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Fund 85 Summary Redesign
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FUND SUMMARY CREA Corporate Tax Credit Fund 85, LP
January 2021
CREALLC.com
1
CREA Corporate Tax Credit Fund 85, LP
6.50% / $0.961 6.25% / $0.97 5.75% / $0.99 5.50% / $1.00 5.00% / $1.02 4.50% / $1.04 4.00% / $1.06 3.75% / $1.07 TARGETED IRR / PPC
INVESTMENT CLASSES 1, 2 Super Premium: Premium: A: CRA I:
FUND OFFERING Fund Size : $225-$275 MM (Currently specified to $270MM) Projected Closing : June 17, 2021 Property Reviews by : CohnReznick (At least 60% of fund properties by equity) Sponsor Report Prepared by : Ernst & Young Upper-Tier Counsel : Nixon Peabody
CRA II: CRA III: CRA IV: CRA V:
ECONOMIC & STRUCTURAL BENEFITS Property Specification : 100% