Post on 31-May-2020
Isiah Senior Apartments Westchester, IL
Michaels Development Company 542 S. Dearborn St., Suite 560
Chicago, IL 60605 Hume An
Vice President of Acquisitions and Development of the Midwest Region Phone: 312-286-8128
E-mail: han@themichaelsorg.com
LANDON BONE BAKER A R C H I T E C T S734 n milwaukee avenue chicago il 60642p 312.988.9100 f 312.829.3302www.landonbonebaker.com
Westchester Senior HousingMichaels Developement Company
3/17/2016
© 2015 Landon Bone Baker Architects, Ltd.
01 Photos
4
2
1
3
5
6
7
8
NOT TO SCALE5 KEY MAP
3 EXISTING LANDSCAPE ON SITE
1 CONVENT EAST ELEVATION
4 ST.JOSEPH HIGH SCHOOL LOOKING SOUTH
2 COVERED WALKWAY TO SCHOOL BUILDING
N
LANDON BONE BAKER A R C H I T E C T S734 n milwaukee avenue chicago il 60642p 312.988.9100 f 312.829.3302www.landonbonebaker.com
Westchester Senior HousingMichaels Developement Company
3/17/2016
© 2015 Landon Bone Baker Architects, Ltd.
02 Building Elevation Photos
5 SOUTH ELEVATION
6 WEST ELEVATION
7 NORTH ELEVATION 8 EAST ELEVATION
LANDON BONE BAKER A R C H I T E C T S734 n milwaukee avenue chicago il 60642p 312.988.9100 f 312.829.3302www.landonbonebaker.com
Westchester Senior HousingMichaels Developement Company
3/17/2016
© 2015 Landon Bone Baker Architects, Ltd.
03 Existing Site Plan
60.03'
60.50
'
5'-0"
41.63'
178.89'
60.16'
136.55'
620.00"
755.0
0"
SHED
PROPERTY LINE
METALCROSS
PROPERTY LINE
1 STORY BRICK
1 STORYBRICK
1 STORYBRICK
2 STORYBRICK
1 STORY BRICK
CONCRETE
BLACKTOP PARKING LOT 31 PARKING SPACES
DOWN LOADING RAMP
1 STORYBRICK
PRIMARYENTRANCE
BLACKTOP PARKING LOT179 PARKING SPACES
S T. JOSEPH HIGH SCHOOL FIELDS/GROUNDS
CONCRETE WALKWAYRESI
DENT
IAL
LOTS
WESTCHESTER INTERMEDIATE SCHOOL
RESI
DENT
IAL
LOTS
DOWN RAMP TO GARAGE
CONCRETE WALKWAY
CONCRETE WALKWAY
OXFORD ST.
CONCRETE WALKWAY W/ CANOPY
HIGH 1 STORYBRICK
2-STORY BRICK
SCALE: 1/64" = 1'-0"1 EXISTING SITE PLANN
LANDON BONE BAKER A R C H I T E C T S734 n milwaukee avenue chicago il 60642p 312.988.9100 f 312.829.3302www.landonbonebaker.com
Westchester Senior HousingMichaels Developement Company
3/17/2016
© 2015 Landon Bone Baker Architects, Ltd.
04 Proposed Site Plan
34
1415
1617
1819
2021
2223
2425
2627
2829
3031
3233
3435
3637
3839
4041
4297
9899
100
101
102
103
104
105
106
107
108
109
110
111
112
113
4344
4546
4748
4950
5152
5354
5556
57
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
7778
7980
8182
8384
8586
8788
8990
9192
9394
9596
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
12
5859
6061
6263
6465
6667
6869
7071
7273
7475
76
PROPERTY LINE
PROPERTY LINE
CONCRETE WALKWAY
2 STORY BRICK
OXFORD ST.
