Residences at the Green, Lakewood Ranch, Florida
Residences at The Green offers spacious one, two and three bedroom homes and an ideal location within walking distance to shopping, restaurants and entertainment venues, as well as easy access to miles of running and bike trails. Community amenities include a resort-style heated pool with lap lanes and large sundeck, a large outdoor pavilion with HDTV, custom designed fitness center, wine room with space to host wine tastings, indoor pet salon, outdoor dog park and a Hub by Amazon package system. Modern interiors feature a stainless-steel appliance package, gourmet kitchen, luxury wood vinyl plank flooring, 9’ ceilings and a full size washer and dryer. This community is also designed and constructed with sustainability in mind achieving National Green Building Standard (NGBS) Silver Level designation.
Lake Nona WaterMark, Orlando, Florida
BREC LLC and its affiliates worked with Tavistock Development Corp (TDC) to develop this Class-A property. The first multifamily development inside Lake Nona, WaterMark is a collection of 278 contemporary apartment homes that exudes an aura of charm, sophistication and style. This community offers spacious one, two and three bedroom homes with striking features at every turn. From designer gourmet kitchens and spa-inspired baths to the lush outdoor entertainment lounge and resort-style saltwater pool, Lake Nona WaterMark will impress and inspire. Lake Nona WaterMark is located at the intersection of 417 and Lake Nona Boulevard, just north of Nemours Children's Hospital in southeast Orlando. This community is amidst the large and growing Lake Nona Medical City, home to hospitals, universities, major research institutes and corporate offices.
Mount Carmel Gardens, Jacksonville, Florida
Mount Carmel Gardens is a 207-unit high rise property originally developed in 1971 under the Section 236 mortgage program to provide housing to the elderly. HUD provides rental assistance under a Section 8 Housing Assistance Payment (HAP) Contract for 127 of the 207 units. In 2005, the 236-mortgage, was refinanced under Section 223(f) at which time the interest subsidy was de-coupled. The property was highly leveraged with HOME and Elderly Housing Community Loan (EHCL) funds, one of which had become due and payable. The original Board was in jeopardy of losing the property and sought assistance from BREC and SPM, LLC. Over time, the financial condition began to decline and in 2011, the REAC inspection raised concerns regarding the physical condition. After a below average management and occupancy review in early 2012, the non-profit board took HUD’s recommendation that they make a change in management and seek independent professional management seriously. As a result, in 2013, they engaged SPM, LLC to manage the property. Around the same time, BREC was engaged by the current Board to find a solution and allow them to exit their role in the development. BREC brought in another non-profit to purchase the building in connection with a renovation. The project was financed with cash collateralized bonds, State Apartment Incentive Loan program (SAIL), Extremely Low Income program (ELI), HOME, Low Income Housing Tax Credits as well as a 221(d)(4) mortgage insured by HUD. These resources funded the acquisition costs and$7.3 million in substantial rehabilitation, which included, new cabinetry, countertops, doors, flooring, plumbing and piping replacement, HVAC system upgrades, electrical work, interior and exterior painting and expanded community space and amenities. This effort by all stakeholders was successful and will ensure the continued viability of the project, and preservation of this affordable housing.