HomeMy WebLinkAboutPost Willow Lakes - Port Arthur Housing Authority Presentation FINALWillow Lakes
BOND FINANCING PRESENTATION
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POST REAL ESTATE GROUP OVERVIEW
EXPERIENCED REAL ESTATE OWNER
Property Operations based in Plano, TX and Regional Property Operations based in Houston, TX
Over 33,000 units under ownership
Affiliated Management Company: TAM Residential (23,000+ units under management)
BOND FINANCING / WORKFORCE SPECIALISTS
Post has completed 75+ deals like this across the country, including 50+ in TX. These bond financing structures are our bread and butter.
We have partnered with 14 HA’s in Texas (including most recently the Beaumont HA)
POST’S ROLE ON THIS DEAL
Coordinate with the Housing Authority, Non-Profit, and Bond Underwriter on the closing of the deal
Asset Manager – Manage day to day operations of the asset, ensuring superb performance and maintenance of the asset and the surrounding area
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PROPERTY / FINANCING STRUCTURE OVERVIEW
PROPERTY OVERVIEW: WILLOW LAKES
2010 vintage
372 units
HOW IT WORKS:
Port Arthur Housing Authority will purchase the asset via 501c3 bonds (To note: The City of Port Arthur / The Port Arthur Housing will NOT in any way be responsible for the repayment
of the bonds)
Majority of the units will be reserved for WORKFORCE HOUSING (80% AMI / market rate)
Property will be granted 100% real estate tax exemption
FINANCING PROPOSAL: *preliminary and subject to change*
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WHY IS THE BOND STRUCTURE IMPORTANT HERE?
PROJECTED $1,900,000 OF CAP EX FUNDS INFUSED INTO THE DEAL
ASSET IMPROVEMENT AND MAINTENANCE
This asset needs to be sold to a non-profit for the asset's quality to be maintained
Bond Structure creates almost a full 1% decrease in interest rates in comparison to conventional market rate loans (4.9% vs. 5.7%)
What happens if the Non-Profit doesn’t buy this deal with bond financing?
Seller is running out of capital
If sold to a private developer, the deal will not be maintained - Quality of the asset and surrounding area would likely suffer
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Port Aurthur Housing Authority Economics
Port Arthur HA Economics – Willow Lakes *preliminary and subject to change*
Port Arthur Housing Authority will use the funds from this deal to keep their portfolios up to top standards, keep crime low, etc. which benefits ALL residents throughout the City.
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The Ask
Post and the Port Arthur HA are seeking approval for the Housing Authority’s issuance of the bonds
The City of Port Arthur and the Port Arthur Housing Authority will NOT be responsible in any way for the repayment of the bonds
*preliminary and subject to change*
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Established in 2007, POST Investment Group (“POST”) is a mission-driven, private investment firm dedicated to responsibly investing in real estate, with an emphasis in the multifamily
sector. With an office in Los Angeles and property management, asset management, and construction operations based in Frisco, POST has deep ties and roots in the state of Texas,
which is home to the majority of the firm’s real estate holdings.
POST’s mission is to responsibly create quality housing in an honest and transparent manner. Maintaining the highest degree of integrity is critical to our success. Since inception,
POST has acquired in excess of $4 Billion of properties encompassing more than 38,000 units across 13 states and 48 cities.
POST: BACKGROUND
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EXECUTIVE BIOGRAPHIES
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Jason Post - Chief Executive Officer
Mr. Post is the founder and CEO of both Post Investment Group and POST, overseeing day-to-day operations and the strategic vision of the business. Mr. Post has directed real estate transactions
totaling in excess of $4 billion in capitalized value, has taken over 60 deals full-cycle, and has acquired and operated over 36,000 apartment units. Mr. Post brings approximately 21
years of direct real estate experience and over 23 years of entrepreneurial and operational experience to the business. In addition to his role as CEO, Mr. Post is actively involved
in a number of charitable organizations, serving as a board member at the Anti-Recidivism Coalition (ARC), Wende Museum, Cedars-Sinai Hospital, and Wags and Walks.
Scott Pickett – President, Multi-Family Division
Mr. Pickett serves as the President of the POST Multi-Family Division, overseeing all of the real estate transactions for the Company. During his time at POST, Mr. Pickett has been involved
in over $3.5 billion of acquisitions and dispositions. Prior to POST, Mr. Pickett worked at Thomas Properties Group, a publicly traded, full service real estate investment company.
At Thomas Properties Group, Mr. Pickett assisted in the acquisition of over 3.5 million square feet of Class A office space, $1.2 billion of property and debt acquisitions, dispositions,
and financings. Mr. Pickett received his Bachelor of Science Degree in Economics with a concentration in Finance from the Wharton School of Business at the University of Pennsylvania
and is an active member of the Big Brothers of Greater Los Angeles.
Mona Gisler – Chief Financial Officer
Ms. Gisler serves as the Chief Financial Officer for POST, overseeing all aspects of finance and accounting for the organization. Ms. Gisler brings nearly 30 years of accounting expertise
and leadership experience to her role. Prior to joining POST, Ms. Gisler served as the Chief Financial Officer and Chief Accounting Officer for Douglas Emmett, Inc., a public Real Estate
Investment Trust with over $12 billion in Class A real estate investments. Prior to her time with Douglas Emmett, Ms. Gisler spent 19 years with Deloitte, where she was a partner in
the real estate practice. Ms. Gisler holds a Bachelor of Science in Business Authority - Accountancy from California State University, Long Beach.
Amber Stover- Chief People Officer
Ms. Stover serves as the Chief People Officer of Post Investment Group and POST, overseeing all human resources functions including, but not limited to, general processes and documentation,
performance management, employee relations, recruitment, employee engagement, and compliance. Prior to joining Post Investment Group, Ms. Stover was a human resources and recruitment
leader with Edmunds.com, Ross Dress for Less and The Walt Disney Company. She has 10+ years of experience in recruitment and human resources. Prior to that, Ms. Stover practiced as
a litigation attorney for 7 years. She is a licensed attorney in both California and Michigan, having once appeared in front of the State Supreme Court of Michigan. She graduated from
Michigan State University for both her undergraduate and law degrees.
Greg Ferkel - General Counsel
Mr. Ferkel serves as in-house general counsel to Post Investment Group and POST, responsible for drafting and reviewing purchase and sale agreements, loan documents, and joint venture
agreements in addition to overseeing all corporate, lender and investor related compliance. Prior to joining Post Investment Group, Mr. Ferkel was Senior Real Estate Counsel for Roll
Law Group, P.C. in Los Angeles, CA, where he closed in excess of 100 real estate transactions. Prior to his time at Roll Law Group, P.C., Mr. Ferkel held several real estate transactional
positions with firms such as Advisors LLP, Freeman Freeman & Smiley LLP, and Irell & Manella LLP- where Mr. Ferkel began his career. Mr. Ferkel received his Bachelor of Arts degree
from Duke University and his JD from Harvard Law School, and he is an active member of the California Bar.
John Jeter – Senior Vice President
Mr. Jeter serves as the Senior Vice President of POST, with primary focus on overseeing assets’ physical integrity, investor and lender reporting, contract Authority and due diligence.
Prior to joining POST, John established a successful career in the real estate industry spanning over 16 years. During that time, he functioned as a Vice President of Asset Management
or Asset Manager for reputable multi-family firms including Cascade Workforce Housing (a division of Pinnacle), Southwest Housing, Tarragon Realty Investors and AIMCO. John graduated
from Texas Tech University with a double major in Finance and Accounting.
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