Estrella Landing - Exhibit B DocumentsTERROIR DEVELOPMENT, LLC
P.O. BOX 15025 ♦ WILMINGTON, NORTH CAROLINA 28408 ♦ OFFICE 910.791.3354
Mission Statement
We continue to build upon the 40+ year experience of our Members, exclusively in the area of developing
affordable, safe and attractive housing for our Community’s most vulnerable Residents. We collaborate
with development partners, lenders, vendors and allies with the expertise and passion for the same goal
and vision. We persistently work to improve living conditions for members of our Community with limited
means and help them find a place to call home.
TERROIR DEVELOPMENT, LLC
P.O. BOX 15025 ♦ WILMINGTON, NORTH CAROLINA 28408 ♦ OFFICE 910.791.3354
STEPHANIE L. NORRIS
AFFORDABLE HOUSING EXPERIENCE
TERROIR DEVELOPMENT, LLC
YEAR # OF % OF LIHTC SENIOR
COMPLEX LOCATION BUILT UNITS AFFORDABLE UNITS PROPERTY (55+) TOTAL DEVELOPMENT COST
Highlands Village New Bern, NC 2022 60 100% YES NO $11,325,089
Bennett Village Wilmington, NC 2020 72 100% YES NO $11,698,442
Artesa Village Sunset Beach, NC 2020 72 100% YES NO $11,138,055
OTTER CREEK PARTNERS, LLC & SNW, LLP
YEAR # OF % OF LIHTC SENIOR
COMPLEX LOCATION BUILT UNITS AFFORDABLE UNITS PROPERTY (55+) TOTAL DEVELOPMENT COST
Ravenswood Reserve Wilson, NC 2018 60 100% YES YES $6,994,649
Ravenswood Wilson, NC 2015 72 100% YES NO $8,466,477
Lockwood Village Wilmington, NC 2015 60 100% YES NO $8,151,351
Covey Reserve Whiteville, NC 2013 44 100% YES YES $5,347,465
Covey Run Ph 2 Whiteville, NC 2011 48 100% YES NO $5,567,265
Maple Ridge Ph 3 Fayetteville, NC 2010 80 100% YES NO $8,587,394
Covey Run Whiteville, NC 2009 48 100% YES NO $5,277,468
Maple Ridge Fayetteville, NC 2008 48 100% YES NO $4,936,153
Waterbrook Raleigh, NC 2007 64 100% YES YES $6,805,311
STEPHANIE L. NORRIS, PE, Broker
Ms. Norris has over 26 years of civil engineering and affordable housing development experience, including various aspects of property management on multi-family projects. This combined experience has involved the following duties. EXPERIENCE
SPAULDING & NORRIS, PA May 1999 to January 2017 President & Principal Engineer Site reconnaissance and research for project due diligence and planning; Stormwater hydrology and hydraulic analysis; Flood study analysis; Sanitary sewer and water system design; Roadway design and pavement marking plans; Environmental site assessment for FONSI/HUD Release of Funds notifications and Phase I investigations and reporting; Preparation of project specifications; Construction management; and directed the financial and corporate decisions for the
company.
SNW, LLP & OTTER CREEK PARTNERS, LLC & TERROIR DEVELOPMENT, LLC 2004 to Present General Partner, Managing Member & Developer Initiates the site and market location process; Prepares applications for funding from public agencies; Coordinates with market analysts/appraisers/attorneys/design consultants for land acquisition and multiple loan closings; Negotiates and coordinates with consultants for site plan and construction document approvals; Administers the construction bidding process; Oversees construction pay requests and project budgets; Negotiates with potential equity investors and funding
providers; Coordinates with accountant for final cost certifications; Manage all due diligence for equity installments. NORCO MANAGEMENT HOLDING, INC. 2007 to Present Secretary-Treasurer & Licensed Real Estate Broker Assists staff with project rent-up process and tenant certifications; Assists Broker-in-Charge with evaluation of accounts receivable (rent collections and subsidy payments from public agencies), accounts payable for project expenses, trust account and reserve account reconciliations; Monitors budget vs. actual percentages and vacancy reports to
anticipate/avoid project cost overruns; Coordinates with Equity Investors, USDA Rural Development, NC Housing Finance Agency, Public and Private Lenders to ensure loans and subsidy funds are paid timely and address items from compliance inspections; Coordinate with management and maintenance teams to address property related issues.
