Trinity Towers West
In March 2014, POAH closed on a tax credit transaction of Trinity Towers West, a 17-story, 192-unit high-rise in Melbourne, Florida which was acquired in 2013 from the Holy Trinity Episcopal Church. Trinity Towers West was a HUD 236 elderly housing development whose mortgage had matured in 2011. Trinity Towers West was built in 1971. Seventy percent of the units are subsidized by a Section 8 HAP that was awarded to the property 10 years later. Prior to the initial acquisition, POAH coordinated the rent review process at HUD, and was able to use the leverage of increased rents to both get sufficient proceeds to the prior owner and to get some proceeds for future physical repairs. POAH financed the acquisition with funding from the Low Income Investment Fund.
Trinity Towers West was the first of the properties to close on equity and construction financing. Florida Housing Finance Corporation awarded the property 9% tax credits which were syndicated by Boston Capital with Citi Community Capital as the investor. Citi provided the construction loan as well as the permanent loan with Boston Private Bank and Trust Company through the Federal Home Loan Bank (FHLB) of Boston Affordable Housing Program. Other financing included a FHLB grant (also through Boston Private), seller financing from the Holy Trinity Episcopal Church, and Project Based Section 8 vouchers from the Housing Authority of Brevard County.
The $9 million renovation of this 17 story building includes all new kitchens and baths, windows, roof replacement, flooring upgrades, energy efficiency measures and HVAC. A number of health and fire safety upgrades were added, including pull cords in the bedrooms, a new fire alarm panel, and fire sprinklers on every floor and in every unit. There are 10 new fully accessible units and ADA changes to the common areas.