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SUBURBAN
MORTGAGE ASSOCIATES INCORPORATED
April 26, 1991
Mr. Alphonse Moucad
Westminster - Willard Place Apartments
a/k/a Mandella Apartments
10 Hammond Street
Roxbury, Massachusetts 02120
Re: Mandella Apartments
276 Units
Taxable Financing Under Section 223{f) of the National Housing Act
Dear Mr. Mourad:
Subject to the issuance by the Government National Mortgage Association (GNHA) of its commitment to guaranty the permanent loan certificate (the GNMA-MBS) to be issued by us in connection with the funding of this transaction Suburban Mortgage Associates Incorporated (SMAI) hereby issues its commitment fthis Commitment) to make a first mortgage permanent loan (the Insured Loan) on the above-captioned project (the Project? in accordance with the FHA Coirimitniertt (the FHA Commitment) to be issued to us by the Federal Housing Administration (FHA) in respect thereof and in accordance with terms and conditions set forth in this Commitmenti
The terms of the Insured Loan shall be as follows:
MORTGAGOR:
The Mortgagor shall be V & M Management, Inc, a corporation organized under the laws of the State of Massachusetts.
AMOUNT OF INSURED LOAN
$7,335,200, (or such other amount not to exceed the loan amount in the FHA Commitment),
FINANCING FEE:
On the date of Endorsement (Date of Endorsement), the Mortgagor shall pay the Mortgagee, in cash, en initial financing fee in an airount equal to two percent (2%) of the mortgage amount,
U.S. Department of Housing And Urban Development
June 1, 1992
MEMORANDUM FOR: Jeanne McHallam,
Director Housing Development Division
FROM: Wendy Lucas, Regional Economist
SUBJECT: Mandela Apartments
Roxbury, MA
223(f) Conditional Commitment
Executive Summary: EMAS favorably reviewed V&M Managment request for a Conditional Commitment for 223{f) Mortgage Insurance for the refinance of Mandela Apartments in the Soutn, End/Lower Roxbury portion of Boston. The refinance would allow the owner/manager to retire accumulated debt aiid accrued interest, as wall aa rehabilitate aeveral vacant units serioualy damaged by fire. An unquestionable demand exists for assisted housing in the area as evidenced by the large waiting lists, the low vacancy ratoa, and the high percentage of households in the area with low incomes.
Background /Project Description--Mandela Apartments consists of two hundred seventy-six units In ten concrete building"- Two structures are eight-story high rises and the remaining buildlnga are four-story townhouses. The total gross square footage is 265,900. Mandela Apartments was originally constructed in 1972 and V&M Management purchased the project in l981 from HUD.
The project was granted a Section 8 Contract at the time of purchaae. The fifteen year contract expires in 1996. At that time HUD will review the project status in relation to tenant assistance.
Household Income-- Mandela is located in Census Tract 805. According to the latest Census data, over eighty-two percent of the population in this census tract are designated as low and moderate' income because they earn less than eighty percent of the median income.
Number of Household / Number of Units--Of the 250,868 total housing units in Boston, approximately fifteen percent (or 37,306 units) are assisted. In comparison, roughly forty-three percent (or 98,022) of the total 227,958 households in Boston are considersd low and moderate income households and would qualify for assisted housing.
Occupancy: The average vacancy rate for assisted units in Boston is just over one percent as compared to Mandela's vacancy rate of two and one half percent. As stated previoasly, Mandela's vacancies are caused by "the substandard quality of several units after a fire. Mandela nevertheless maintains a waiting list.
The BHA city-wide public housing waiting list contains 18,476 households, of which 1,686 have federal preference. In recent years the averace length on waiting lists has increased due to slower turnover.
Conclusion: EMAS assumes that HUD will ensure that the project remains affordable to low and, moderate irccae tenants when the Sec.8 contract expires in 1996. Based on the ahove, EMAS recommends approval of the 223 (f) application for Mortgage Coinsurance.
PATTON, BOGGS & BLOW
2550 M STREET. NW
WASHINGTON. D.C. 20037-1350
(202) 457-GOOO
Januacy 8, 1991
V & M Management, Inc.
131 Coolidge Avenue, #620
Watertown., Massachusetts 02172
Attn: Mr. Alptionae Mourad
Dear Mr, Hourad:
We are pleased that V & M Management, Inc. ("V & M") has retained Patten, Bogga & Blow to represent It regarding a refinancing through the HUD 223(f) program, of the property known as the Mandela Development, This Letter sets forth the basis on which, Patton, Bogga and Blow will provide legal services to V & M in that matter.
In accordance with our usual practice, we will bill you monthly for legal services in connection with this matter and for disbursements incurred in the performance of those legal services. Disbursements will include long distance telephone charges, delivery charges, photocopying costs, travel expenses and other similar out-of-pocket expenses.
Our fees for legal services will be baaed on our standard hourly rates in effect when the work is performed Typically, these ratea are adjusted annually. The hourly rates of our attorneys are based on Che level of experience, specialization and professional achievement. Currently, the range of hourly cates is from $80 to $165 for associates and from $165 to S400 for partners.
My associate, Anne J. Chiaviello, will be primarily responsible for the work done on your behalf In this matter as supervised by me, as necessary. The firm bills her time at $155 per hour. T anticipate that from time to time other associates may assist/ as appropriate, under my supervision.
To indicate your acceptance of these terms, please sign a copy of this letter in the space provided and return It to me at your earliest convenience.
We look forward working with you. If you have any questions about our arrangement, please give me a call.
Sincerely yours,
Ronald H. Brown
Accepted by:
V&M Management, Inc.
Alphonse Mourad
President