EDUCATION
• North Carolina State University – Bachelor of Science in Civil Engineering, 1991
LICENSURES & MEMBERSHIPS
• North Carolina Professional Engineer – License 23048, 1997
• North Carolina Real Estate Broker – License 262577, 2008
• American Society of Civil Engineers – North Carolina Chapter
• North Carolina Housing Coalition Member
Stephanie L. Norris, PE Page 2
AFFORDABLE HOUSING EXPERIENCE
OWNER & DEVELOPER:
• Highlands Village Apartments, New Bern, NC – 60 tax credit apartment units for Families developed by Terroir; Status: LIHTC Award 2020, construction in progress; Funding Sources: NCHFA WHLP Loan, Tax Credit Equity, Merchants Capital Permanent Loan; Equity Investor: Merchants Capital; Property Management by Norco.
• Artesa Village Apartments, Sunset Beach, NC - 72 tax credit apartment units for Families developed by Terroir; Status:
LIHTC Award 2018, all units complete and occupied; Funding Sources: NCHFA WHLP Loan, Tax Credit Equity, Merchants USDA 538 Loan; Equity Investor: Boston Financial; Property Management by Norco.
• Bennett Village Apartments, Wilmington, NC - 72 tax credit apartment units for Families developed by Terroir; Status: LIHTC Award 2018, all units complete and occupied; Funding Sources: NCHFA WHLP & RPP Loans, Tax Credit Equity, Merchants Freddie Mac Loan; Equity Investor: Boston Financial; Property Management by Norco.
• Lockwood Village Apartments, Wilmington, NC - 60 tax credit apartment units for Families developed by SNW, LLP; Status: LIHTC Award 2013, all units complete and occupied; Funding Sources: NCHFA, City of Wilmington, Tax Credit Equity, CICCAR; Equity Investor: Boston Financial; Engineering Services provided by S&N; Property Management by Norco.
• Ravenswood Apartments and Ravenswood Reserve Apartments, Wilson, NC - 132 tax credit apartment units for Families
and Seniors developed by SNW, LLP and Otter Creek Partners, LLC; Status: Family LIHTC Award 2013, Senior LIHTC Award 2016, all units complete and occupied; Funding Sources: NCHFA, Tax Credit Equity, CICCAR; Equity Investor:
Boston Financial; Engineering Services provided by S&N; Property Management by Norco.
• Covey Run Apartments Phases 1 & 2 and Covey Reserve Apartments, Whiteville, NC – 140 tax credit apartment units for
Families (96 units) and Seniors (44 units) developed by SNW, LLP; Status: Family LIHTC Awards 2008 and 2010, Senior LIHTC Award 2012, all units complete and occupied; Funding Sources: NCHFA and Tax Credit Equity; Equity Investor: Community
Affordable Housing Equity Corporation (CAHEC); Engineering Services provided by Spaulding & Norris, PA (S&N); Property Management by Norco Management, Inc. (Norco).
• Maple Ridge Apartments Phases 1 & 3, Fayetteville, NC – 128 tax credit apartment units for Families developed by SNW, LLP; Status: LIHTC Awards 2006 and 2008, all units complete and occupied; Funding Sources: NCHFA, Tax Credit
Equity, City of Fayetteville, Community Investment Corporation of the Carolinas (CICCAR); Equity Investor: Raymond James Tax Credit Funds and CAHEC; Engineering Services provided by S&N; Property Management by Norco.
• Waterbrook Apartments, Raleigh, NC – 64 tax credit apartment units for Seniors developed by SNW, LLP; Status: LIHTC Award 2005, all units complete and occupied; Funding Sources: NCHFA, Tax Credit Equity, City of Raleigh, Wake County, CICCAR; Equity Investor: Raymond James; Engineering Services provided by S&N; Property Management by Norco.
