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W Est Mountain Properties Tableof Contents Exeutive Summary W EST MOUNTAIN PROPERTIES TABLEOF CONTENTS EXEUTIVE SUMMARY INVESTMENT HIGHLIGHTS PROJECT OVERVIEW • Development Concept • Programming • Site Plan • Design Concept • Amenities ZONING ANALYSIS • Site Overview • HBU Analysis/Massing MARKET ANALYSIS • South Bronx Overview • Demand Drivers • Market Rate Rental Market • Retail Market FINANCIAL ANALYSIS • Key Assumptions • Development Budget • Capitalization & Returns • Pro Forma DELIVERY & EXECUTION • Project Delivery Schedule • Marketing Strategy RISKS & MITIGATIONS 2 EXECUTIVE SUMMARY West Mountain Properties LLC (“West Mountain”) is pleased to present the opportunity to invest in an exciting mixed-use development project at 111 Willow Avenue in the up and coming neighborhood of Port Morris, Bronx. The proposed 9-story development will combine 172 rental apartments with 150,000 square feet of ground floor retail space. The 20,648 square foot site is perfectly situated to attract residents and a ground floor retail tenant due to its desirable location and growth of the South Bronx neighborhood in general. For market rate rental portion, 111 Willow Avenue will leverage the South Bronx’s up and coming neighborhood position in order to attract New York singles who currently reside in Manhattan but seek for affordable options while enjoying the similar amenities they are accustomed to in Manhattan. For the ground floor retail, we will not only utilize the site’s Fresh Zone Incentive to increase the residential density but also capitalize on lack of grocery options in the neighborhood by attracting the first national grocer in the area. West Mountain is currently under contract to purchase the site for $11.5 million, and intends to break ground in January 2020. The project is expected to be delivered in December 2022, with a total development budget of $75.7 million. The project will be funded with a $49.2 million construction loan. West Mountain is seeking an LP equity investment of $23.8 million in exchange for a 90% share in the partnership. Sources % of total Construction Loan $ 49,202,660 65.00% GP Equity $ 2,649,374 3.50% LP Equity $ 23,844,366 31.50% TOTAL SOURCES $ 75,696,399 100.00% Uses % of total Land Acquisition and Preparation Cost $ 13,535,595 17.88% Construction Costs (Hard & Soft) $ 54,424,726 71.90% Interest Reserve $ 4,761,428 6.29% Operating Reserve $ 1,282,727 1.69% Developer's Fee $ 1,691,923 2.24% TOTAL USES $ 75,696,399 100.00% 3 INVESTMENT H IGH LIGH TS 1.Opportunity to set the standard for similar projects yet to be presented in the neighborhood • Ever since the majority of the South Bronx was rezoned in 1997 and 2005 to become a mixed-use district, the neighborhood has been the subject of rapid development. Most of revitalization projects to date, however, are still concentrated in the western portion of the South Bronx known as Mott Haven. Due to the general population growth in the South Bronx neighborhood and the wave of revitalization moving slowly yet steadily towards the eastern portion of the neighborhood, the site has a unique opportunity to set the standard for similar projects yet to be presented in eastern portion of the South Bronx known as Port Morris. 2. Easy access to major business districts in Manhattan and rest of South Bronx • 111 Willow Avenue is located only 10-minute walk from the 6 train Cypress Avenue station on 138th Street providing easy connectivity (20-minute subway ride to Grand central Station) to the major business districts in Manhattan. As mentioned in Executive Summary section, 111 Willow Avenue gives the New York singles a great affordable option with easy commute to Manhattan. In addition, the site is closely located to the growing number of businesses, such as film industry, in the South Bronx. 3. Capitalize on the zoning incentives in order to maximize the property value • The site was rezoned from M1-2/R6A to M1-4/R7D MIH in 2018 and this up-zoning enables us to increase the zoning floor area by approximately 50% (MIH and Fresh Zone Incentive blended). This extra density will generate higher income which will eventually result in maximizing the property value at the exit. 4. Attractive Risk-Adjusted Returns • The proposed development project provides an attractive risk-adjusted return. The expected project-level levered return, with modest leverage of 65%, is 23.66%. The return to LP investors is projected to be 20.39%. IRR Multiple Profit Project Level Unlevered 19.19% 1.56 $33,815,500 Levered 23.66% 2.07 $28,362,699 LP Equity 20.39% 1.89 $25,022,540 4 PROJECT OVERVIEW 5 DEVELOPMENT CONCEPT/ PROGRAMMING OVERVIEW Development concept and programming aims to capitalize on: 1. On-going gentrification