ANCHORPOINT

Matt Curtin Project ManagerMaster of Urban PlanningHarvard GSD

Victoria DeVeauBachelor of Science in ArchitectureWentworth Institute of Technology

Nicolas PérezBachelor of Science in ArchitectureWentworth Institute of Technology

Brandon WilksBachelor of ArtsHarvard College

Christian CarboneBachelor of ArtsHarvard College

Elizabeth HauverBachelor of Science in ArchitectureWentworth Institute of Technology

Kevin SymcoxMaster of Urban PlanningHarvard GSD

Jeffry EsquivelMaster of Public AdministrationHarvard Kennedy School

TEAMMEMBERS

Professor Ann Borst Faculty AdvisorWentworth Institute of TechnologyProfessor of Architecture

Michelle Apigian Design AdvisorIcon ArchitectureAssociate & Sustainability Leader

Peter Hollands Finance AdvisorBoston Private Community Investment Senior Vice President, Community Reinvestment Commercial Lender

AHDCADVISORS

Special thanks to:Kristin Carlson SponsorHarborlight Community PartnersSenior Project Manager, Real Estate Development

Andrew DeFranza SponsorHarborlight Community PartnersExecutive Director

HARBORLIGHTSTAFF

Special thanks to:Russell QueenFamily Promise, Director

Edward MarchantHarvard GSD, Department of Urban Planning & Design, LecturerHarvard KSG, Adjunct Lecturer in Public Policy

OTHERACKNOWLEDGMENTS

HARBORLIGHT: MISSION & OBJECTIVES

• Beverly based, Baptist affi liated developer and property manger on the North Shore

• Existing portfolio of 400 affordable units, primarily senior housing

• 99% of Harborlight residents are below the North Shore’s median income

This development is intended to serve:

• Low-income Families

• Formerly homeless

• North Shore residents at the deepest affordability tier possible

family renters paying30-50% AMI on

housing

family renters paying+50% AMI on housing

family renters payingunder 30% AMI on housing

non-elderly households spending30-50% of income on housing

non-elderly house-holds spendingunder 30% of income on housing

non-elderly house-holds spending50% + of income on housing

HO

USIN

G BU

RDENED FAMILIES

-

ggggggggngnngin

HO

USIN

G BU

RDENED NON-ELDERLY

HOUSING NEED IN BEVERLY

61affordable

homes

AFFORDABLE 50% AMI

AFFO

RDAB

LE 6

0% A

MI

SEC

TIO

N 8

Aff ordable to 50% AMI households12 one-bedroom13 two-bedroom13 three-bedroom

Section 85 one-bedroom5 two-bedroom

5 three-bedroom

Aff ordable to 60% AMI households4 two-bedroom4 three-bedroom

• 60% AMI: 38 units

• 50% AMI: 15 units

• 30% AMI: 8 units

TARGETED INCOME TIERS

Beverly

Boston

SITE

Beverly Hospital

BeverlyHigh

School

CummingsBusinessCenter

CentralBusinessDistrict

BeverlyDepot

• Beverly is a high opportunity, affl uent community

• Close proximity to Beverly’s employment, commercial, and educational centers

• Site is serviced by an MBTA bus route and is less than 1 mile from the Newburyport/Rockport commuter rail

NEIGHBORHOOD CONTEXT

SITE CONTEXT

61units of family housing

63,700 GSFof building space

92parking spaces

1,300 NSF of community space

DESIGN

00

Out site plan maintains the existing tree canopy at the intersection of Sohier

and Tozier Roads.

The building’s orientation allows full

access to an existing easement that bisects

the site.

A present entry point to the site is maintained.

Our plan adds one additional point of

entry to the new development.

An existing housing complex is adjacent to the site.