PRIMARYENTRANCE
WESTCHESTER INTERMEDIATE SCHOOL
RESI
DENT
IAL
LOTS
SOCCER FIELD
NEW ROAD FORACCESS TOCANTERBURYSTREET
SOCCER FIELD
155 PARKINGSPACES
56
78
910
1112
13
178.89'
BICYCLERACK
GATE TOWESTCHESTERSENIOR HOUSING
1-STORY BRICK
1-STORY BRICK1-HIGH STORY
BRICK
RESI
DENT
IAL
LOTS
MAIN ENTRANCE
1-STORY BRICK
SCALE: 1/64" = 1'-0"1 PROPOSED SITE PLAN
N
LANDON BONE BAKER A R C H I T E C T S734 n milwaukee avenue chicago il 60642p 312.988.9100 f 312.829.3302www.landonbonebaker.com
Westchester Senior HousingMichaels Developement Company
3/17/2016
© 2015 Landon Bone Baker Architects, Ltd.
05 Conceptual Floor Plans
8'-10
"
15'-4
"
12'-10"
WD
R
WD
RW
DR
WD
R
WD
R
17'-0
"
4'-5"
9'-6"
5'-5"
4'-5"
DOUBLE HEIGHTCIELINGS
ENTRY CANOPY
RECYCLE/WASTE
PROGRAM KEY2 Bedroom
1 Bedroom
Courtyard
Circulation/Mech.
LAUNDRY
OUT-OF-UNITSTORAGE
OUT-OF-UNITSTORAGE
OUT-OF-UNITSTORAGE
OUT-OF-UNITSTORAGE
OUT-OF-UNITSTORAGE
RECYCLE/WASTE
LAUNDRY
LAUNDRY
RECYCLE/WASTE
LOBBY
MAIN ENTRANCE
1BD 1BD 1BD1BD 1BD
2BD
2BD
2BD
1BD
2BD 2BD
1BD
1BD 1BD
1BD1BD1BD
1BD
1BD
1BD
1BD
1BD
1BD
1BD
1BD
1BD
1BD
1BD1BD
1BD 1BD
1BD1BD
1BD
1BD
1BD
1BD
2BD
2BD
AmenityPod
AmenityPod
AmenityPod
MECH
MECH
Community
Community
AmenityPod
Community
2BD
1BD 1BD 1BD1BD
2BD
1BD
1BD
2BD
1BD
1BD
1BD
1BD 1BD 1BD
1BD
2BD
1BD
1BD1BD
1BD1BD1BD
1BD
1BD
1BD
1BD
1BD
AmenityPod
1BD
1BD
1BD
1BD
1BD
1BD
MECH
Community
Community
1BD
PROGRAM KEY2 Bedroom
1 Bedroom
Courtyard
Circulation/Mech.
Amenity Pod(Out-of-Unit Storage, Laundry,Waste Management)
Community Services
Demolished
1 PROPSED FIRST FLOOR PLAN WITH EXISTING GYMN
SCALE: 1" = 45'8' 16' 32'0'
UNIT DISTRIBUTION WESTCHESTER SENIOR HOUSING2 Bedroom 12 1 Bedroom 68 Total Unit Count: 80Total Gross sq. ft. : 62,013 sq. ft.
LANDON BONE BAKER A R C H I T E C T S734 n milwaukee avenue chicago il 60642p 312.988.9100 f 312.829.3302www.landonbonebaker.com
© 2015 Landon Bone Baker Architects, Ltd.
Typlical Unit Floor Plan
DW
FRE
6" 13'-11" 5'-0" 14'-4"
33'-3"
24'-0
"
2'-0"
2'-0"
1'-6"
10'-6" 5" 11'-4"
2'-0"
4'-0"
10'-6"
9'-0"8'-6"
14'-3
"7'-
3"3'-
2"
3'-0"
11'-3
"2'-
6"
12'-8
"2'-
5"
1'-0"
EXISTING 8" LOAD BEARING WALL
2 BEDROOM UNIT
MASTERBEDROOM 1
KITCHEN BATH
LIVING ROOM
IHDA UNIT REQUIREMENTS1 LIVING ROOM
-150 S. FT. MIN-10' FT. MIN HORZ.
