehouse at 130 Brookline Street is a two-story concrete frame, 46,000-square-foot industrial structure. It, as well as an adjacent vacant building at 17 Tudor Street, are in stable condition and prime for restoration. Unlike other parts of Cambridgeport closer to the river, this site is not landfill. However, the siteâ&#x20AC;&#x2122;s proximity to former tidal basins makes belowgrade parking cost prohibitive. It is predominantly flat, and there are no unusual natural constraints. Open space is currently paved over. Surrounding buildings do not cast any shadows on the site due to their low building heights of 2-3 stories.

The facade at 130 Brookline Street

Brookline Street frontage

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To the northeast of the site is Pacific Street Park, well used by children and adults alike, as well as a dog park. Neighbors include multi-family homes, apartment complexes, an auto body shop, the Sienna Construction Company, and an out-ofbusiness record store.

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The site has excellent visibility and frontage on Brookline Street, a primary connector leading from Boston to Central Square in Cambridge. It is a well-trafficked, one-way, multi-modal corridor, with sidewalks on both sides and a dedicated bike lane. Pedestrian and vehicular access to the site is also possible from Tudor Street, Emily Street, and a rear alley that connects the two.

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SITE CONDITIONS

17 Tudor Street

These special districts seem aimed at defining the transitional area between the typical Cambridge multifamily dwellings to the northeast and the highrise buildings of University Park to the southwest. Affordable housing is both an appropriate use and density for this in-between space, softening the physical edge between the Residence C zone and the adjacent mixed uses, as well as increasing the number of users for the many nearby businesses and open spaces. Because this is a reuse of existing buildings, we anticipate the need to apply for special permits with regard to building height, number of dwelling units, FAR, lot area to dwelling unit ratio, and parking requirements. •

Both structures on site are currently two stories tall and approximately 25-30 feet in height. The zone limits building height to 35 feet, so a special permit is required for the additional third floor we plan to add to 130 Brookline Street.

•

The zone limits any project to 12 or more dwelling units as of right. This development therefore requires a special permit to offer the 66 units that comfortably fit within the existing

•

The zone allows for an FAR of .75. A proposed FAR of 1.45 exceeds this level. Given the encouragement of affordable housing in this zone, it is unlikely that this use could achieve such a low FAR on this site. The zone requires a minimum lot area of 1,500 square feet per dwelling unit. In accordance with the increased density this project envisions, the proposal calls for a 740-square-foot lot area per dwelling unit, slightly less than half the requirement. The zone requires 1 parking space per dwelling unit. Given the limited space available on site for at-grade parking, and the high cost of below-grade parking structures in this area, we require a special permit allowing a reduction to .7 spaces per dwelling unit.

We are confident that these special permits can be obtained based on the fact that the development is consistent with the City’s goals for Residence C and Special Districts 9 and 10, including: • • •

To encourage housing along Brookline Street To tie the existing nonresidential district to the existing residential neighborhood To promote strong visual and pedestrian connections between the residential neighborhood and the MIT campus and the Charles River

Additionally, the proposed project exceeds the open space zoning requirement that at least 30% of the lot be used for this purpose. Despite the current building footprints and configuration, the proposal calls for open space amounting to 32% of the site. This includes open space at grade, a green roof, and a flexible parking space that can be closed to cars during certain hours or for events. Not only does this surpass minimum standards, it’s especially generous when compared to the existing condition’s 0% open space.

Allowable Uses

Multi-family housing

FAR

.75

Min. Lot Area/DU

1,500 SF

Max. Building Height

35’

Open Space/Lot Area

30%

Parking

1/DU SPECIAL DISTRICT

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•

Residence C

RESIDENCE C

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There is little distinction between Special Districts 9 and 10. While balancing the overall goal of low density, they both aim to promote significant housing development that becomes integrated within the existing Cambridgeport neighborhood physically, architecturally, and socially. Additionally, they strive to address the need for affordable units for low- and moderateincome households, in particular, as well as those with children, by providing significant incentives in accordance with Chapter 40A, Section 9 of General Laws.

building structures after removing a significant portion of square footage from 130 Brookline.

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The reuse of Gulesian warehouse and its neighbor at 17 Tudor Street as affordable housing fulfills the goals of the existing zoning, but does not meet many of its requirements. The site is located in the Residence C zone and straddles two Special District overlays (9 and 10).

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ZONING ANALYSIS

130 Brookline Street

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GULESIAN WAREHOUSE

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SITE PLAN

H A 130 Brookline B Roof deck

C Courtyard

D Permeable parking E Flexible parking

F 17 Tudor G Stair H Elevator

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0’

30’

60’

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0’

SECTION B

0’ 25’ 50’

25’ 50’

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A B

SECTION A

LEVEL 2 | 3 918 SF

1,215 SF

918 SF

ELEV. STAIRS

1,235 SF

190’

754 SF

752 SF

• • • • •

924 SF

1,215 SF

918 SF

1,060 SF

STAIRWELLS - 9’ x 20’ HALLWAYS - 6’ wide LAUNDRY ROOM - 230 SF MECHANICAL ROOM - 290 SF ELEVATOR SHAFT - 11’ x 17’

918 SF

ELEV. STAIRS

924 SF

752 SF

918 SF

752 SF

918 SF

754 SF

528 SF 1,220 SF

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782 SF

MAINT. 1,235 SF

STAIRS LDY.

