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CICCAR Newsletter Vol 24, 3rd Qtr 2014
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2014 North Carolina Affordable Housing Conference
October 15-16, 2014
Raleigh Convention Center
| | Registration is now open for the NC Affordable Housing Conference. Please visit www.nchousingconference.com to register for the conference.
This is an opportunity to network with 1,000 affordable housing professionals including bankers, developers and government officials. This proves to be a great conference every year.
We thank our sponsors for helping to fund the conference. Exhibitor booths are going fast. Please contact Shellie Lempert at shellie@ncbankers.org for more information, or if you'd like to sponsor or exhibit. |
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Property, Liability & Fidelity Insurance Monitoring
| | Part of CICCAR's ongoing responsibilities include collecting certificates of insurance on the roughly 200 properties in our servicing portfolio. Recently, we've noticed an increase in the number of members that have contracted with third-party vendors to track and collect insurance certificates. Because the vendors are often unaware that CICCAR loans are participation loans, we have had several instances where a vendor has erroneously force-placed coverage on our properties and required the re-issuance of a certificate showing the participating member as certificate holder. As a reminder, Community Investment Corporation of the Carolinas (CICCAR) must always be listed as the certificate holder and first mortgagee. While we were able to correct these errors, this took time and caused confusion with our borrower.
If you are working with a vendor to provide insurance monitoring services, please take appropriate steps to identify your CICCAR loan participations and notify the vendor of our servicing responsibilities to you.
All of our properties have current Property, Liability and Fidelity insurance, and we are always happy to provide you and/or your vendor with updated copies of these certificates, preferably by email. All requests for copies of certificates should come to shellie@ncbankers.org, and not to the borrower or the insurance company.
As always, we thank you very much for your participation in our consortium, and welcome any comments or suggestions.
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Newest CICCAR Members
| | Newest CICCAR Members
CICCAR is pleased to welcome the following member:
- Community & Southern Bank, Atlanta, GA
For more information about CICCAR membership, please contact David Bennett at 919-781-7979 or david@ncbankers.org.
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Thank You, Outgoing and Incoming Board Members
| | CICCAR would like to thank our outgoing member: Michael Ayotte, Morganton Savings Bank
Welcome, New Board Members:
Bruce Elder, First South Bank, Washington, NC
Edward McKelvey, South State Bank, Charleston, SC
Congratulations Ann Winstead, for accepting the role of Vice-Chairman of the CICCAR Board. Paul Kennedy, Carolina Bank, Greensboro, NC, will remain the Board Chairman.
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CICCAR Board Members
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- Paul Kennedy, CICCAR Chairman, Senior Vice President, Carolina Bank, Greensboro
- David Bennett, Executive Vice President, CICCAR, Raleigh
- Matt Davis, SVP/Chief Credit Officer, Paragon Commercial Bank, Raleigh
- Stephen Dixon, Senior Vice President/CRA Officer, Bank of Tennessee, Johnson City, TN
- Bruce Elder, President & CEO, First South Bank, Washington, NC
- Scott Farmer, Director of Rental Assets, NC Housing Finance Agency, Raleigh
- Frank Gavigan, President & CEO, Premier Commercial Bank, Greensboro
- Ed Jackson, President & CEO, Roanoke Rapids Savings Bank, Roanoke Rapids
- Rudy Matthews, President & CEO, Kingstree Federal Savings, Kingstree, SC
- James Mauney, Chief Lending Officer/Credit Risk Officer, Carolina Premier Bank, Charlotte
- Edward McKelvey, Senior Vice President/CRA Officer, South State Bank, Charleston, SC
- Marty Pell, President, First Community Bank, High Point
- Ann Winstead, President & CEO, Tarboro Savings Bank, Tarboro
- Thad Woodard, President and CEO, NC Bankers Association, Raleigh
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Development Update Report
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| Pool # | Project Name | Location | Stage of Completion | |
287
289
290
291
294
295
296
297
298
299
300
301
302
303
304
305
306
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
325
326
327
328
329
330
331
334
335
336
337
338
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Hampton Pointe
Laurel Crossing
Forrest Green
Cottages @ Brevard
Applewood Villas