BEDROOM ROOM-100 S. FT. MIN-9' FT. MIN HORZ.
F RE
DW
25'-0"
2'-0"
24'-0
"
6" 11'-17/8" 5'-0" 8'-101/4" 6"
14'-3
"2'-
8"
3'-11"
2'-0"
2'-8"
1'-6"2'-
0"
12'-0" 12'-7"
7'-6"
9'-0"
3'-0"
11'-1
2"1'-
71/2"
EXISTING 8" LOAD BEARING WALL
UNIT 2061 BEDROOM
HVAC
1-BEDROOM(525 SQ. FT. MIN)-590.8 SQ. FT. AREA-165 SQ. FT. BDRM-195 SQ. FT LIVING RM
2-BEDROOM(700 SQ. FT. MIN)-786.1 SQ. FT. AREA-144.2 SQ. FT. BDRM-158.9 SQ. FT. MASTER BDRM-176 SQ. FT LIVING RM
0 4' 8' 12'SCALE: 3/16" = 1'-0"1 TYPICAL UNIT PLANS NOTE: UNIT CONFIGURATION WILLCHANGE SLIGHTLY AT CORNERSAND OTHER UNIQUE CONDITIONS INTHE NEW PLAN.
Isiah Senior Apartments
Rental Income
Beds Baths % of AMI Average SF
per Unit
# of Units Total SF Gross Rent Utility
Allowance
Net Rent Subsidy Monthly
Income
Annual Rental
Income
Efficiency 1 30% 435 ‐ $ 718 $ 57 $ 661 $ ‐ $ ‐
Efficiency 1 30% 435 ‐ $ 718 $ 57 $ 661 $ ‐ $ ‐
1 BR 1 30% 591 20 11,820 $ 922 $ 62 $ 860 HACC $ 17,200 $ 206,400
1 BR 1 60% 591 48 28,358 $ 812 $ 62 $ 750 None $ 36,012 $ 432,144
2 BR 1 60% 786 12 9,432 $ 975 $ 75 $ 900 None $ 10,796 $ 129,557
Total 80 49,610 $ 64,008 $ 768,101
GSF 62,013 80.00% (efficiency)
Utility Allowances Commercial Units
Monthly
Rent Annual RentCHA
as of 2/1/2015Heating Cooking
Electric
Other Electric A/C
$ ‐
Efficiency 22$ 6$ $ 29 $ ‐
One Bedroom 16$ 8$ $ 38 0
Two Bedroom 19$ 10$ $ 46 Total $ ‐ $ ‐
Three Bedroom 22$ 12$ $ 54
Four Bedroom 24$ 14$ $ 62 Other Income Total Income
Laundry $ 2,080
Income Limits Vending $ 1,040
IHDA
as of 3/6/2015 30% 50% 60% 80% Total $ 3,120
Efficiency 399$ 665$ $ 798 $ 1,065
One Bedroom 427$ 712$ $ 855 $ 1,140 Total Gross Potential Income $ 771,221
Two Bedroom 513$ 855$ $ 1,026 $ 1,368 Less Residential Vacancy 6% $ (46,086)
Three Bedroom 592$ 988$ $ 1,185 $ 1,581 Less Commercial Vacancy 50% $ ‐
Four Bedroom 661$ 1,102$ $ 1,323 $ 1,763 Less Other Income Vacancy 5% $ (156)
Fair Market Rents Total Effective Gross Income $ 724,979 Cook County, IL
as of October 1, 2014 Operating Expenses $ 452,686
Efficiency 812$
One Bedroom 922$ Replacement Reserve $ 28,000
Two Bedroom 1,093$
Three Bedroom 1,393$
Four Bedroom 1,624$ Net Operating Income $ 244,293
Unit Mix & Income
1
2
3
Isiah Senior Apartments
Construction Permanent Per Unit
Sources
First Mortgage (Freddie Mac TEL) 9,914,534$ 3,584,687$ 44,809$
Bridge/B‐Bond ‐$ ‐$