ENGINEER:
• Forrest Road and Starmount Circle, Wilson, NC – 68 unit rehab and 48 HUD funded apartments for Seniors developed and managed by Wilson Housing Authority; Status: All units complete and occupied; Engineering Services provided by S&N and included the preparation of the Preliminary Site Plan and Site Construction Drawings for approval and permitting by the City of Wilson.
• Willow Oak Run Apartments, Charlotte, NC – 51 tax credit apartments for Families developed and managed by Mills Construction and United Management; Status: All unites complete and occupied; Engineering Services provided by S&N and included Due Diligence research, Boundary & Topographic Surveys, Preliminary Site Plan for City of Charlotte funding, and Site Construction Drawings for approval and permitting by the City of Charlotte and Mecklenburg County.
• Oak Hill Apartments, Oak Hollow Apartments, Hope Crest Apartments, Robertson Hill Apartments, & Salisbury Apartments, various locations in Raleigh, NC – typically 10 to 12 HUD funded apartments for the homeless and disabled residents developed and managed by Community Alternatives for Supportive Abodes (CASA); Status: All units complete and occupied; Engineering Services provided by S&N and included Due Diligence research, Preliminary Site Plan and Site Construction Drawings for approval and permitting by the City of Raleigh.
• USDA Rural Development & Tax Credit Apartments, various locations throughout NC – Engineering Services provided by S&N to secure Preliminary Plan and Site Construction Drawing approvals from various municipalities and applicable permits from NCDENR and NCDOT. Services for the Norris Asset properties listed below included funding application preparation and due diligence for closings with USDA, NCHFA and the Equity Investor.
JOAN O. NORRIS, Owner & Broker-in-Charge
Ms. Norris has over 45 years of experience in the real estate industry, which started with bookkeeping and has focused on property management and development specifically for affordable, multi-family housing for the past 40 years.
EXPERIENCE
TED O. MCGEE REAL ESTATE (Columbia, SC) 1974 to 1977
Property Manager
• Bookkeeping for the company and all multi-family properties – A/P, A/R, Budgets, Reporting to Owners
• Managed all in-house and site personnel, including maintenance
• On-Site & Off-Site Property Manager for an apartment complex and mobile home subdivision
NDG MANAGEMENT (Fayetteville, NC) 1978 to 1984 Property Manager
• Setup the entire company and created all forms, policies, applications, leases, certifications
• Bookkeeping for the company and all properties – A/P, A/R, Budgets, Reporting to Agencies & Investors
• Managed all in-house and site personnel, including maintenance
• On-Site Property Manager for various apartment complexes
NORCO MANAGEMENT, INC. & NORCO MANAGEMENT HOLDING, INC. 1989 to Present President, Chief Executive Officer & Broker-in-Charge • Setup the entire company and created all forms, policies, applications, leases, certifications
• Bookkeeping for the company and all properties – A/P, A/R, Budgets, Reporting to Agencies & Investors
• Managed all in-house and site personnel, including maintenance
SNW, LLP & OTTER CREEK PARTNERS, LLC & TERROIR DEVELOPMENT, LLC 2004 to Present General Partner, Member & Developer • Assists with site prospects – location and due diligence
• Assists with funding applications – review, budget preparation and due diligence
• Assists with the construction bidding process, construction pay requests and development budgets
• Negotiates with potential equity investors and funding providers
• Assists with due diligence for equity disbursements and review of final cost certifications
• Manages the rent-up process and property management during operations
EDUCATION & CERTIFICATIONS
• Hoke County High School Graduate June 1968
• NCHFA Tax Credit Compliance Training
• NCHFA and USDA Fair Housing Training
• Spectrum Training for USDA and LIHTC Compliance
• NC Real Estate Commission Licensure Courses & Continuing Education
• National Center for Housing Management Tax Credit Specialist
LICENSURES
• North Carolina Real Estate Broker-in-Charge – License 263809 2010 to Present
• South Carolina Real Estate Broker – License 77930 2010 to Present
Joan O. Norris, President Page 2
AFFORDABLE HOUSING EXPERIENCE
OWNER, DEVELOPER & PROPERTY MANAGER:
• Highlands Village Apartments, New Bern, NC - 60 tax credit apartment units for Families developed by Terroir; Status: LIHTC Award 2020, construction in progress; Funding Sources: NCHFA, Tax Credit Equity,
Merchants Capital; Equity Investor: Merchants Capital; Property Management: Norco.