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LEVEL 1

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130 BROOKLINE BUILDING PLAN

752 SF

1,235 SF

918 SF

STAIRS LDY.

918 SF

924 SF

1,215 SF

918 SF

924 SF

125’

0’

30’

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60’

1,215 SF

60’ 0 BR

1 BR

2 BR

3 BR

B MASTER BR

BATH

MASTER BR

BATH

LIVING + DINING SPACE

LIVING + DINING SPACE BATH

STUDY

3 BR | 1,215 SF

2 BR | 988 SF

BR E

D BATH

CLOSET KITCHEN

LIVING + DINING SPACE BR

KITCHEN

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KITCHEN

CLOSET BATH

LIVING SPACE

KITCHEN CLOSET

0’

10’

20’

STUDY CLOSET BATH CLOSET

3 BR | 1,235 SF

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BATH 1 BR | 754 SF

KITCHEN

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130 BROOKLINE UNITS

STUDIO | 528 SF 13

LEVEL 2

STAIRS

0’ 0’

52’ 30’

15’ 15’

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150’

STAIRS

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LEVEL 1

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17 TUDOR BUILDING PLAN

30’

0 BR

1 BR

2 BR

3 BR

17 TUDOR UNIT PLANS D

A BR

0’

15’

2-BEDROOM UNIT PLAN, LEVEL 2

BATH

30’

BATH

LIVING + DINING SPACE

LIVING + DINING SPACE KITCHEN

KITCHEN LAUNDRY

LAUNDRY CLOSET

STUDY

STUDY D

STUDY LAUNDRY

B LIVING + DINING SPACE

CLOSET

KITCHEN

LAUNDRY BR

LIVING + DINING SPACE

KITCHEN

STUDY BATH 0’

10’

MASTER BR

20’

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2-BEDROOM UNIT PLAN, LEVEL 1

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CLOSET

BATH

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10ft

MASTER BR 15

0’

10’

20’

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17 Tudor Street

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# of Units

Studio 1 BR 2 BR 3 BR Total

Net SF/DU

2 10 26 12 50

528 756 930 1,222

Gross Rent Per Unit $1,027 $1,101 $1,321 $1,526

Rent/SF $1.95 $1.46 $1.42 $1.25

Utlity Allow. $44 $54 $67 $83

Contract Rent $983 $1,047 $1,254 $1,443

Yearly Rent $23,592 $125,640 $391,248 $207,792 $748,272

LIHTC 9% Credits Total Units Affordable Units % Affordable Max Basis Per Unit Eligible Basis (Maximum) Annual Credit @ 9% Total Credits

Syndication Yield Per Credit

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2012 HUD Income and Rent Limits - 9% Tax Credits at 60% AMI Studio 1 BR 2 BR 3 BR (2 person) (2 person) (3 person) (4 person) Rent Limit $1,027 $1,101 $1,321 $1,526 Income Limit $41,100 $46,980 $52,860 $58,680

Minimum 40% units at 60% AMI 50 50 100% $250,000 $10,000,000 $1,000,000 $10,000,000 0.9999 $9,999,000 $1.00

Total LIHTC Equity

contex t

130 Brookline will require a construction loan of $4,509,410 at 6% interest. All interest will be paid at the funding of our permanent loan. Based on a projected NOI of $329,294 and a debt service coverage ratio of 1.15, we expect to secure a loan in the amount of $4,709,410 with a 4.5% interest rate and 30-year amortization. With 100% of the units renting at 60% AMI, we are using 9% LIHTC tax credits to fund the bulk of our equity gap. We expect to receive $9,999,000, the maximum allowable amount, through syndication of the 9% tax credits. This is based on an assumption of an equity-to-credit ratio of $1.00. The remaining funding gap of $2,300,760 will be covered by soft debt. 130 Brookline is eligible for subsidies from State and local AHT. We will pursue the maximum allowable subsidy, $1 million, from State AHT, and the remaining $1,300,760 from Cambridge AHT, which does not have a per project cap.

Unit Type

$9,999,000

17 TUDOR The funding sources for the market rate and subsidized for sale units of 17 Tudor have been separated out (see Development Pro Forma on following page). The affordable portion of the project requires a $1,773,900 construction loan. With sales projected at $1,971,000, there is a remaining gap of $1,898,625, which we plan to close using soft debt. With over 60% of the units allocated for 80% AMI households, 17 Tudor is eligible for State HOME as well as State AHT. The gap can be closed with $500,000 from State HOME (matched dollar for dollar by Cambridge HOME), and $197,008 from State AHT (also matched in full by Cambridge AHT). The market rate portion of 17 Tudor requires a $1.5 million construction loan. With projected sales of $3 million, these units should generate a surplus of over $750,000.

