|
|
|
 |
Second East Hills, Pittsburgh, PA
PROJECT
DESCRIPTION
|
Number
of Units
|
|
|
Homeownership |
0 |
|
|
Rental |
266
|
|
|
Total Units |
266
|
|
|
|
Unit Type |
# |
Size |
# |
Square Footage |
|
Townhouse |
117 |
1 BR |
33 |
750 |
|
Multi-family |
|
2 BR |
88 |
950 |
|
Semi-Detached |
|
3 BR |
128 |
1,250 |
|
Detached |
|
4 BR |
17 |
1,250
|
|
| Income Mix |
|
|
|
52% |
(10
to 50%
AMI)
|
|
48% |
(50 to 60% AMI)
|
|
| Other
Facilities |
|
|
Community
Space |
yes |
9,000 SF
|
|
Day
Care |
no |
n/a
|
|
Commercial |
no |
n/a
|
| FINANCING SOURCES |
| Source
|
Type |
Amount |
| Tax Credit Equity |
Equity |
$29,160,000 |
| Bridge Loan |
Equity |
$12,800,000 |
| PennHOMES Loan |
Debt |
$2,540,000 |
| City of Pittsburgh Loan |
Debt |
$1,240,000 |
| AHI Loan |
Debt |
$2,140,000 |
| HUD Debt |
Debt |
$2,475,000 |
DEVELOPMENT COST
|
| Total Cost |
Phase I: $19,400,000
Phase II: $17,000,000
Phase III: $13,955,000
|
| Per Unit Cost |
Phase I: $165,812
Phase II: $204,819
Phase III: $211,439
|
PHASING
|
| Start |
Phase
I: August 2004 (Closing)
Phase II: June 2006 (Closing)
Phase III: Early 2007 (anticipated closing)
|
| Completion |
Phase
I: February 2006 (anticipated closing)
Phase II: Fall 2007 (anticipated construction completion)
Phase III: Early 2008 (anticipated construction completion)
|
DEVELOPMENT
TEAM
|
| Owners |
East Hills Limited Partnership
East Hills II LP
East Hills III LP
|
| Participants |
East Hills, Inc.
East Hills II, Inc.
East Hills III, Inc. |
Role: Managing
General Partners |
|
|
| Participant |
Lami Grubb Architects |
Role: Design
Architect |
|
|
| Participant |
Repal Construction Company |
Role: Contractor |
|
|
| Participant |
Neighborhood Partners, LLC |
Role: Management
Agent |
|
| Participant |
Pepper Hamilton, LLP |
Role: Attorney |
|
|
| Participant |
ACTION-Housing |
Role: Housing
Consultant |
| Participant |
Reznick, Fedder & Silverman, CPA |
Role: Financial
Advisors |
STATUS:
|
Phase I
construction was completed in early 2006. Phase II began in June 2006 and is
anticipated to be completed in the fall of 2007.
Phase III construction is anticipated to begin in early 2007 and scheduled to be completed in early 2008
. |
|
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