• Artesa Village Apartments, Sunset Beach, NC - 72 tax credit apartment units for Families developed by Terroir; Status: LIHTC Award 2018, all units complete and occupied; Funding Sources: NCHFA, Tax Credit Equity, Merchants Capital USDA 538 Loan; Equity Investor: Boston Financial; Property Management: Norco.
• Bennett Village Apartments, Wilmington, NC - 72 tax credit apartment units for Families developed by Terroir; Status: LIHTC Award 2018, all units complete and occupied; Funding Sources: NCHFA, Tax Credit Equity, Merchants Capital Freddie Mac Loan; Equity Investor: Boston Financial; Property Management:
Norco.
• Lockwood Village Apartments, Wilmington, NC - 60 tax credit apartment units for Families developed by SNW, LLP; Status: LIHTC Award 2013, all units complete and occupied; Funding Sources: NCHFA, City of Wilmington, Tax Credit Equity, CICCAR; Equity Investor: Boston Financial; Property Management: Norco.
• Ravenswood Apartments & Ravenswood Reserve Apartments, Wilson, NC - 132 tax credit apartment units for Families (72 Units) & Seniors (60 Units) developed by SNW, LLP & Otter Creek Partners, LLC; Status: Family LIHTC Award 2013, Senior LIHTC Award 2016, all units complete and occupied; Funding Sources:
NCHFA, Tax Credit Equity, CICCAR; Equity Investor: Boston Financial; Property Management: Norco.
• Covey Run Apartments Phases 1 & 2 and Covey Reserve Apartments, Whiteville, NC – 140 tax credit apartment units for Families (96 units) and Seniors (44 units) developed by SNW, LLP; Status: Family LIHTC Award 2008 and 2010, Senior LIHTC Award 2012, all units complete and occupied; Funding Sources: NCHFA and Tax Credit Equity; Equity Investor: Community Affordable Housing Equity Corporation (CAHEC); Property Management: Norco.
• Maple Ridge Apartments Phases 1 & 3, Fayetteville, NC – 128 tax credit apartment units for Families developed by SNW, LLP; Status: LIHTC Awards 2006 and 2008, all units complete and occupied; Funding
Sources: NCHFA, Tax Credit Equity, City of Fayetteville, Community Investment Corporation of the Carolinas (CICCAR); Equity Investor: Raymond James Tax Credit Funds and CAHEC; Property Management: Norco.
• Waterbrook Apartments, Raleigh, NC – 64 tax credit apartment units for Seniors developed by SNW, LLP; Status: LIHTC Award 2005, all units complete and occupied; Funding Sources: NCHFA, Tax Credit Equity, City of Raleigh, Wake County, CICCAR; Equity Investor: Raymond James Tax Credit Funds; Property Management: Norco.
• USDA Rural Development & Tax Credit Apartments, various locations throughout NC and SC – Units subsidized by Project Based Rental Assistance; Property Management: Norco.