Unit Type 2 BR (Subsidized - 80% AMI) 2 BR (Market Rate) Total

# of Units Net SF/DU 10 6 16

2012 Inclusionary Development Price Limits 2 BR 80% AMI $197,100 Market Rate $500,000

942 942

Price Per Unit $197,100 $500,000

Price/SF $209.24 $530.79

Total SF 9,420 5,652

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130 BROOKLINE

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FINANCE

ACQUISITION

Land Subtotal

HARD COSTS

Construction Cost/SF Construction Shared Parking Cost Contingency Subtotal

SOFT COSTS

A/E Design & Inspection A/E Additional Services Bond Permits Survey Geo/Environ.Assessment Clerk Insurance RE Taxes (17 Tudor) RE Taxes (130 Brookline) Brokerage Fee Marketing/Lease Up DND ENV Contingency Title and Recording Appraisal Traffic Study Lender & LP Review/Inspection Cost Certification/Accounting Legal (Developer) Legal (City Counsel) Perm Loan, Legal + Loan Fees Const Loan Fee & Legal Const Loan Interest DHCD Tax Credit Fees Other Consultants Testing Soft Cost Contingency Developer Overhead Developer Fee Prepaid Escrows Syndication Costs Operating Reserves Subtotal

Total Development Costs

Per Unit Cost

$1,500,000 ($1,500,000) $0 $3,000,000 $0 $0 $0 $0 $0 $3,000,000 $751,462

Total

$3,273,900 ($3,273,900) $0 $4,971,000 $0 $500,000 $500,000 $197,008 $197,008 $6,365,016 $751,462

130 BROOKLINE - RENT Affordable

$4,509,410 ($4,509,410) $4,709,410 $0 $9,999,000 $0 $0 $1,000,000 $1,300,760 $17,009,170 $0

$625,000 $625,000

$375,000 $375,000

$1,000,000 $1,000,000

$2,389,655 $2,389,655

$175/sf $1,706,250 $18,750 $127,969 $1,852,969

$175/sf $1,023,750 $11,250 $76,781 $1,111,781

$2,730,000 $30,000 $204,750 $2,964,750

$185/sf $10,178,700 $90,000 $763,403 $11,032,103

$85,313 $2,071 $14,503 $17,063 $828 $4,142 $8,284 $6,903 $17,702 $0 $0 $3,452 $6,903 $9,664 $1,035 $2,071 $1,519 $2,761 $27,613 $2,071 $0 $32,739 $53,217 $0 $828 $1,381 $6,041 $289,472 $289,472 $0 $0 $0 $887,047

$51,188 $1,243 $8,702 $10,238 $497 $2,485 $4,970 $4,142 $10,621 $0 $150,000 $2,071 $4,142 $5,799 $621 $1,243 $911 $1,657 $16,568 $1,243 $0 $30,000 $45,000 $0 $497 $828 $7,093 $400,000 $0 $0 $0 $0 $761,757

$136,500 $3,314 $23,205 $27,300 $1,325 $6,627 $13,254 $11,045 $28,323 $0 $150,000 $5,523 $11,045 $15,463 $1,657 $3,314 $2,430 $4,418 $44,180 $3,314 $0 $62,739 $98,217 $0 $1,325 $2,209 $13,135 $689,472 $289,472 $0 $0 $0 $1,648,804

$508,935 $11,686 $86,519 $101,787 $4,675 $23,373 $46,746 $38,955 $0 $74,394 $0 $19,477 $38,955 $54,537 $5,843 $11,686 $8,570 $15,582 $155,820 $11,686 $62,094 $60,094 $95,825 $85,000 $4,675 $7,791 $30,694 $800,425 $800,425 $18,598 $120,000 $282,565 $3,587,413

$3,365,016 $336,502

$2,248,538 $374,756

$5,613,554

$17,009,170 $340,183

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$1,773,900 ($1,773,900) $0 $1,971,000 $0 $500,000 $500,000 $197,008 $197,008 $3,365,016 $0

17 TUDOR - FOR SALE Market

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Construction Loan Construction Loan Repayment Permanent Loan Sales Syndication Proceeds STATE HOME Cambridge HOME STATE AHT Cambridge AHT Total Surplus/(Deficit)

Affordable

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SOURCES

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DEVELOPMENT PRO FORMA

Const. Loan Repayment Permanent Loan

($4,509,410)

Syndication Proceeds STATE AHT Cambridge AHT Total Sources

$9,999,000

Closing

Acquisition Costs: Acquisition: Land SUBTOTAL Construction Costs: Contract Amount Shared Parking Cost Contingency SUBTOTAL General Development Costs: A/E Design & Inspection A/E Additional Services Bond Permits Survey Geo/Environmental Assessment Clerk Insurance RE Taxes (130 Brookline) Marketing/Lease Up DND ENV Contingency Title and Recording Appraisal Traffic Study Lender & LP Review/Inspection Cost Certification/Accounting Legal (Developer) Legal (City Counsel) Perm Loan, Legal + Loan Fees Const Loan Fee & Legal Const Loan Interest DHCD Tax Credit Fees Other Consultants Testing Soft Cost Contingency Developer Overhead Developer Fee Prepaid Escrows Syndication Costs SUBTOTAL

