“This property, now coming out of its initial 15-year compliance period, will be preserved for the long term by NHPF and TPI as part of our shared mission as not-for-profit owners,” said NHPF President and CEO Richard F. Burns. “An enormous part of that mission is ensuring affordable rental housing
NEW YORK (PRWEB) January 29, 2020
The Partnership Inc. (“TPI”) and The NHP Foundation (“NHPF”), national not-for-profit providers of affordable housing, announced that they have completed the purchase of Pelican Isles Apartments in Sebastian, FL. This is the fourth purchase completed by the two entities expanding their relationship in support of their mutually shared mission to preserve affordable housing.
The deal was made possible via a $7.761 million FHA 223(f) loan by Merchants Capital Corp, and additional equity investment by TPI and NHPF, split 50/50. The tax credit project, originally syndicated in 2005, will enter its extended-use period in 2020. The property will continue to be professionally managed by TPI Management Services (“TMS”), an affiliate of TPI. The 150-apartment property features a mix of 1,2, and 3 bedroom units in 11 residential buildings.
“This property, now coming out of its initial 15-year compliance period, will be preserved for the long term by NHPF and TPI as part of our shared mission as not-for-profit owners,” said NHPF President and CEO Richard F. Burns. “An enormous part of that mission is ensuring affordable rental housing options for families and seniors.”
Amenities at Pelican Isles include a clubhouse with leasing office, computer room, and exercise room, laundry room, pool and pool house, covered BBQ area, and playground. Onsite resident services will include health care screenings, summer meal program for students, and social activities to foster a sense of community and encourage community pride.
“According to the most recent data, Florida faces one of the worst affordable housing crises in the country,” added Hugh Jacobs, Executive Vice President and Chief Operating Officer, The Partnership Inc. “The shortage of affordable housing affects real people. We are pleased that we could partner with NHPF and preserve affordable housing for 150 families in Sebastian, Florida.
“Merchants Capital is proud to be the financing partner with two tremendous not for profit investors on this impressive acquisition that will preserve valuable affordable housing – a mission we are deeply committed to,” said Ben Levine, Senior Vice President of Merchants Capital.
For more information on The NHP Foundation please visit http://www.nhpfoundation.org or check the organization out on Twitter at @nhpfoundation, and for more information on The Partnership, Inc., please visit http://www.gotpi.org.
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. Through Family-Centered Coaching, NHPF’s subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 56 properties, including more than 10,000 units, in 15 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
About The Partnership Inc.
The Partnership, Inc. (TPI), a 501(c)(3) not-for-profit real estate corporation established in 1994, is committed to excellence in affordable housing through partnerships with investors, for-profit developers, public agencies, and other nonprofits. Based in Riviera Beach, FL, and with properties located in the southern United States, TPI improves the lives of low-, and moderate-income households, including those with special needs, by providing decent, safe and sanitary affordable housing in supportive environments, while adhering to the highest standards of professionalism and business best practices. TPI is especially adept at taking over troubled properties and maximizing the financial performance of those properties, thus enhancing and preserving the economic value of the properties, while improving the living conditions of the residents. For more information, please visit http://www.gotpi.org.