North Carolina Properties:
Trent River, Trenton (24 units) Oxford Place, Beulaville (24 units) Raintree, Rose Hill (24 units) Longview, Maysville (24 units) Trenton Apartments, Trenton (10 units) Fiddlers Creek, Southport (24 units) South Carolina Properties:
Marlboro Place, Bennettsville (48 units)
Hampton Place, Whiteville (28 units)
Springwood, Richlands (24 units) Windtree, Southport (24 units)
Baytree, Richlands (24 units)
Green Acres, Magnolia (10 units)
Benchmark, China Grove (24 units)
Borrower or Borrower Principal (referred to as COMPANY below) As-Of Date:
Property Information Ownership Debt Cash Flow Valuation
NCHFA (WHLP)Fixed 12/01/49 $250,000 $0
32 NCHFA (RPP) Variable 10/12/38 $800,000 TBD
$615,470 $301,400 $314,070 1.54 $4,500,000 7.0% $62,500 78%31 Bennett Village Apts 5745 Bennett Village
Place Wilmington NC Stabilized MF (Sect 8
and/or LIHTC)72 2020 97% 2019
MCC (FR MAC)Fixed 10/12/36 $3,248,000 $203,536 Amortizing
30
NCHFA PLP Other 09/19/37 $393,200 $0 Interest Only
Interest Only $70,969 $50,395 $20,574 2.40 $029Green Acres Apts (REHAB) 101 N. Peterson St Magnolia NC Stabilized MF (Sect 8
and/or LIHTC)10 2010 100% 2006
USDA RD Other ???$611,373 $8,556
1.89 $028Trenton Apts (REHAB) 111 Magnolia Ln Trenton NC Stabilized MF (Sect 8
and/or LIHTC)10 2011 90% 2006
USDA RD Other ???$610,985 $7,870 Interest Only $74,919 $66,056 $14,863
$027Marlboro Place Apts Ph 2 813 Cheraw St Bennettsville SC Stabilized Seniors 24 1992 100% 1991
USDA RD Other 01/01/42 $708,806 $21,338 Interest Only $167,933 $127,642 $40,291 1.89
$026Marlboro Place Apts Ph 1 813 Cheraw St Bennettsville SC Stabilized Seniors 24 1991 96% 1990
USDA RD Other 01/01/41 $708,381 $21,540 Interest Only $168,733 $128,928 $39,805 1.85
$0
NCHFA STC Other 01/01/32 $162,729 $10,908 Interest Only
25 Fiddlers Creek Apts 1211 N. Caswell Ave Southport NC Stabilized MF (Sect 8
and/or LIHTC)24 1989 100% 1989
USDA RD Other 01/01/39 $1,044,798 $31,514 Interest Only $162,239 $118,256 $43,983 1.40
2.13 $0
NCHFA STC Other 01/01/32 $147,225 $9,984 Interest Only
24 Windtree Apts 1229 N. Caswell Ave Southport NC Stabilized Seniors 24 2002 100% 2001
USDA RD Other 01/01/32 $464,589 $12,953
1.63 $0
NCHFA STC Other 01/01/33 $161,860 $10,174 Interest Only
23 Hampton Place Apts 800 Blue Jean Rd Whiteville NC Stabilized MF (Sect 8
and/or LIHTC)28 2002 96% 2001
USDA RD Other 01/01/32 $542,445 $15,354 Interest Only $191,147 $149,758
2.78 $0
NCHFA STC Other 01/01/32 $143,406 $8,872 Interest Only
22 Raintree Apts 104 Raintree Ct Rose Hill NC Stabilized MF (Sect 8
and/or LIHTC)24 2003 100% 2002
USDA RD Other 01/01/33 $357,430 $10,153 Interest Only $171,416 $114,828 $56,588
$021Oxford Place Apts 131 Oxford Ct Beulaville NC Stabilized Seniors 24 2003 100% 2002
USDA RD Other 01/01/33 $352,686 $10,001 Interest Only $166,120 $121,909 $44,211 2.34
Interest Only15NCHFA STC Other 10/01/36 $519,893 $0
NCHFA RPP Other 12/01/27 $450,777 $6,525 Interest Only
Interest Only14 0.00County Other 01/01/29 $310,458 $10,500
City Other 09/01/27 $609,186 $19,950 Interest Only
Amortizing $403,159 $311,884 $91,27513Waterbrook Apts 311 Stoney Moss Dr Raleigh NC Stabilized Seniors 64 2007 1.77 $098% 2006
CICCAR Fixed 01/01/38 $308,100 $31,524
Interest Only12NCHFA STC Other 08/01/37 $760,939 $0
City Other 07/31/27 $331,181 $10,877 Interest Only
Interest Only $253,557 $184,204 $69,35311Maple Ridge Apts 4810 Canyon Crest Cir Fayetteville NC Stabilized MF (Sect 8
and/or LIHTC)48 2008 2.52 $098% 2006
NCHFA RPP Other 07/01/28 $428,906 $16,626
$41,389
Interest Only $167,589 $116,673 $50,896
I/O or
Amortizing
EGI Operating Expenses Current NOI DCR Current Market
Value
Interest Only
Total
LTV
Cap
Rate
Value per
Unit
$0$773,232
$884,111 $60,504
$26,157
Amortizing $359,661 $181,235 $178,426 2.06
Real Estate Schedule
Stabilized Seniors 601Ravenswood Reserve Apts 3720 Ashbrook Dr NW Wilson NC 2018 98% 2017
Centrant
NCHFA RPP
Fixed
Other
01/01/37
12/01/38
Norco Management Holding, Inc.