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Month 16

Month 17

$1,000,227 $1,039,475 $1,045,147 $936,558

Month 13

Month 14

Month 15

$488,003

$4,709,410

Month 18

Month 19

Month 20

Month 21

Month 22

Month 23

($4,509,410)

$0 $200,000

$4,709,410

$349,587

$3,714

$9,545

$1,279

$592,252

$9,999,000

$1,000,000

$4,509,410 $1,911,854

$254,436

$403,712

$483,344

$475,078

$593,665

$585,399

$703,986

$806,041

$927,744

$29,572

$1,000,000

$900,000

$1,300,760

$1,170,684

$17,009,170

$3,982,538

$254,436

$403,712

$483,344

$475,078

$593,665

$585,399

$703,986

$806,041

$927,744

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Month 13

Month 14

Month 15

Balance USES of Funds

Month 1

USES

Closing

$2,389,655

$59,462

$40,538

$112,358 $1,029,799 $1,039,475 $1,045,147 $936,558

$600,361

$59,462

Month 24 Total Sources Balance

$390,125

$3,714

$9,545

$1,279

$4,509,410

($4,509,410)

$17,718

$1,300,760

$809,970

$17,009,170

Total Uses

$2,389,655

$10,178,700

$203,574

$305,361

$407,148

$508,935

$610,722

$712,509

$814,296

$916,083

$814,296

$508,935

$10,178,700

$90,000

$1,800

$2,700

$3,600

$4,500

$5,400

$6,300

$7,200

$8,100

$7,200

$4,500

$90,000

$763,403

$15,268

$22,902

$30,536

$38,170

$45,804

$53,438

$61,072

$68,706

$61,072

$38,170

$11,032,103

$220,642

$330,963

$441,284

$551,605

$661,926

$772,247

$882,568

$992,889

$882,568

$551,605

$6,362

$730

$508,935

$407,148

$11,686

$763,403

$11,032,103

$508,935

$11,686

$86,519

$101,787

$4,675

$2,337

$4,675

$23,373

$2,922

$46,746

$2,922

$38,955

$74,394

$8,265.99

$2,922

$38,955 $8,265.99

$8,265.99

$19,477 $38,955 $54,537

$8,265.99 $2,435

$4,869

$8,265.99 $4,869

$8,265.99

$2,435

$38,955 $54,537

$74,394

$19,477

$38,955

$54,537

$5,843

$11,686

$8,570

$3,500

$8,570

$15,582

$266.85

$3,116.40

$7,790.99

$266.85

$15,582

$1,558.20

$155,820

$11,686

$62,094

$60,094

$95,825

$5,001

$10,199

$15,424

$20,107

$22,547

$60,094

$95,825

$85,000

$4,675

$7,791

$30,694 $800,425

$1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $400,212

$22,234

$1,278.92

$22,234

$1,278.92 $1,278.92 $22,234

$22,234

$1,278.92

$1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92 $1,278.92

$22,234

$800,425

$18,598

$7,791

$30,694

$800,425

$18,598

$120,000 $3,304,848

$60,000 $1,592,883

$33,794

$72,748

$42,059

$33,794

$42,059

$33,794

$42,059

$33,794

$45,176

$53,990

$48,756

$59,462

$60,000 $107,561

$3,714

$9,545

$1,279

$809,970

$120,000 $3,304,848

$0 $0

TOTAL ACQ., CONSTR., & SOFT COSTS $16,726,606

$3,982,538

$254,436

$403,712

$483,344

$475,078

$593,665

$585,399

$703,986

$806,041

$927,744

$1,029,799 $1,039,475 $1,045,147 $936,558

$600,361

$59,462

$107,561

$3,714

$9,545

$1,279

$809,970

$16,726,606

$282,565

$3,982,538

$254,436

$403,712

$483,344

$475,078

$593,665

$585,399

$703,986

$806,041

$927,744

$1,029,799 $1,039,475 $1,045,147 $936,558

$600,361

$59,462

$390,125

$3,714

$9,545

$1,279

$809,970

$17,009,170

Operating Reserves TOTAL DEVELOPMENT COST

$36,910

$46,586

$52,258

$282,565 $17,009,170

$282,565

d es ign

$4,509,410

contex t

Sources

Const. Loan

intro duc tio n

SOURCES of Funds

fi nance

CONSTRUCTION DRAW SCHEDULE - 130 BROOKLINE

Year 8

Year 9

Year 10

Year 11

Year 12

Year 13

Year 14

Year 15

Gross Rental Revenue Less Vacancy Laundry Total Net Revenue Management Fee Payroll Payroll Taxes & Bens Legal Audit Marketing Telephone Office Supplies LIHTC monitoring Asset Management Resident Services Misc. Total Administrative Payroll Payroll Taxes & Bens Janitorial Mat. & Svc Landscaping Decorating (int. only) Repairs Trash Removal Elevator Maintenance Snow removal Exterminating Alarm & Sprinkler Maint. Misc. Total Maintenance