of greater South Bronx neighborhood, 2. Easy access to Manhattan, 3. Affordability compare to Manhattan, 4. Zoning Incentives (Mandatory Inclusionary Housing, Fresh Zone) 5. Demand drivers nearby, by providing following three different uses: 1. Market rate apartments, 2. Affordable rate apartments, 3. Ground floor retail. We believe this development will set the standard for similar projects which have yet to be presented in Port Morris neighborhood, especially east of Bruckner Boulevard. Slab Cumul. Gross Total Residential Retail Floor Amenity Use Height Height SF ZFA ZFA ZFA In ZFA Not in ZFA Mechanical 9 11 103 2,200 - - - - 2,000 Residential 8 11 92 13,475 12,250 12,250 - - - Residential 7 11 81 15,092 13,720 13,720 - - - Residential 6 11 70 15,092 13,720 13,720 - - - Residential 5 11 59 19,943 18,130 18,130 - - - Residential 4 11 48 19,943 18,130 18,130 - - - Residential 3 11 37 18,130 - - - 19,943 18,130 Residential 2 11 26 20,053 18,230 13,230 - 5,000 - Reatil/Lobby 1 15 15 20,350 18,500 - 15,000 3,500 - Total 146,091 130,810 107,310 15,000 8,500 2,000 FAR 6.34 5.20 0.73 0.41 Total Gross SF 146,091 Total Retail Rentable SF 14,280 Total Market Rate Rentable SF 82,559 Total Amenity SF 8,500 Total Market Rate Units 129 Building Footprint 20,648 Total Affordable Rate Rentable SF 27,520 Building Height (Feet) 103 Total Affordable Rate Units 43 6 PROGRAMMING: MARK ET RATE RENTALS Target: Market rate units target New York singles who currently reside alone in the priciest areas of Manhattan, such as Midtown, the Financial District, and Downtown Brooklyn, by paying premium known as “singles tax”. New York singles reside in these areas because not only the high share of studio and 1-bedroom inventory but also the close proximity to city’s major business districts where large number of New York singles work. By having great access to Manhattan (only 20-minute subway ride to Grand Central Station from Cypress Avenue Station), we expect to position 111 Willow Avenue to capture the demand from the New York singles who are willing to relocate to the affordable yet hip enough markets where they can save substantial amount in rent payment while enjoying similar amenities they are accustomed to in Manhattan. Unit Distribution: Market rate apartments will be located on floors from 2 to 8 occupying approximately 62% of useable building square footage. There will be 133 units of the market rate rentals and the unit mix will be 55 studios and 54 1-bed rooms, targeting the New York singles mentioned above. Average unit sizes for studios, 1-bed rooms, 2-bed rooms are 600 sf, 750 sf, and 900 sf respectively taking not only the average square footage of studios (550 sf), 1-bed rooms (750 sf), 2 bed-rooms (900 sf) in Manhattan (Curbed: “NYC apartments are shrinking, but not as much as other cities”) but also the units sizes of comparable products in the South Bronx. Pricing: The market rate units will be offered at attractive monthly average rent at $1,892 per unit for studio, $2,303 for 1-bed room, $2,708 for 2-bed room. Rents for studios and 1 bed-rooms reflect a 35-40% discount to median rent of Midtown South market ($3,550) where has the highest share of studio and 1-bedroom inventory in Manhattan. (Streeteasy: “The 'Singles Tax': Where Singles Live in NYC and What It Costs Them”) Amenities: Residents will have exclusive access to approximately 8,500 square feet of indoor amenity space such as a gym, resident lounge and bike racks located on the ground and second floor. In addition, with the "stepping down" height design of this proposed building, it will create approximately 17,500 square feet of green terraces on 6th, 8th floor setback and roof top spaces where outdoor BBQ grills and lounge chairs will be featured for residents to use during the spring/summer months. In addition to convenient access to Manhattan and attractive rental rates, residents are able to enjoy number of great amenities in the neighborhood and the site’s close proximity to Randall’s Island is one of the most significant benefits we can offer. Randall’s Island offers great environment for any kind of the athletic activities all year around and there is a large variety of cultural activities, such as film festivals and concerts, during Spring and Summer. 7 TYPICALFLOOR PLANS: MARK ET RATE RENTALS Studio One Bed Room Two Bed Room 8 PROGRAMMING: AFFORDABLE RATE RENTALS Unit Distribution: There will be 42 units of affordable rate apartments located on floors from 2 to 8 occupying approximately 22% of total useable building square footage (25% of residential square footage) in order to satisfy Mandatory Inclusionary Housing requirements imposed on the site due to the up-zoning achieved in 2018.
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