Maturity
Date
Outstanding Loan
Amount
June 17, 2022
Status Units Year
Built
Current
Occupancy
Year Acquired Company's
Ownership
Role
Company's
Ownership
Interest
Lender
NCHFA WHLP Other
98% 2014
CICCAR Fixed
98%
#Property Name Address City State Annual Debt ServiceAsset Type Loan Type
2 Interest Only
93% 2014
CICCAR Fixed 11/01/33 $559,196 $44,340 $147,592 3.33 $0
01/01/48 $591,496 $0
3 Ravenswood Apts 3721 Ashbrook Dr NW Wilson NC Stabilized MF (Sect 8
and/or LIHTC)72 2015 NCHFA WHLP Other 12/01/44 $1,895,224 $0 Interest Only
Amortizing $367,935 $220,343
4 Lockwood Village Apts 2132 San Lucas Ct Wilmington NC Stabilized MF (Sect 8
and/or LIHTC)60 2015 NCHFA RPP Other 12/01/35 $761,256 $18,750 Interest Only
Amortizing $400,985 $269,962 $131,023 1.33 $0
NCHFA WHLP Other 12/01/44 $530,108 $0
12/01/33 $1,005,014 $79,572
5 City Other 06/01/35 $650,000 $0 Interest Only
Interest Only
2012 NCHFA STC Other 11/01/43 $1,661,118 $06Covey Reserve Apts 200 Jordan Ln Whiteville NC Stabilized Seniors 44 2013
Interest Only $229,882 $210,359 $19,523 $0
92% 2010
NCHFA STC Other 10/01/41 $1,695,224 $07Covey Run Apts Ph 2 117 Covey Quail Ln Whiteville NC Stabilized MF (Sect 8
and/or LIHTC)48 2011
Interest Only $248,486 $218,555 $29,931 $0
98% 2008
CICCAR Fixed 09/01/40 $163,192 $14,6288Maple Ridge Apts Ph 3 6736 Bone Creek Dr Fayetteville NC Stabilized MF (Sect 8
and/or LIHTC)80 2010 NCHFA RPP Other 08/05/30 $364,826 $53,352 Interest Only
Amortizing $422,526 $275,936 $146,590 2.16 $0
City Other 08/17/29 $286,301 $13,4529NCHFA STC Other 09/01/39 $1,524,473 $0 Interest Only
Interest Only 0.00
94% 2008
NCHFA STC Other 09/01/39 $1,390,997 $010Covey Run Apts 117 Covey Run Ln Whiteville NC Stabilized MF (Sect 8
and/or LIHTC)48 2009
Interest Only $258,917 $199,295 $59,634 $0
100% 2015
USDA RD Other 01/01/39 $929,671 $27,01416Benchmark Apts (REHAB) 848 Lillian St China Grove NC Stabilized MF (Sect 8
and/or LIHTC)24 2015
$180,357 $121,254
NCHFA STC Other 01/01/46 $483,797 $0 Interest Only
Interest Only $171,772 $126,604 $45,168 1.67 $0
$59,103 2.40 $017Baytree Apts (REHAB) 401 S. Onslow St Richlands NC Stabilized Seniors 24 2010 100% 2010
USDA RD Other 01/01/40 $815,585 $24,638 Interest Only
USDA RD
NCHFA STC Other 11/01/40 $400,254 $0 Interest Only
18 Longview Apts (REHAB) 101 Longveiw Ln Maysville NC Stabilized MF (Sect 8
and/or LIHTC)24 2010 100% 2010 2.21 $0
Other 01/01/40 $742,678 $22,440 Interest Only $167,899 $118,287 $49,612
Other 01/01/33 $272,468 $7,589 Interest Only $164,801 $124,692 $40,159
NCHFA STC Other 11/01/40 $421,829 $0 Interest Only
19 Trent River Apts 600 Iris Ln Trenton NC Stabilized MF (Sect 8
and/or LIHTC)25 2003 100% 2002
USDA RD
$0
$56,178 2.01