$38,000 $39,140 $40,314 $41,524 $42,769 $44,052 $45,374 $46,735 $48,137 $49,581 $51,069 $52,601 $54,179 $55,804 $57,478 $7,600 $7,828 $8,063 $8,305 $8,554 $8,810 $9,075 $9,347 $9,627 $9,916 $10,214 $10,520 $10,836 $11,161 $11,496 $2,600 $2,678 $2,758 $2,841 $2,926 $3,014 $3,105 $3,198 $3,294 $3,392 $3,494 $3,599 $3,707 $3,818 $3,933 $7,500 $7,725 $7,957 $8,195 $8,441 $8,695 $8,955 $9,224 $9,501 $9,786 $10,079 $10,382 $10,693 $11,014 $11,344 $7,500 $7,725 $7,957 $8,195 $8,441 $8,695 $8,955 $9,224 $9,501 $9,786 $10,079 $10,382 $10,693 $11,014 $11,344 $9,400 $9,682 $9,972 $10,272 $10,580 $10,897 $11,224 $11,561 $11,908 $12,265 $12,633 $13,012 $13,402 $13,804 $14,218 $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 $6,921 $7,129 $7,343 $7,563 $5,500 $5,665 $5,835 $6,010 $6,190 $6,376 $6,567 $6,764 $6,967 $7,176 $7,392 $7,613 $7,842 $8,077 $8,319 $6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555 $8,811 $9,076 $3,750 $3,863 $3,978 $4,098 $4,221 $4,347 $4,478 $4,612 $4,750 $4,893 $5,040 $5,191 $5,347 $5,507 $5,672 $3,250 $3,348 $3,448 $3,551 $3,658 $3,768 $3,881 $3,997 $4,117 $4,241 $4,368 $4,499 $4,634 $4,773 $4,916 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262 $3,360 $3,461 $3,564 $3,671 $3,781 $98,600 $101,558 $104,605 $107,743 $110,975 $114,304 $117,734 $121,266 $124,904 $128,651 $132,510 $136,485 $140,580 $144,797 $149,141

Electricity Gas Water & Sewer Total Utilities

$10,000 $27,500 $22,500 $60,000

Real Estate Taxes $30,000 $30,750 $31,519 $32,307 $33,114 $33,942 $34,791 $35,661 $36,552 $37,466 $38,403 $39,363 $40,347 $41,355 $42,389 Insurance $30,000 $30,900 $31,827 $32,782 $33,765 $34,778 $35,822 $36,896 $38,003 $39,143 $40,317 $41,527 $42,773 $44,056 $45,378 Replacement Res. $16,250 $16,738 $17,240 $17,757 $18,290 $18,838 $19,403 $19,985 $20,585 $21,203 $21,839 $22,494 $23,169 $23,864 $24,580 Total Operating Expenses $384,064 $396,111 $408,556 $421,414 $434,699 $447,858 $461,420 $475,395 $489,799 $504,642 $519,940 $535,705 $551,953 $568,699 $585,957 Expenses Per Unit = $7,681 Net operating income Debt Service Payment Net Cash Flow Debt Service Coverage LIHTC Vacancy Rate LIHTC Income Trending Other Income Trending Operating Expense Trending Water and Sewer Trending Real Estate Taxes Trending

$748,272 $763,237 $778,502 $794,072 $809,954 $826,153 $842,676 $859,529 $876,720 $894,254 $912,139 $930,382 $948,990 $967,970 $987,329 $37,414 $38,162 $38,925 $39,704 $40,498 $41,308 $42,134 $42,976 $43,836 $44,713 $45,607 $46,519 $47,449 $48,398 $49,366 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262 $3,360 $3,461 $3,564 $3,671 $3,781 $713,358 $727,651 $742,229 $757,100 $772,270 $787,743 $803,527 $819,628 $836,051 $852,804 $869,892 $887,324 $905,105 $923,242 $941,744 $28,534 $29,390 $30,272 $31,180 $32,116 $33,079 $34,071 $35,094 $36,146 $37,231 $38,348 $39,498 $40,683 $41,904 $43,161 $50,000 $51,500 $53,045 $54,636 $56,275 $57,964 $59,703 $61,494 $63,339 $65,239 $67,196 $69,212 $71,288 $73,427 $75,629 $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 $12,299 $12,668 $13,048 $13,439 $13,842 $14,258 $14,685 $15,126 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262 $3,360 $3,461 $3,564 $3,671 $3,781 $9,000 $9,270 $9,548 $9,835 $10,130 $10,433 $10,746 $11,069 $11,401 $11,743 $12,095 $12,458 $12,832 $13,217 $13,613 $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305 $1,344 $1,384 $1,426 $1,469 $1,513 $6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555 $8,811 $9,076 $3,600 $3,708 $3,819 $3,934 $4,052 $4,173 $4,299 $4,428 $4,560 $4,697 $4,838 $4,983 $5,133 $5,287 $5,445 $1,080 $1,112 $1,146 $1,180 $1,216 $1,252 $1,290 $1,328 $1,368 $1,409 $1,451 $1,495 $1,540 $1,586 $1,634 $25,000 $25,750 $26,523 $27,318 $28,138 $28,982 $29,851 $30,747 $31,669 $32,619 $33,598 $34,606 $35,644 $36,713 $37,815 $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 $12,299 $12,668 $13,048 $13,439 $13,842 $14,258 $14,685 $15,126 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262 $3,360 $3,461 $3,564 $3,671 $3,781 $149,214 $153,691 $158,301 $163,051 $167,942 $172,980 $178,170 $183,515 $189,020 $194,691 $200,532 $206,548 $212,744 $219,126 $225,700

