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PNC Real Estate Collaborates with the NHP Foundation to Rehab and Preserve Affordable Housing
The NHP Foundation celebrated its acquisition of Cleme Manor Apartments in November 2014 with great fanfare. The excitement continued to build and in December 2016, the Foundation announced the comprehensive rehabilitation of the community with Mayor Sylvester Turner of the City of Houston and other dignitaries in attendance. PNC provided $18 million in loans for the project.
The NHP Foundation has invested in, preserved and created 62 multifamily properties with approximately 12,000 apartment units primarily for low-income families and individuals.
Built in 1970, Cleme Manor is situated on 13 acres located a stone’s throw east of downtown Houston in the Greater Fifth Ward-Finnegan Park Neighborhood. The 26-building garden style community provides affordable housing in 24 single-bedroom units, 112 two-bedroom units, 120 three-bedroom units, 24 four-bedroom units and 4 five-bedroom units.
Having suffered neglect for years, the property was acquired by the NHP Foundation with the goal of improving the units and — more importantly — improving the quality of life for the residents.
The City of Houston delivered more than $35 million in nearby streetscape improvements, multifamily construction, single family rehabilitation and renovation of a community center that provides after school and summer youth programs, senior health and recreation services, a computer lab, an e-library and social services.
The property is supported 100% by a U.S. Department of Housing and Urban Development (HUD) Housing Assistance Contract for households earning between 30% and 50% of the area’s median income.
PNC Real Estate’s experience with FHA financing and persistence in completing a deal with many different parties was crucial to the sponsor. In addition to PNC and another bank, organizations involved in the project included HUD, the National Affordable Housing Trust, the Texas Department of Housing and Community Affairs and the City of Houston.
Neal T. Drobenare, Senior Vice President of Acquisitions for the NHP Foundation noted, “Our philosophy is ‘where you live matters.’ PNC Real Estate understands our mission and worked with us collaboratively to provide the right solutions throughout a complex process.”
Date: December 2016
Location: Houston, Texas
Financing Amount and Type: $16.5 million FHA insured loan, $1.15 million TIRZ loan
Scope: 284 apartments in 26 buildings on 13 acres
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