NCHFA STC Other 01/01/34 $168,001 $10,285 Interest Only 2.25
20 Springwood Apts 400 N. Wilmington St Richlands NC Stabilized MF (Sect 8
and/or LIHTC)25 2003 100% 2002
USDA RD Other
NCHFA STC Other 01/01/34 $134,605 $8,283 Interest Only $001/01/33 $703,586 $19,604 Interest Only $181,735 $125,757
Show hints
Freddie Mac Multifamily Form 1116 (09/2017)
Provide comments as necessary for the properties above.
35 Highlands Village Apts August 2020 LIHTC Award; September 2021 Property Acquistion; November 2021 LIHTC Equity (Merchants Capital) & Construction Loan (South State Bank) Closings; Property is currently under construction; Lease-Up expected to begin August 2022
37 Estrella Landing Apts August 2021 LIHTC Award; Property Acquisition expected in 3rd Quarter 2022; LIHTC Equity & Construction Loan Closings expected late 1st Quarter 2023; June 2022 HUD Environmental Assessment approved; Permitting in progress
NOTE: The properties in the Norco portfolio are not HUD Section 8 properties. All of the Norco properties accept the HUD Housing Choice Voucher, which is assigned to the Tenant.
NCHFA (CDBG)Fixed TBD $2,500,000 $0
38 Gap Funds Fixed TBD $3,020,000 Based on Cash Flow
0.00 $037Estrella Landing Apts 4615 Gordon Road Wilmington NC Under
Development
MF (Sect 8
and/or LIHTC)84 TBD N/A 2022
MCC (TBD) Fixed TBD $4,508,700 $307,173 Amortizing
NCHFA (WHLP)Fixed 05/16/52 $1,000,000 $0
36 NCHFA (Relief)Fixed TBD $2,228,000 $0
$153,167 Amortizing 0.00 $035Highlands Village Apts 3100 Camden Square
Drive New Bern NC Under
Development
MF (Sect 8
and/or LIHTC)60 2022 N/A 2021
MCC (223f) Fixed TBD $2,359,521
31 Bennett Village Apts August 2018 LIHTC Award; March 2019 Property Acquisition; June 2019 LIHTC Equity (Boston Financial) & Construction Loan (South State Bank) Closings; Jan 2021 Lease Up Complete; Feb, March, April 2021 Stabilized Operations; Freddie Mac Loan closing complete
33 Artesa Village Apts August 2018 LIHTC Award; March 2019 Property Acquisition; Feb 2020 LIHTC Equity (Boston Financial) & Construction Loan (South State bank) Closings; Feb 2021 Lease Up Complete; March, April, May 2021 Stabilized Operations; RD 538 Loan Coversion to Perm complete
34
8 Maple Ridge Apts Ph 3
NCHFA(WHLP)Fixed 07/01/50 $1,081,637 $0
FHLB (AHP) Fixed 03/05/51 $500,000 $0
$3,600,000 5.8% $50,000 90%33 Artesa Village Apts 7828 High Market
Street Sunset Beach NC Stabilized MF (Sect 8
and/or LIHTC)72 2020 97% 2019
MCC (RD 538)Fixed 02/01/60 $2,169,134 $103,908 Amortizing $530,140 $320,946 $209,194 2.01
29 Green Acres Apts (REHAB) USDA RD PBRA for 9 Units; Property built with RD 515 Loan and Rehab with NCHFA PLP Loan; Purchased from original owner/developer
