Sunday, September 01, 2002
Here's where the $31.6 million went
The Huntington Meadows Limited Partnership spent $31,650,306 to buy and rehabilitate the complex. Here's a breakdown:
Where did the money come from?
Multifamily revenue bonds issued by the Ohio Department of Development, through Hamilton County: $17.5 million. Fannie Mae now holds those bonds.
First Partners Investment Corp: $7,584,117.
City of Cincinnati forgivable loan: $3.5 million.
Cash and operating income: $3,066,189.
Where did the money go?
Purchase price: $11.7 million
Borrowing costs, professional services, etc:
Developer's profit: $3 million.
Renovation costs: $10.5 million.
Appliances: $800,000.
What renovation work was done?
The P.M. Group submitted construction affidavits for all work done at the site. The city has not audited those documents, but the original rehabilitation plan included the following improvements:
Site work. Asphalt: $217,000. Concrete curbs: $6,000. Sidewalks: $15,000. Retaining walls: $30,000. Outdoor lighting: $50,000. Swimming pool: $30,000. Fencing: $2,500. Landscaping: $75,400. Garage demolition: $150,000. Garage cleanup: $17,000.Roofs. Shingled roofs: $77,090. Flat roofs: $114,000. Gutters: $52,000.
Windows. Picture windows: $865,060. Entry windows: $213,900. Small windows: $1,547,000. Basement windows: $40,800. Basement vents: $2,770. Steel lintels: $34,580.
Doors. Building doors: $145,000. Sidelights: $110,400. Boiler room doors: $19,800. Townhouse doors: $36,400.
Exterior. Canopies: $72,750. Siding repair: $17,400. Building paint: $87,000. Shutters: $6,000. Steps and handrails: $11,500. Stoops: $48,000. Shallow stairwells: $5,700. Deep stairwells: $15,750. Window wells: $6,000. Common area paint & flooring: $234,000. Mail boxes: $35,070.
Interior. Paint: $272,800. Carpeting: $249,600. Hardwood floors: $58,500. Bathroom tile: $155,900. Kitchen tile: $116,900. Cabinets & countertops: $1,114,000. Interior doors: $175,500.
Electrical. Lighting fixtures: $303,940. Breaker boxes: $60,000. Grounding: $116,900. Smoke detectors: $87,675.
Appliances. Refrigerators: $473,450. Gas ranges: $298,100.
Mechanical. Water heaters: $72,000. Hot water tanks: $108,000. Air conditioners: $120,000. Boilers: $648,000.
Miscellaneous. Dumpster pads: $28,500. Playground: $30,000. Parking lot: $15,000. Maintenance office/garage: $20,000. Toxin abatement: $150,000. Rehab burned units: $70,000. Laundry rooms: $67,400. Office rehab: $30,000. Basements: $5,000. Comply with building codes: $25,000.
Whom does Huntington Meadows owe?
Should the property be sold at sheriff's sale, the proceeds would first be used to pay the holders of the bonds (Fannie Mae) and the limited partner (First Partners).
Bankruptcy filings list the largest unsecured creditors as:
P.M. One, Ltd., Milford, Mich., management company: $1,238,923.
FSG Energy Services, Green Bay, Wis., natural gas provider: $236,523.
Cincinnati Gas & Electric, utilities: $69,935.
Wahab Janitorial Services, Cincinnati: $61,235.
Marilyn Eddy, Cincinnati, eviction attorney: $42,918.
P.M. Group, Inc., general partner: $24,517.
Wilmar Industries Inc., Philadelphia, maintenance supplies: $22,785.
WIZF-FM (100.9), Cincinnati, radio advertising: $18,730.
Sources: Cincinnati Department of Community Development, Ohio Department of Development, U.S. Bankruptcy Court for the Eastern District of Michigan, Hamilton County Common Pleas Court.
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