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 MEMORANDUM SEPTEMBER 11,1997TO: BOSTON REDEVELOPMENT AUTHORITY AND THOMAS N. O'BRIEN, DIRECTOR FROM: THOMAS J. O'MALLEY, ASSOCIATE DIRECTOR FOR HOUSING, (PFD) KEVIN MORRISON, GENERAL COUNSEL, (BRA) SUBJECT: AMENDMENT TO REPORT AND DECISIONS ON WESTMINSTER PLACE AND WILLARD PLACE HOUSING DEVELOPMENTS, NOW KNOWN AS "MANDELA" APARTMENTS, CHAPTER 121A PROJECT SUMMARY: This memorandum requests adoption of the Amendment to the Report and Decisions on the Westminster Place and Willard Place Housing Developments, now known as "Mandela Apartments", Chapter 121A Project (the "Project"), involving the transfer of the property to a new joint venture entity comprised of the Mandela Residents Cooperative Association (MRCA) and Beacon Residential Properties Limited Partnership (Beacon). The Project The development consists of 276 rental units of low and moderate income, section 8 assisted housing, and related commercial space and parking. The project addresses are as follows: See attached site map. (See Exihbit 1). Address Number of Units 1825-1841 Washington Street 20 1855 Washington Street 112 150-160 Northampton Street 10 560 Shawmut Avenue 6 570 - 580 Shawmut Avenue 12 1 - 5 Greenwich Street 12 9 Greenwich Street 6 10 Hammond Street 74 22 - 34 Hammond Street 16 53 - 57 Windsor 8 Total 276 Proponent This will be a joint venture comprised of the Mandela Residents Cooperative Association (MRCA) which is the duly constituted tenants association represented by a Board of Directors, Glenn Hall, President; (See Exhibit 2). Beacon Residential Properties Limited Partnership, Howard Cohen, President. Ownership Structure Mandela Homes Limited Partnership and Hammond Street Limited Partnership, Massachusetts Limited Partnerships will be formed to take title to Mandela. Affiliates of MRCA and Beacon will be the co-general partners and the limited partnership interests will be syndicated to tax credit investors. The relationship between the two general partners is set forth in a Statement of Partnership Principles. (See Exhibit 3). The residents will have the right to buy out Beacon for $1.00 when all of Beacon's guarantees are satisfied, subject to the approval of the lenders and investors. Beacon will have a fifteen (15) year management contract. Development Team Developer: Mandela Residents Cooperative Association anBeacon Residential Properties Limited Partnership Architect: Ransom and Brimly Engineer: Ginns Dubin Engineers Legal: Jackson and Jean Mintz, Levin, Cohn, Ferns, Glovsky and Popeo, PC Contractor: Keith Construction Financing The total development cost is approximately $18 million. The anticipated source of permanent financing are as follows: syndication proceeds of $10.25 million. City of Boston, Public Facilities Department $670,000, Department of Housing and Community Development (DHCD -State) $330,000, Federal Home Loan Bank Board $250,000 and a permanent loan from Massachusetts Housing Partnership (MHP) of up to $5.5 million. Plus approximately $1.0 million of income during construction. Letters of commitment or interest are included. (See Exhibit 4). This funding would lead to significant investment in the rehabilitation costing nearly $40,000 per unit. |
MEMORANDUM
SEPTEMBER 11,1997 TO: BOSTON REDEVELOPMENT AUTHORITY AND THOMAS N. O'BRIEN, DIRECTOR FROM: THOMAS J. O'MALLEY, ASSOCIATE DIRECTOR FOR HOUSING, (PFD) KEVIN MORRISON, GENERAL COUNSEL, (BRA) SUBJECT: AMENDMENT TO REPORT AND DECISIONS ON WESTMINSTER PLACE AND WILLARD PLACE HOUSING DEVELOPMENTS, NOW KNOWN AS "MANDELA" APARTMENTS, CHAPTER 121A PROJECT SUMMARY: This memorandum requests adoption of the Amendment to the Report and Decisions on the Westminster Place and Willard Place Housing Developments, now known as "Mandela Apartments", Chapter 121A Project (the "Project"), involving the transfer of the property to a new joint venture entity comprised of the Mandela Residents Cooperative Association (MRCA) and Beacon Residential Properties Limited Partnership (Beacon). The Project
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