Saturday, March 13th, 2010

Development Opportunities With Non-Traditional Partners

What is a Non-Traditional Partner?

The Symbiotic Relationships

Parasitic SymbioticCommensal

What is a Non-Traditional Partner?

The Symbiotic Relationships

Parasitic SymbioticCommensal

About Carlisle Development Group

Carlisle is one of the largest Affordable Housing Developers in the nation

6th largest Affordable Housing Developer and 14th largest Affordable Housing Owner in the Nation

according to Affordable Housing Finance Magazine

Developed over 7,000 units of affordable housing since 1998Revitalized over 700 public housing units since 2006Developer of award-winning historic housing (The Royalton)Specialized in Housing Authority partnerships

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“Triple Bottom Line”

Business Model

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Carlisle Development Group works with community partners to structure effective solutions

Triple bottom line

Social

Environmental

Financial

Focused specifically on public-private partnerships

Unique Business Model

Extensive development team

Strong track record of procuring state and local funds: over $1.2 billion

Largest affordable housing developer in Florida: over 7,000 units built

Complicated, multi-layered financing structures

Scale and Creativity

YMCAArea Housing Commission of PensacolaBroward County Housing AuthorityHousing Authority of the City of Fort LauderdaleCamillus HouseCarrfour Supportive HousingCity of LakelandMiami-Dade Transit

Community Partnerships

Flexible deal structure

4%, 9% or mixed-finance options

Design concept can be tailored to suit the needs of the community

Sustainable design

Quality Development Plan

Public-Private Partnership Expert

Broward County HA (847)

Housing Authority of the City of Ft. Lauderdale (992)

Miami-Dade Transit (496)

St. Agnes CDC (544)

Area Housing Commission (196)

YMCA Village Allapattah

Over 30 developments in partnership with non-profits

Silurian Pond

Case Studies Public–Private Partnerships

Morris Court

Brownsville Transit Station

Tallman Pines

Village Allapattah•2 Phases•200 Units•1st YMCA development 

to use tax credit housing•27,000 SF YMCA Facility•$60 Million TDC•Collaboration with YMCA 

offers families child care, 

after‐school teen 

programs, adult learning 

classes, and every other 

service that TMCA 

members enjoy

Village Carver•3 Phases•360 Units for families and individuals

•Ground Lease

Case Study

YMCA Developments Miami-Dade County

Mutually Beneficial Relationship: Serving the community together by providing safe, attractive, affordable housing and recreational facilities and programsYMCA has available land in areas that need affordable housingResidents of affordable housing are users of YMCA recreational facilities and programs

Benefits to YMCA:Proceeds from ground leaseDirect access to families and individuals who benefit from YMCA programs & facilitiesA financing vehicle to build or enhance YMCA facilities

Benefits to Carlisle:Access to scarce land in areas where affordable housing is sorely neededMarket YMCA facilities & programs to prospective residents

Case Study

YMCA Developments Miami-Dade County

Case Study

YMCA Developments Financing Scenarios

YMCA Village Allapatah Phases I and IISOURCES AND USES

Permanent SourcesPermanent first Mortgage $2,400,000 Base RRLP $2,323,091 Phase I Parking Contibution $3,689,000 Supplemental RRLP $910,000 

ELI RRLP $409,957 

YMCA Contribution $2,250,000 Surtax $4,866,541 

Local Contribution $750,000 

Defferred Developer Fee $132,384 

Limited Partner Equity $45,153,000 Total Sources $62,234,365 

Permanent UsesHard Costs $38,886,688.00 Soft Costs $23,347,676.73 Total Uses $62,234,365 

Morris Court Phases II and IIIPartners: Circle, Inc. and Area Housing Commission124 units of family and elderly affordable housingSources include: RRLP, 4% and 9% tax credits, Section 8 Vouchers, Hurricane Housing Recovery Fund

Silurian PondPartners: Circle, Inc. and Area Housing Commission72 units of family affordable housingSources include: RRLP, HHRP, ELI Loan, 4% tax credits, tax-exempt bonds

Case Study

Morris Court and Silurian Pond Escambia County

Benefits to Circle Inc. and Area Housing Commission:

Add much needed new construction units to portfolioRaise funds through sale of landAvoidance of construction and lease-up riskAdditional access to subsidies and capital sources

Benefits to Carlisle:Work with well known and established local partnerAssist with tenant outreachHelp navigate local politics Obtain local government sources

Case Study

Morris Court Phases II and III Escambia County

Case Study

Morris Court II and III Financing Scenarios

Morris Court Phases II and III            

SOURCES AND USES

Permanent SourcesPermanent First Mortgage $785,000 

Base RRLP $3,766,269 

HHRP $2,240,000 

Supplemental RRLP $520,000 

Interest Income $122,176

Limited Partner Equity $12,736,727 

Total Sources $20,054,515

Permanent Uses

Hard Costs $12,114,279 

Soft Costs $7,940,236 

Total Uses $20,054,515 

Tallman Pines Broward County

LEED Certified affordable housing developerPartners: Broward County Housing AuthorityIntegrated public park space into site design to enhance local neighborhoodCarlisle: 6 LEED certified developments breaking ground in 2010WINNER: Developer Magazine’s Annual Sustainability Award, 2009

LEED SILVER Certification First 

and 

Only 

Tax 

Credit 

Development 

in 

the 

South‐

east 

U.S. 

to 

receive 

this 

USGBC certification 

Case Study

Benefits to Broward Co. Housing Authority:

Decreased long term operating expenses through LEED building practicesBuilding Affordable Housing capacityOriented site plan to create access to specially created public park$2 million ground lease

Benefits to Carlisle:Provided LandOpportunity to build green and use the skills of in-house LEED Accredited Professional Development staffBuild long-term relationship with housing authority

Case Study

Tallman Pines Broward County

Tallman Pines Financing Scenario

Case Study

Tallman Pines Phases I and IISOURCES AND USES

Permanent SourcesPermanent First Mortgage $3,400,000 RRLP Non ELI $2,885,645 RRLP ELI $509,231 Supplemental RRLP $260,000 

Interest Income $103,067 

HOME $1,000,059 Limited Partner Equity $28,034,000 

Total Sources $35,343,571 

Permanent UsesHard Costs $18,973,735 Soft Costs $16,369,837 

Total Uses $35,343,571 

Brownsville Transit Village Miami-Dade County

Partnered with St. Agnes Rainbow Community Development Corporation and Miami‐Dade County Transit AuthorityMixed use: Ground Floor Retail, Community Service Facilities, and 496 affordable housing rental UnitsSources include:  Exchange equity, conventional debt, County surtax and conventional tax credit equity

$150 million TDCTripled ridership on Miami‐Dade rapid transit system

Partnered with Camillus HouseLEED certified HOMELESS housing development Commencing construction summer 2010Sources include state exchange equity and SAIL funds

Labre Place Miami-Dade County

The Royalton Hotel Miami-Dade County

Built in 1923, Renovated in 2007

100 Units of Supportive Housing

Partnered with Carrfour Supportive Housing

Sources include: LIHTC equity, HTC equity, County Surtax, HOME, Homeless Housing Assistance Grant, State SAIL

Winner of Affordable Housing Finance Magazine’s “Readers Choice” Award

Partnered with the Housing Authority of the City of Fort Lauderdale254 unitsSources include: 9% and 4% housing credits, SAIL, RRLP and Broward County Funds

Dixie Court I, II and III Broward County

Historic Preservation of a 77 unit landmark built in1929Florida Trust for Historic Preservation AwardFunding Sources include: Conventional debt, HTC equity, City of Lakeland subordinate loan

Lake Mirror Tower Polk County