DEVELOPMENT SUMMARY

 

Landmark Asset Services, Inc. (“Landmark”) is proposing a $6.2 million affordable community for the elderly (55 and older) utilizing the Federal Low Income Housing Tax Credit (LIHTC) Program as administered by the North Carolina Housing Finance Agency.  Also included as part of the LIHTC application, Landmark is currently pursuing historic rehabilitation tax credits (the basis has already been reduced in the current assumptions).  Landmark received a reservation of nine percent LIHTC tax credits for the Albemarle Central School Apartments in September 2014.  This award was the result of a public-private partnership with funding sources contributed from municipal, county, regional, state, and federal governments, non-profit groups, developers, and investors in the private sector.

 

The proposed project, Albemarle Central School Apartments, involves the adaptive reuse and rehabilitation of the historic Central School buildings in downtown Albemarle, NC (Stanly County). The subject project involves the creation of 53 apartment units for seniors age 55 and older. The subject buildings include the vacant school buildings originally constructed in 1900, 1922 and 1952, as well as the 1965-built classroom/auditorium addition. In addition to the rehabilitation of the existing buildings, a connecting three-story residential building with elevator will be constructed on the 2.43 acre parcel.

 

The unit mix will include six (6) studio units, forty-one (41) one-bedroom garden units and six (6) two-bedroom garden units.  Amenities will include indoor/ outdoor sitting areas, multi-purpose room with kitchenette, and tenant storage areas. Additionally provided are a covered picnic area, an exercise room with new equipment, high-speed Internet access, and a resident computer center.  All common areas will be fully accessible to those with disabilities in compliance with all applicable State and Federal laws and regulations.

 

The City adopted a plan to address deterioration within a half-mile of the project, has invested significantly in that half mile area within the last ten years. The City is waiving impact, tap or related fees normally charged, loaning the project $450,000 at 0% interest, 30 years, deferred, and leasing the auditorium for $1,000 per month for as long as the development is used as affordable housing as documented in three (3) official Resolutions (Initiation, Plan and Support) each adopted by City Council. The auditorium and a behind-the-stage classroom will be used by the general public for performing arts and other community events, leased to the City of Albemarle.

While the City has no parking requirement for such properties, sixty-six (66) parking spaces will be provided at a ratio of 1.245 spaces per unit which is sufficient for the target population.

Albemarle School Apartments will be managed by Landmark Property Management Company and be staffed by a full-time, on-site property manager and a full time maintenance person.

Project Name:	Albemarle Central School Apartments
Project Type:	Adaptive Re-use and New Construction – Elderly (55 and older)
Locations:	219 E. North Street, Albemarle, NC 28001
County:	Stanly
Site Area:	2.43 acres
Reservation Date:	September 30, 2014
Est. Construction Start:	Q1 2015
Est. Completion :	Q1 2016
Allocated Annual LIHTC:	$   400,500
Est. Federal Historic Tax Credits:	$   643,499
Perm Loan (Conventional):	Approximately $416,000 based on 1.15 DCR in year 20
Perm Loan (Deferred):	$450,000 from City; 30 yr. amort./term at 0%
State LIHTC Loan Amount:	$ 1,089,529
Developer/Guarantor:	Landmark Asset Services, Inc.
Construction Guarantor:	Archetypes, LLC (A Landmark Group Company)
Owner:	Albemarle Central School, LLC
Managing Member:	Landmark Asset Services, Inc.
General Contractor:	Davie Construction Company
Equity Installments:	25% upon closing of construction loan
	20% upon 50% completion of construction
	20% upon 75% completion of construction
	20% upon certificates of completion
	15% upon conversion and final cost certification
	with $25,000 held back until issuance of 8609’s
Credit Delivery:	50% in 2016
	100% in 2017

 

Landmark Asset Services, Inc.

BACKGROUND 

As shown on  www.landmarkdevelopment.biz, The Landmark Group has developed and manages over 84 adaptive reuse and new construction properties worth more than $425 million.  This comprises over 3,884 units and 72 storefronts.
The Landmark Group traces its roots to 1984, when DeWayne H. Anderson, Sr. organized DHA Securities Company, a NASD-approved Securities Broker/Dealer firm, to raise equity capital for commercial real estate ventures. In 1986, DeWayne organized Anderson Development Company to invest in historic properties.

In 1993, Landmark Asset Services, Inc. (LAS) was formed to forge public-private partnerships for the ownership, development and management of rehabilitated and new construction properties predominately in the Southeastern United States. LAS is owned solely by Lisa Anderson Sari.

Over time as tax laws and state programs changed, it became prudent for the Landmark Group to separate the functions of ownership, development, and management into multiple companies.

In 2001, Landmark Property Management Company (LPMC) was formed to ensure a smooth transition from construction to occupancy and to protect investment interests through day-to-day oversight, upkeep and maintenance.  LMPC currently manages over 82 properties which consist mostly of affordable, multi-family properties which The Landmark Group has developed over the last twenty years. LPMC employees site management, janitorial and maintenance which currently numbers over 154 as of August 2014.  LPMC is owned 65% DeWayne H. Anderson, Sr. and 35% Lisa Anderson Sari.

Landmark Services, Inc. (LSI) was also formed in 2001 to employee corporate, development and management staff providing services to LAS and LPMC.  As of August 2014, LSI has 26 employees.  Key staffing, policies and procedures did not change just the companies in which personnel are employed.  LSI is owned solely by Lisa Anderson Sari.

“The Landmark Group” is an umbrella term used to collectively represent the seamless interaction among the aforementioned companies and a number of other companies and individuals that closely and routinely associate in developing Landmark’s properties together.  “Redevelopment and Revitalization through Repopulation” is a resounding mantra for Landmark’s people for over 30 years and continues to be today.

Landmark Property Management, Inc. (LPMC) employs a Regional Management System under the direction of Blair Maas, Certified HCCP.  Her staff  includes one Senior Regional, one Training Director/Regional, five Regional Managers, one lease-up specialist/regional, three compliance specialists and 154 Local Manager and Maintenance Personnel that directly oversee Landmark properties.

The keystone of LPMC is its attention to a wide array of resident services that enrich the life of Landmark’s tenants.  People from all walks of life love living in Landmark properties, especially the elderly, who rapidly come to call their historic tobacco prizery, hotel, school house or hospital home.

A complete listing of properties managed by LPMC is available under Listings on the Landmark website identified above.