28 Trenton Apts (REHAB) USDA RD PBRA for 8 Units; Property built with RD 515 Loan and Rehab with MPR Loan; Purchased from original owner/developer
27 Marlboro Place Apts Ph 2 USDA RD PBRA for 24 Units; Property built with LIHTC Equity and RD 515 Loan; LP interest purchased by GP
26 Marlboro Place Apts Ph 1 USDA RD PBRA for 24 Units; Property built with LIHTC Equity and RD 515 Loan; LP interest purchased by GP
25 Fiddlers Creek Apts USDA RD PBRA for 22 Units; Property built with LIHTC Equity and RD 515 Loan; LP interest purchased by GP; Applied for tax credits in Jan 2019 to Rehab property
23 Hampton Place Apts USDA RD PBRA for 27 Units; Property built with LIHTC Equity, RD 515 Loan and NCHFA STC Loan.
24 Windtree Apts USDA RD PBRA for 24 Units; Property built with LIHTC Equity, RD 515 Loan and NCHFA STC Loan.
22 Raintree Apts USDA RD PBRA for 24 Units; Property built with LIHTC Equity, RD 515 Loan and NCHFA STC Loan.
21 Oxford Place Apts USDA RD PBRA for 24 Units; Property built with LIHTC Equity, RD 515 Loan and NCHFA STC Loan.
DCR calculation does not include the total Annual Debt Service, since there are more than 2 loans. (Total Annual Debt Servce = $81,432; DCR = 1.80)
13 Waterbrook Apts DCR calculation does not include the total Annual Debt Service, since there are more than 2 loans. (Total Annual Debt Servce = $68,499; DCR = 1.33)
$117,568 $66,238
$6,298,347 $4,305,158 $1,999,431
10
42 0.00%
0.00%
Property Number Property Name
83%
Comment
5.8%
$183,734 1.00$81,492
$134,605 $0
56% 1556 0.8% $7,111
1,126Total
Weighted average
$53,602,587 $1,473,611 $8,100,000
$511,986
0.00
0.00%100%
1989
2022 $4,500,000
Comments
2022
$0 78%
7.0% $62,500 90%
Minimum
Maximum $615,470 $320,946 $314,070$4,508,700 $307,173
12/01/49
05/16/52
$70,969 $50,395 $14,863
16 Benchmark Apts (REHAB) USDA RD PBRA for 24 Units; Property built in 1990 with RD 515 Loan; Rehab in 2015 with LIHTC Equity & NCHFA STC Loan
17 Baytree Apts (REHAB) USDA RD PBRA for 23 Units; Property built in 1990 with RD 515 Loan; Rehab in 2010 with LIHTC Equity & NCHFA STC Loan
18 Longview Apts (REHAB) USDA RD PBRA for 24 Units; Property built in 1990 with RD 515 Loan; Rehab in 2010 with LIHTC Equity & NCHFA STC Loan
19 Trent River Apts USDA RD PBRA for 24 Units; Property built with LIHTC Equity, RD 515 Loan and NCHFA STC Loan.
08/11/87 $893,3761292
1989
3.33
Managing Member Data: Otter Creek Partners, LLC: Property 1; SNW, LLP: Properties 3,4,6,7,8,10,11,13; Terroir Development, LLC: Properties 31,33,35,37; Joan O. Norris: Remaining properties
84
90%$3,600,000
20 Springwood Apts USDA RD PBRA for 24 Units; Property built with LIHTC Equity, RD 515 Loan and NCHFA STC Loan.
Freddie Mac Multifamily Form 1116 (09/2017)