$10,300 $28,325 $23,850 $62,475

$10,609 $29,175 $25,281 $65,065

$10,927 $30,050 $26,798 $67,775

$11,255 $30,951 $28,406 $70,612

$11,593 $31,880 $29,542 $73,015

$11,941 $32,836 $30,724 $75,501

$12,299 $33,822 $31,953 $78,073

$12,668 $34,836 $33,231 $80,735

$13,048 $35,881 $34,560 $83,489

$13,439 $36,958 $35,942 $86,339

$13,842 $38,066 $37,380 $89,289

$14,258 $39,208 $38,875 $92,341

$14,685 $40,385 $40,430 $95,500

$15,126 $41,596 $42,047 $98,770

$329,294 $331,539 $333,673 $335,687 $337,571 $339,885 $342,108 $344,232 $346,252 $348,161 $349,953 $351,618 $353,151 $354,544 $355,787 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $286,343 $42,951 $45,197 $47,330 $49,344 $51,228 $53,542 $55,765 $57,889 $59,910 $61,819 $63,610 $65,276 $66,809 $68,201 $69,444 1.15 1.16 1.17 1.17 1.18 1.19 1.19 1.20 1.21 1.22 1.22 1.23 1.23 1.24 1.24 5.0% 2.0% 3.0% 3.0% 6.0% 2.5%

5.0% 2.0% 3.0% 3.0% 6.0% 2.5%

5.0% 2.0% 3.0% 3.0% 4.0% 2.5%

fi nance

Year 7

d es ign

Year 6

5.0% 2.0% 3.0% 3.0% 4.0% 2.5%

intro duc tio n

Year 5

Revenue

Year 4

Operating Expenses Administrative

Year 3

Operating Expenses Maintenance

Year 2

Utilities

Year 1

MIP

Year

contex t

OPERATING PRO FORMA

fi nance

$30/Per Door/Per Month -‐ 16 Units 10 hours Per Month-‐Property Manager Assistance Checking Account/Reserve Account/Direct Debit Answering Service/Fire Alarm Line/Elevator Line Collection Issues/Recording of Trustee documents Preventative Maintenance Contract Exterior Repairs/Garage Repairs/Hallway Repairs Cleaning products/Shovel/Rock Salt/Keys 6 hours per week-‐Part-‐time cleaner Landscaping Contract (Includes Seasonal Décor) Plowing roads/Entrances/Walk-‐ways (In-‐house) Town Trash/Recycling Bi-‐Annual Service Insurance policy for 1 building (16 units) Fire Alarm Contract/Monitoring/Testing Quarterly Testing Common Area (i.e. lighting/heating-‐cooling) Garage/Common Area Heating City of Cambridge ($450 per unit) Annual Tax Preparation/Filing As Needed 10% of Condo Fees -‐ Fannie Mae Freddie Mac Elevator contract/State-‐testing/permits

d es ign

Costs $5,760 $4,200 $250 $1,200 $500 $500 $3,500 $500 $3,000 $2,500 $2,500 $2,400 $1,250 $12,000 $4,500 $2,500 $3,500 $0 $7,200 $300 $0 $5,806 $0 $63,866 $333

per unit per month

intro duc tio n

Expenses Management Fees Manager Payroll Banking Fees Telephone Legal Exterminating General Repairs Janitorial Supplies Janitor Payroll Landscaping Snow Removal Trash Removal HVAC -‐ Maintenance Insurance Fire System Sprinkler Systems Electricity Gas Water/Sewer Tax Preparation Misc. Admin. Reserves Elevator Total

contex t

FIRST YEAR CONDOMINIUM BUDGET

APPENDIX December 9, 2012 Dear Sir or Madam: This booklet outlines the project documentation for Gulesian Warehouse, a two-building, mixedincome residential project that includes both for sale and rental units. The project site is located in the Cambridgeport neighborhood of Cambridge, MA. The two buildings are both existing warehouses and require extensive rehabilitation. 17 Tudor is a two-story structure that will consist of 16 for sale 2-bedroom condominiums, 10 of which will be set aside for moderate income households earning at or below 80% AMI. The remaining 10 units will be sold at market rate. To subsidize the development of the affordable for sale units in 17 Tudor, we request the following sources of financing: • • • •

$500,000 from Massachusetts HOME $500,000 in matching HOME funds from the City of Cambridge $197,008 from Massachusetts Affordable Housing Trust $197,008 in matching Affordable Housing Trust funds from the City of Cambridge

130 Brookline will consist of three floors with 50 total apartments for rent, including studios, 1-, 2-, and 3-bedroom units. All of the units will be rented to low-income households earning at or below 60% AMI. In addition to acquiring equity through the syndication of LIHTC, we request the following sources of financing: • •

