Florida Housing Finance Corporation Marcia Gardens

EXHIBIT B

Page 1 of 48

Florida Housing Finance Corporation

Credit Underwriting Report

Marcia Gardens

Tax-Exempt Multifamily Mortgage Revenue Note (¡°MMRN¡± or

¡°Note¡±), HOME, and 4% Non-Competitive Housing Credits

(¡°HC¡±)

MMRN 2015-107B / HOME RFA 2015-110 (2016-106H)

Financing of Affordable Housing Developments with HOME funding to be

used in conjunction with Florida Housing-Issued MMRB and NonCompetitive Housing Credits

Section A: Report Summary

Section B: MMRN & HOME Loan General Conditions, and HC Allocation

Recommendation and Contingencies

Section C: Supporting Information and Schedules

Prepared by

First Housing Development Corporation of Florida

FINAL REPORT

April 20, 2016

EXHIBIT B

Page 2 of 48

FHDC

Marcia Gardens

TABLE OF CONTENTS

Page

Section A

Report Summary

Recommendation

Overview

Use of Funds

Operating Pro Forma

A1-A9

A10-A14

A15-A19

A20-A22

Section B

MMRN & HOME Loan General Conditions

HC Allocation Recommendation and Contingencies

B1-B9

B10

Section C

Supporting Information & Schedules

Additional Development & Third Party Information

Applicant Information

Guarantor Information

General Contractor Information

Syndicator Information

Property Management Information

C1-C8

C9-C14

C15-C16

C17-C18

C19-C20

C21-C22

Exhibits

15 Year Pro Forma

Housing Credit Allocation

Description of Features and Amenities

Completion and Issues Checklist

1.

2. 1-3

3. 1-6

4. 1-2

April 20, 2016

EXHIBIT B

Page 3 of 48

MMRN, HOME & HC CREDIT UNDERWRITING REPORT

Section A

Report Summary

April 20, 2016

FHDC

EXHIBIT B

Page 4 of 48

MMRN, HOME & HC CREDIT UNDERWRITING REPORT

FHDC

Recommendation

First Housing Development Corporation (¡°First Housing¡±) recommends a Multifamily Mortgage

Revenue Tax Exempt Note in the amount of $15,500,000, a HOME loan in the amount of

$4,500,000, and an annual HC Allocation of $922,858 to finance the construction and permanent

financing of Marcia Gardens (¡°Subject¡± or ¡°Development¡±).

DEVELOPMENT & SET-ASIDES

Development Name:

Marcia Gardens

Program Numbers:

Address:

RFA 2015-110

2016-106H

NE Corner of the Intersection of SW 104 Street and SW

127 Avenue

County:

Unincorporated

City:

Construction Type:

Large

Development Type:

New Construction

33186

Zip Code:

County Size:

Miami-Dade

Development Category:

2015-107B

Garden Style Apartments

Concrete

Demographic Commitment:

Elderly:

Farmwork or Commercial Fish Worker:

Bed Bath

Square

Rooms Rooms Units Feet AMI%

Gross HC Rent

Yes

No

Homeless: No

Family: No

ELI: N/A Units@

Link:

Units

Low

RD/HUD

Utility Cont Net HC Applicant Appraiser

HOME

Rents

Rents

Rents High HOME Rents Allow Rents Rent

$82

CU Rents

Annual

Rental

Income

1

1.0

10

461

50%

$665

$583

$990

$990

$990

$118,800

1

1.0

4

461

50%

$665

$637

$54

$611

$581

$581

$583

$27,984

1

1.0

7

564

50%

$665

$637

$54

$611

$581

$581

$583

$48,972

1

1.0

60

564

60%

$798

$82

$716

$990

$990

$990

$712,800

1

1.0

9

461

60%

$798

$54

$744

$708

$708

$744

$80,352

1

1.0

44

564

60%

$798

$54

$744

$708

$708

$744

$858

$1,072

AMI

$1,072

$392,832

$1,381,740

134

HOME Subsidy Limits: Miami-Dade

Fifty-five (55) One-Bedroom units at $87,544 = $4,814,920

Marcia Gardens

Page A-1

April 20, 2016

EXHIBIT B

Page 5 of 48

MMRN, HOME & HC CREDIT UNDERWRITING REPORT

Buildings: Residential Parking: Parking Spaces Set Asides:

Non-Residential Accessible Spaces -

2

161

Program

MMRN / HC

MMRN / HC

HOME Assisted Units

HOME Assisted Units

Absorption Rate:

20

DDA?:

Yes

Site Acreage:

Zoning:

% of Units

15%

85%

20%

80%

# of Units

21

113

11

44

units per month for

Occupancy Rate at Stabilization:

FHDC

% AMI

50%

60%

50%

60%

Term (Years)

30

30

30

30

months.

6

Physical Occupancy

Occupancy Comments

1

10

95%

Economic Occupancy

N/A - New Constrcution

No

QCT?:

4.03

Density:

33.25

RU-4, High Density Apartment House District

Flood Zone Designation:

Flood Insurance Required?:

95%

AH

Yes

DEVELOPMENT TEAM

Applicant/Borrower:

Manager:

Investor Member:

Special Investor Member:

Construction Completion

Guarantor(s):

Pvt Placement Purchaser:

Developer:

Manager

Member

Marcia Gardens, LLC

Vanguardian Village, LLC

Red Stone Equity Partners Holding LLC, or its designee

Red Stone Equity Manager, LLC or its designee

October 1, 2017

Marcia Gardens, LLC

Vanguardian Village, LLC

RUDG-Vanguardian Manager, LLC

Vanguardian Village, LLP

Luis Machado

RUDG, LLC

PRH Affordable Investments, LLC

The Urban Development Group, LLC

PRH Investments, LLC

RUDG-Vanguardian Developer, LLC

Bank of America Merrill Lynch

RUDG-Vanguardian Developer, LLC

RUDG, LLC

Vanguardian Village, LLP

0.009%

99.99%

0.001%

DEVELOPMENT TEAM (cont)

General Contractor 1:

Management Company:

Syndicator:

Placement Agent:

Architect:

Market Study Provider:

Appraiser:

Fortune Urban Construction, LLC

TRG Management Company, LLP

Red Stone Equity Partners Holding LLC, or its designee

RBC Capital Markets

Modis Architects, LLC

Integra Realty Resources, Inc.

Integra Realty Resources, Inc.

Marcia Gardens

Page A-2

April 20, 2016

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