IHDA Soft ‐$ ‐$
Cook County Soft 2,416,975$ 2,854,766$ 35,685$
Seller Financing 3,400,000$ 3,400,000$ 42,500$
LIHTC Equity ‐$ 6,944,432$ 86,805$
FHLB AHP 850,000$ 850,000$ 10,625$
IAHTC Equity 1,530,000$ 1,530,000$ 19,125$
Energy Tax Credit Equity ‐$ ‐$
Deferred Developer Fee 25% ‐$ 459,202$ 5,740$
GP Equity 100$ 100$ 1$
Total 19,623,187$ 245,290$
Excess/(Gap) (0)$
Project Cost Subtotals Per Unit Acq Basis Rehab/Cons Basis Bond Basis Historic Basis Notes
Uses
Property Acquisition 3,400,000$
Acq Land Acquisition Cost 25% 850,000$ 10,625$ ‐$ 850,000$
Acq Building Acquisition Cost 75% 2,550,000$ 31,875$ 2,550,000$ 2,550,000$
Acq Transfer Taxes 37,400$ 468$ 37,400$ 37,400$
Acq Payoff/Assumption of Existing Debt ‐$ ‐$ ‐$
Acq Prepayment Penalty ‐$ ‐$ ‐$
Acq Carrying Costs ‐$ ‐$
Acquisition Total 3,437,400$ 42,968$
Con Demolition ‐$ ‐$ ‐$
Con Construction/Rehab Costs 8,159,605$ 101,995$ 8,159,605$ 8,159,605$ 8,159,605$
Con General Requirements 6% 489,576$ 6,120$ 489,576$ 489,576$ 489,576$
Con Builder's Overhead 2% 163,192$ 2,040$ 163,192$ 163,192$ 163,192$
Con Builder's Profit 6% 489,576$ 6,120$ 489,576$ 489,576$ 489,576$
Con Bonding Fee 1% 81,596$ 1,020$ 81,596$ 81,596$ 81,596$
Con Builder's Risk Insurance 1% 81,596$ 1,020$ 81,596$ 81,596$ 81,596$
Construction Subtotal 9,465,142$ 118,314$
Cont Hard Cost Contingency 10% 946,514$ 946,514$ 11,831$ 236,629$ 946,514$ 567,909$
Con Environmental Remediation 16.13$ 1,000,000$ 12,500$ 1,000,000$ 1,000,000$ 1,000,000$
Proj Geotech 25,000$ 313$ 25,000$ 25,000$ 25,000$
Proj Permits 45,000$ 563$ 45,000$ 45,000$ 45,000$
Proj Appraisal 15,000$ 188$ 15,000$ 15,000$ 15,000$
Proj Environmental ‐ Phase I 10,000$ 125$ 10,000$ 10,000$ 10,000$
Proj Environmental ‐ Phase II 15,000$ 188$ 15,000$ 15,000$ 15,000$
Proj Asbestos & Lead Testing 40,000$ 500$ 40,000$ 40,000$ 40,000$
Proj Market Study 10,000$ 125$ 10,000$ 10,000$ 10,000$
Proj Survey 7,500$ 94$ 7,500$ 7,500$ 7,500$
Proj Physical Needs Assessment 10,000$ 125$ 10,000$ 10,000$ 10,000$
Proj Legal ‐ Organization 37,500$ 469$ 37,500$
Proj Legal ‐ Transaction 65,000$ 813$ 65,000$ 65,000$ 65,000$
Proj Legal ‐ Syndication 37,500$ 469$ 37,500$
Proj Relocation ‐$ ‐$ ‐$
Proj Accounting 27,500$ 344$
Proj Title & Recording 33,000$ 413$ 33,000$ 33,000$ 33,000$
A&E Architecture & Engineering 7.20% 688,990$ 8,612$ 688,990$ 688,990$ 688,990$