$1,000,000 from Massachusetts Affordable Housing Trust $1,300,760 from Cambridge Affordable Housing Trust

Cambridge has been undergoing gentrification and the cost of housing has been rising at a rate disproportionate to area median incomes. We believe that Gulesian Warehouse will have a positive impact on the community by providing 60 subsidized housing units to families that would otherwise likely be forced to move elsewhere. Thank you for your consideration, Sincerely,

Cambridgeport Development Partners LLC

Exhibit 15C: Certification as to Period of Project Affordability We, Kari Milchman and Jared Press, as Co-Executive Directors of the Cambridgeport Development Partners LLC do hereby certify that the Gulesian Warehouse shall remain affordable for the period of time indicated below. We understand that the length of this commitment affects the scoring of the application of the above-referenced project in that a longer period of affordability will result in a higher number of points. We further understand that the period of time of affordability committed to will be incorporated into the Tax Credit Regulatory Agreement for the project which is a binding agreement between the Commonwealth of Massachusetts, acting through the Department of Housing and Community Development and its successors and assigns, and the Developer. The period of affordability committed to for the above-referenced projects is as follows (please initial the appropriate blank): ______ ______ ______ ______

Thirty (30) years Forty (40) years Fifty (50) years In perpetuity

Kari Milchman ___________________________ (Print Name) ___________________________ Jared Press (Print Name) ___________________________ (Signature) ___________________________ (Signature) December 9, 2012 ___________________________ (Date)

One Stop Section 16 Proposed Buildings by Type and Size Type Gross SF Net SF

130 Brookline

17 Tudor

3 Story Apartment Building 55,020 SF 47,466 SF

2 Story Condominium Building 15,600 SF 15,072 SF

Dwelling unit distribution by floor size, bdr/bath number and handicap designation Floor 1* 4 Units: 1 bed, 1 bath, 756 sf 8 Units: 2 bed, 1 bath, 930 sf 4 Units: 3 bed, 2 beth, 1,222 sf

8 Units: 2 bed, 1 bath, 942 sf

Floor 2**

1 Unit: studio, 1 bath, 528 3 Units: 1 bed, 1 bath, 756 sf 9 Units: 2 bed, 1 bath, 930 sf 4 Units: 3 bed, 2 bath, 1,222 sf

8 Units: 2 bed, 1 bath, 942 sf

Floor 3*

1 Unit: studio, 1 bath, 528 3 Units: 1 bed, 1 bath, 756 sf 9 Units: 2 bed, 1 bath, 930 sf 4 Units: 3 bed, 2 bath, 1,222 sf

N/A

*All units handicap accessible **All units in 130 Brookline are handicap accessible; second floor units in 17 Tudor are not handicap accessible

Square footage breakdown between residential and communal space Residential Communal Number of parking spaces, parking ratio required, parking ratio proposed Parking Spaces Number of Units Parking Ratio Required Parking Ratio Proposed

47,466 6,697 36 50 1 0.72

15,072 528 12 16 1 0.75

Both Buildings Combined Dwelling units per acre under current zoning Site Size (sf) Acres Dwelling Units DU/Acres Lot Area(sf)/DU Zoning Min Lot Area (sf)/DU

48,880 1.12 66 58.93 741 1,500

Both Buildings Combined Percentage breakdown of tract to be occupied by building, by parking, and other vehicular areas, and by open ares Site Size (sf) 48,880 Building Size (sf) 26,140 Surface Parking (sf) 13,452 Open Space (sf) 4,200 Flexible Space (sf) 3,600 Green Roof (sf) 7,920

130 Brookline | 17 Tudor | Cambridge, Massachusetts New Construction Scope of Work 70,620 gsf New Construction Two 2-story warehouse rehabs: 17 Tudor, a slab-on-grade wood frame warehouse, and 130 Brookline, a slab-on-grade steel frame warehouse, with at-grade parking, together with related sitework, meeting requirements of DHCD’s standards for sustainable development. PROGRAM Site: • The work includes demolition of building annexes on each building, removal of a 60’x70’ section of 130 Brookline for open space and air and light, addition of a third floor with green roof on 130 Brookline, permeable surface parking and walkways, landscaping, and miscellaneous site improvements. 17 Tudor | Levels 1 and 2: • 16 Residential Condominiums per plans, eight per floor; • 15 ft ceiling height on each floor; • Washer/dryer units in each condo, separately metered gas and electric and conventional forced air HVAC system. 130 Brookline Level 1 • Residential barrier-free Entrance Lobby as per plans accommodating mailboxes; • Janitor’s Closet/Storage (290 sf) room with mop sink and space to accommodate cleaning equipment, light bulb storage, supplies and electric switchgear and meter banks; • 4-stop machine room-less elevator, 2500 lb capacity; • 16 Residential Apartments on first floor. Levels 2 and 3 • Laundry Room (230 sf) on each floor accommodating 2 coin op washers and 2 coin op gas dryers; • 17 Residential Apartments on floors 2 and 3. Rooftop Mechanical Space • Mechanical Room sized to reasonably accommodate central high efficiency modular boilers feeding both hydronic baseboard fin-tube radiation heating (with each apt thermostatically controlled) and domestic hot water storage tanks (w/ recirc loop), this space needs make-up air and exhaust, provide sealed sheet vinyl flooring with curb to contain any overflow, floor drain(s); Rooftop Equipment • Energy Recovery Ventilator providing Energy Star-required constant ventilation routing bathroom exhaust through energy recovery wheel and providing heated and cooled fresh air to corridors. GENERAL CONSTRUCTION SPECIFICATIONS • • • • • •