Pebblebrook Place
Long Creek
Forest Hill
Cleveland Green II
Autumn Oaks II
Poplar Crossing
Landwood Ridge
Forest Glen
The Villas @ Hope Crest
Cooper Creek Heights
Hunter Hill
Madison Place
Carmel Ridge
Timber Spring
Terrace @ Rocky Knoll
Ford Creek
Beaufort Spring
Harbour Station
Vermillion
Palmetto Station
Marsh View Place
Ravenswood
Colonial Village
Lockwood Village
Highland Pointe
Kensington Pointe
Longleaf Senior Village
Hallmark Station
Kittrell Place
River Run
Emerald Forest
Viridian
Villas at Fallen Spruce
Bowman Manor
Fountain Pointe
Oxford Plantation
Cambridge Farms
Glenbrook Meadows
Cambridge Oaks
Manor at Broad Street
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Hillsborough, NC
Knightdale, NC
Wilson, NC
Brevard, NC
Seneca, SC
Newberry, SC
Dallas, NC
Lexington, NC
Garner, NC
Sanford, NC
Concord, NC
Greenville, SC
Tabor City, NC
Salisbury, NC
Mocksville, NC
Tarboro, NC
Rocky Mount, NC
Asheville, NC
Clayton, NC
Greensboro, NC
Gray, TN
Beaufort, NC
N. Charleston, SC
Durham, NC
Florence, SC
Charleston, SC
Wilson, NC
Salisbury, NC
Wilmington, NC
Lake City, SC
Manning
Aiken, SC
Nashville, TN
Greenville, NC
Chocowinity, NC
Biscoe, NC
Lenoir, NC
Asheville, NC
Garner, NC
Rockingham, NC
Goldsboro, NC
Kinston, NC
Garner, NC
Kings Mountain
Fairburn, GA
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Construction is complete and the units are leased
Construction is complete - the units are being leased
Rehab/construction are complete- units are being leased
Construction is complete - leasing the units - anticipate July/Aug closing
Construction 100% complete - leasing the units
Construction 100% complete - leasing the units
Construction is 90% complete
Construction is complete - the units are 75% leased
Construction is complete - leasing the units
Construction is complete - leasing the units
Construction is 75% complete
Construction/Renovation 100% complete - leasing the units
Construction is complete - leasing the units
Construction is complete - leasing the units
Construction is complete - leasing the units
Construction is complete - leasing the units
Construction is 60% complete
Construction is 30% complete
Construction is 50% complete
Construction is 95% complete
Construction is complete - leasing the units - may go with USDA
Construction is 40% complete
Construction is 15% complete
Construction is 20% complete
Construction is 35% complete
Construction is underway
Construction is 15% complete
Renovation is 30% complete
Construction is 15% complete
Construction is underway
Construction is underway
Construction is underway
Construction is complete - leasing the units
Construction is underway
Construction is underway
Construction is underway
Construction is underway
Construction loan and equity have closed
Construction is complete - 95% leased - anticipate July/Aug closing
Construction is underway
Closing construction loan and equity
Closing construction loan and equity
Construction is complete - leasing the units
Closing construction loan and equity
Closing construction loan and equity
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Loan Closing Report
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We anticipate the following loans will close within the next three months:
Pool 287, Hampton Pointe Apartments, Hillsborough, NC
Pool 289, Laurel Crossing Apartments, Knightdale, NC
Pool 291, Cottages at Brevard Apartments, Brevard, NC
Pool 301, Landwood Ridge Apartments, Greenville, SC
Pool 323, Hallmark Station Apartments, Nashville, TN
Loan Extensions:
Pool 289, Laurel Crossing Apartments, has been extended through October 5, 2014
Pool 290, Forest Green Apartments, has been extended through February 28, 2015.
Pool 323, Hallmark Station Apartments, has been extended through October 18, 2014.
Recent Loan Closings:
Loan 286263, The Highlands Apartments, Goldsboro, NC closed on April 29, 2014 for $215,602
Loan 285264, Cottages at Azalea Apartments, Lancaster, SC, closed on May 1, 2014 for $892,500
Loan 280265, Ellsworth Commons Apartments, Greenville, NC, closed on May 28, 2014 for $724,277
Loan 332266, Orchard Creek Apartments, Winston-Salem, NC, closed on May 23, 2014 for $1,334,000
Loan 288267, Westgate Senior Apartments, Leland, NC, closed on May 29, 2014 for $540,254
Loan 333268, Sedgebrook Apartments, Cary, NC, closed on June 18, 2014 for $550,000
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Let us know if we should forward CICCAR investment opportunities to anyone else at your financial institution. Please send updated CRA contact information to shellie@ncbankers.org.
Sincerely,
Shellie Lempert
Community Investment Corporation of the Carolinas
Phone: (919) 781-7979 Fax: (919) 781-2155
P.O. Box 19999, Raleigh, NC 27619-9916
shellie@ncbankers.org
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