A&E Allowance for Commercial Buildout ‐$ ‐$ ‐$
M&L Marketing/Leasing 159,234$ 1,990$
SCont Soft Cost Contingency ‐$ ‐$
Prop Furniture & Equipment 100,000$ 1,250$ 100,000$ 100,000$
Ins Construction period insurance 80,000$ 1,000$ 80,000$ 80,000$ 60,000$
RETax Construction period real estate taxes 34,000$ 425$ 34,000$ 34,000$
Development Costs Subtotal 2,440,224$ ‐$
Res Operating Reserve 225,807$ 2,823$
Res Working Capital Reserve 2% ‐$ ‐$
Res Tax & Insurance Escrow 108,000$ 1,350$
Res IOD Reserve 3% ‐$ ‐$
Res Replacement Reserve 450$ 36,000$ 450$
Res Revenue Deficit Reserves ‐$
Reserves/Escrows 369,807$ ‐$
TaxCred LIHTC Reservation Fee 1% 69,444$ 868$
TaxCred IAHTC Reservation Fee 5% 85,000$ 1,063$
TaxCred Syndicator Fee/Legal 50,000$ 625$
TaxCred Cost Certification 10,000$ 125$ 10,000$ 10,000$
TaxCred Constructon Plan & Cost Review 30,000$ 375$ 30,000$
TaxCred Historic Tax Consultant ‐$ ‐$ ‐$ ‐$ ‐$
TaxCred Application & Issuance Fee 17,500$ 219$
FHA Freddie Origination Fee 0.70% 25,093$ 314$
FHA Rate Lock Deposit ‐ LOC 2.00% 71,694$ 896$ 71,694$
FHA Freddie Application Fee 0.10% 3,585$ 45$
FHA Freddie Standby Fee 0.15% 5,377$ 67$ 5,377$
FHA Freddie Legal 65,000$ 813$
LoanFee Freddie Third Party 27,000$ 338$
LoanFee Construction Loan Inspection 26,833$ 335$
LoanFee Construction Origination Fee 0.50% 49,573$ 620$
LoanFee Working Capital Letter of Credit ‐$
LoanFee Lender Conversion Fee ‐$
Bond Issuer Fee ‐ Series A 2% 71,694$ 896$
Bond Issuer Counsel Fee ‐ Series A 30,000$ 375$
Bond Bond Counsel Fee ‐ Series A 60,000$ 750$
Bond Underwriting Fee ‐ Series A ‐$
Bond Underwriter's Counsel ‐ Series A ‐$
Bond Trustee and Counsel ‐ Series A 13,500$ 169$
Bond Rating Agency ‐ Series A ‐$
Bond Printing ‐$
Sources & Uses
Bond Negative Arbitrage ‐$
Bond Underwriter Counsel ‐ Series B ‐$
Bond Underwriter Takedown ‐ Series B 1% ‐$
Bond Bond Counsel ‐ Series B ‐$
Bond Series B LOC fee 2% ‐$ ‐$ ‐$
Bond Series B Interest (Negative Arb) ‐$ ‐$ ‐$
Bond Series B Rating ‐$
Bond Series B Legal ‐$
LoanInt Construction Loan ‐ Interest 416,000$ 5,200$ 236,482$
Financing Subtotal 1,127,292$ ‐$
DevFee Developer Fee 1,836,808$ 1,836,808$ 22,960$ 1,836,808$ 1,836,808$ 1,836,808$
Total 19,623,187$ 19,623,187$ 245,290$ 2,587,400$ 13,959,551$ 18,026,425$ 13,928,349$
55% of Bond basis 9,914,534$