Assume conventional spread and continuous perimeter footings with insulated slab-on-grade first floor construction; Upper floor construction wood frame, with 2x6 exterior framing w/ blown cellulose insulation in framing cavities, icynene insulation at rim joists, sound batts between floors; stairs to be wood framed; Provide 2” lightweight topping slab on second floor above retail and parking to enhance acoustic separation between retail/parking and residential levels, “ceiling” above parking area to be painted Hardie panel/batten, icynene insulation above parking areas; Exterior cladding primarily Hardie plank and panels per elevations; Roof a combination of architectural grade fiberglass shingle and highly reflectivity index membrane roof over rigid insulation at flat roof areas and green common space accessible by stairwell and elevator; Energy-Star rated fiberglass double-hung windows with insulated glass, low glazing, with full screens and window protection at all upper floor windows;

(continued) 25

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

All door hardware to be brushed chrome finish, lever style; Common corridors to be painted drywall with glued-down 28 oz level loop “greenseal” carpeting & edge-bound carpet base, use non-VOC adhesives; Stair landings to be Marmoleum tile, with rubber covers on treads/risers, use low-VOC adhesives; Mix of high efficiency flourescent (Energy-Star rated) recessed and surface mounted lighting in corridors, high efficiency motion-detector actuated flourescent strips in stairwells and service areas; Residential Lobby to be quarry tile and base with some painted wood wainscoting, trim; Provide and install one 4-stop machine room-less elevator, 2500 lb capacity; Laundry rooms on each floor with floor drains & 2 washers/gas dryer hookups in each – sheet vinyl on floor, glazed door and sidelight allowing visual access from corridor; Mechanical system to consist of central high efficiency modular gas-fired boilers feeding baseboard radiator heating in all residential units, thermostatically controlled by apartment, and a central heat recovery ventilator providing 100% fresh air to common residential corridors recycling bathroom exhaust to preheat/pre-cool incoming fresh air. Provide acoustically treated transfer grills from corridor to each dwelling unit; 100 amp separately metered electric service to each dwelling unit w/ high efficiency fluorescent Energy-Star rated lighting, code-required receptacles and devices, switched ceiling light in each living space, 3-way switched lighting in hallways, separate 20 amp circuit to 2 or 3 window locations in each unit for window A/C (not provided); CATV coaxial to each unit with outlets in LR and MBr from elec closet on floor - provide conduits to each floor’s electric room for trunk line by CATV provider; Two Cat5 homeruns to LR and all bedrooms from interface location in entry closet with one Cat5 homerun from each unit to electric room on each floor with conduit to basement service point for tel/data provider; Building to be fully sprinklered with Code-required fire alarm system; Building to receive a full addressable fire alarm/detection system with required CO detection; Building to be equipped with emergency lighting, exit signage, and fire extinguishers; Provide residential doorbell/access system with electric strike at main entry; Demising walls at corridors and between dwelling units to have one layer 5/8” Type X drywall one side, sounds batts, two layers 5/8” Type X drywall second side; Typical Unit finishes include: Painted drywall walls/ceilings (non-VOC paints throughout); Sheet vinyl in bathrooms w/ rubber base, using non-VOC adhesives; Marmoleum tile in kitchens with rubber base, using non-VOC adhesives; 28 oz level loop “greenseal” carpet on pad elsewhere (no pad in HC units) with rubber base, using non-VOC adhesives; Kitchen cabinets/counters meeting DHCD spec minimums, no formaldehyde particle board cores, non-VOC adhesives; Energy-Star appliances including electric self-cleaning range, range hood venting to exterior, dishwasher, refrigerator (15 cf for one-bdrms, 18 cf for 2 bdrms, 20 cf for 3 bdrms), disposal; Bathrooms to have Americast or equal tubs with fiberglas tub surrounds, Symmons shower valve w/ integral shut-offs for repair, vanity to match kitchen cabs with p-lam countertop/splashes and drop in china sink, low water consumption toilet and very low flow faucets; recessed steel frame medicine cabinet to side of vanity with plate glass mirror behind sink, standard toilet accessories; Drywall returns at window jamb, head, painted hardwood-edged hardwood plywood sill with colonial casing skirt; Aluminum mini-blinds at all residential windows, window guards at all upper floor windows; Interior unit entry doors to be factory finished stained birch veneer solid core slabs in kd steel frame; Interior unit bdrm/bath doors to be pre-hung hollow core painted hardboard with 2-1/2” colonial casing; Interior unit closet doors to be painted hardboard bifolds (no frames, just drywall jambs, heads).