0’

100’

SITE PLAN

DESIGN PROCESS

• Anchor Point was driven by the idea of a simple metal wire, malleable but strong

• Core design challenge is a utility easement bifurcating the site

• Circular design incorporates the easement as a green community space

ENVIRONMENTAL DESIGN: PASSIVE HEATING AND COOLING

ENVIRONMENTAL DESIGN:

GREEN ROOFS

7:22 PM

June 214:08 AM

2:00 PM

W

S

E

N

4:10 PM

December 21

7:11 AM

1:00 PM

W

S

E

N

• Anchor Point is oriented specifi cally to ensure maximum desired sun coverage across the site

• Architectural elements are employed in the areas where sun exposure is less favorable.

ENVIRONMENTAL DESIGN:SOLAR ORIENTATION

FLOOR PLAN:FLOOR 1

Floor 3Floor 2

FLOOR PLAN: FLOORS 2 & 3

Common AreaThe Blue Room

The second-fl oor rooftop has a raised-bed plotted community garden with a striking view of Beverly.

Residents will be able to grow fresh vegetables, fruits, and fl owers.

Rooftop GardensLarge, multi-purpose common space capable of hosting: • Tutoring partnerships with students at Beverly HS • Family movie night• Play area with visibility into the interior courtyard

PROGRAMMING

The glass skybridge provides a marquee reading and social space.

Quiet activities such as reading, studying, and quiet socializing are encouraged in an architecturally stunning room.

SkybridgeThe Light Room

Anchor Point includes multiple outside areas for child’s play and adult socializing:

• Rooftop balconies with lawn chairs for relaxation in the fresh air with great views of downtown Beverly

• For the children, Anchor Point’s interior courtyard provides a protected place for play, safe from the arterial roadways which bound the site

Outdoors

PROGRAMMING

RESIDENT SERVICE COORDINATOR

Resident Services Coordinator is funded through Anchor Point’s operations. The RSC:

• Provides general case management and referral services

• Promotes success of the Housing First model

• Establishes linkages with community agencies and service providers

• Educates residents on service availability, application procedures, client rights, and provides advocacy as appropriate

• Works with Harborlight’s property management team to identify residents in need of assistance

• Coordinates programming for residents designed to promote community, wellness and sustainability

PROGRAMMING

Total Unit SF

Acquistion $3,050,000 | $50,000 | $47.88

Hard Cost $9,681,956 | $158,721 | $126.00

Soft Cost $1,466,673 | $24,044 | $23.02

Con. Loan Int. $584,913 | $9,589 | $9.18

Oper. Cont. $634,213 | $10,397 | $9.96

Dev. Fee $1,525,854 | $25,014 | $23.95

TDC $16,943,609 | $277,764 | $265.97

Total $/unit % of TDC

3,050,000 50,000 18.0%9,681,956 158,721 57.1%

458,683 7,519 2.7%1,007,989 16,524 5.9%

584,913 9,589 3.5%634,213 10,397 3.7%

1,525,854 25,014 9.0%16,943,609 277,764 100.0%

Construction Permanent

1,424,858 9,499,0500 2,556,231

4,128,845 0Construction Loan (value of tax credits) 7,835,933

0 3,509,4501,525,854 228,878

350,000Beverly Affordable Housing Trust Fund 150,000

150,000500,000

2,028,120 0

16,943,609 16,943,609

0 0

FUNDING SOURCES

DEVELOPMENT BUDGET

HOME Bridge Loan

Total Available FundsSources & Uses - (Gap) / Surplus

AcquisitionConstruction Costs + SiteworkArchitecture & EngineeringAdditional Soft CostsCon. Loan InterestOperating ContingencyDevelopment Overhead & FeeTotal Development Budget

Federal LIHTC Syndication ProceedsState LIHTC Syndication ProceedsConstruction Loan (value of project)

1st MortgageDeferred Developer Fee & OverheadMass Affordable Housing Trust Fund Loan

Beverly Community Preservation Fund

Income Budget Total / Unit

Gross Potential Rent 861,832 14,128(Vacancy) 5.0% (42,787) (701)(Bad Debt) 0.5% (4,279) (70)Effective Rental Income 814,767 13,357(OPEX + Reserve) (516,572) (8,468)NOI 298,194 4,888(Debt Service) (259,299) (4,251)Before Tax Cash Flow 38,895 638

PROPERTY ASSUMPTIONS

BUDGET & FINANCING