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HomeMy WebLinkAboutAvenue Flats Letters of Support Wilmington ▪ Atlanta ▪ Dallas ▪ Bellevue Financial Letters of Support To Whom it May Concern: Letter of Reference: Blue Ridge Atlantic Development Lument (fka ORIX, HUNT & Centerline) has been a lending partner to Blue Ridge Atlantic Development through a wide range of financing activities. We have lent on new construction housing developments, refinances and acquisitions. We greatly appreciate the strength of experience that Blue Ridge Atlantic Development bring to the table. The entire team has successfully developed a substantial number of deals throughout the southeast. Lument has successfully closed the following loans with Blue Ridge Atlantic Development since 2020: - Peachtree Creek on Ponce, April 2020 - Residence at Sky Harbor, November 2021 - Residence at Canopy Pointe, October 2022 - Englewood Garden Villas, October 2022 - Thrive at South End, October 2022 - Sage Apartments, March 2024 We have found Blue Ridge Atlantic Development to be well versed in the management and development businesses. Lument desires to continue our strong relationship with Blue Ridge Atlantic through financing their future acquisitions and development deals. Sincerely, Suzie Cope Managing Director, Loan Originations Mobile: 646.398.4675 suzanne.cope@lument.com PO BOX 3398, Eagle, CO, 81631 HUDSON HOUSING CAPITAL LLC 630 FIFTH AVENUE, SUITE 2850 NEW YORK, NY 10111 TELEPHONE 212 218 4488 FACSIMILE 212 218 4467 July 7, 2024 Christopher L. Eisenzimmer, CPA President Blue Ridge Atlantic Development LLC 1630 Military Cutoff Road, Suite 104 Wilmington, NC 28403 Re: Blue Ridge Atlantic Development Reference Dear Chris: I am pleased to offer this reference letter in support of Blue Ridge Atlantic Development LLC (“Blue Ridge”), as general partner and developer for affordable housing developments. Blue Ridge’s professionalism, knowledge, attention to detail, and commitment to preserving and creating affordable housing gives us tremendous confidence in their development capabilities. By way of background, Hudson Housing Capital LLC is a federal low-income housing tax credit syndicator that operates nationwide. Founded in 1998, Hudson has syndicated more than 600 low-income housing tax credit investments preserving or creating over 55,000 rental units. To date, our firm has placed over $8 billion of tax credit equity. Hudson has closed four transactions with Blue Ridge since 2020, of which one is stabilized and three are under construction. We have found Blue Ridge to be extremely transparent in their dealings with us. As a result, we have successfully and expeditiously resolved any unanticipated issues during the closing and construction process on projects in our portfolio. We enthusiastically support and would gladly welcome the opportunity to partner with Blue Ridge on Bluffs at Nelms. Please do not hesitate to contact me via phone (212-218-4438) or email (sunny.sowards@hudsonhousing.com) should you have any questions. Sincerely, Sunny Sowards Vice President Hudson Housing Capital LLC July 1, 2024 Christopher L. Eisenzimmer Blue Ridge Atlantic Development, LLC 1630 Military Cutoff Road, Suite 104 Wilmington, NC 28403 Dear Chris: Please accept this reference letter in support of Blue Ridge Atlantic Development, LLC. (“Blue Ridge”). Bank OZK (“Bank”) previously financed two (2) construction projects with Blue Ridge one within the Raleigh/Durham MSA and another in coastal region of North Carolina. The Bank has found them to exhibit a profound dedication to developing affordable housing and look forward to continuing to build a larger relationship with Blue Ridge. Bank OZK, is primarily a construction lender that specializes in new construction, rehabilitation and value-add opportunities within the affordable housing market. In total the Bank has either committed or closed nearly three-quarters of a Billion dollars by the end of 2023. These deals have represented an impact of approximately five-thousand affordable housing units. Please do not hesitate to contact me via phone at 470-218-4438 or email at michele.burch@ozk.com with any questions. No Warranties Relating to Information. Bank OZK is providing information regarding its financing of Affordable Housing “as is”, without any representations or warranties of any kind including in respect of the accuracy or completeness of this information, or the suitability of this information for any purpose. Bank OZK shall have no liability to any third party resulting from the use or disclosure of this information. Sincerely, Michele Burch AVP Portfolio Manager Bank OZK C.W. Early Senior Managing Director Affordable Housing Platform Leader JLL Real Estate Capital, LLC T +1 972-646-1125 C.W.Early@ jll.com RE: Blue Ridge Atlantic Development/Shelter Resources Recommendation To Whom It May Concern, JLL is a leading professional services firm that specializes in real estate and investment management. JLL Affordable Housing is one of the top capital markets intermediaries in the country for affordable housing assets. From 2020 to 2022 JLL’s affordable investment sales and debt & equity placement teams have closed over $14.2 Billion in affordable housing transactions. Blue Ridge Atlantic Development/Shelter Resources is our valued partner and a proven leader in creating and preserving affordable housing. Their expertise has allowed them to develop and acquire projects in Washington, Oregon, Alaska, and Idaho and make positive changes in their communities. Our relationship with Blue Ridge Atlantic Development/Shelter Resources includes debt placements on numerous affordable housing projects, many of which involve local government participation and/or joint ventures with non-profit organizations. Blue Ridge Atlantic Development/Shelter Resources has consistently performed at the highest level, and their growth and strong financial standing are proof of their capability as an affordable housing developer. If you have any questions, please contact me to discuss this recommendation in more detail. Sincerely, C.W. Early Senior Managing Director July 3, 2024 JPMorgan Chase Bank, N.A. • Community Development Real Estate • 1301 2nd Avenue, Seattle, WA Bob Powers • bob.powers@chase.com • 206.500.2241 July 3, 2024 Re: Blue Ridge Atlantic Development Reference To whom it may concern: JPMorgan Chase Bank has had a relationship with Len Brannen and Shelter Resources Inc. (“SRI”) over 10 years, and most recently with affiliated Blue Ridge Atlantic Development (“BRAD”), providing construction financing for a number of affordable housing projects. SRI and BRAD have demonstrated success in financing complex projects, commitment to public- private partnerships, and the achievement of project goals with win-win outcomes. In the past three years, JPMorgan Chase has provided three construction loans to SRI and BRAD, two of which are still active: Redondo Heights, Federal Way, WA $68 million Sky Harbor Apartments, Chamblee, Georgia $25 million Peachtree Creek on Ponce Apartments, Clarkston, WA $10 million We have had excellent experience with SRI and BRAD in underwriting and closing loans. JPMorgan Chase would welcome opportunities to provide financing to SRI and BRAD in the future. Sincerely, Bob Powers Managing Director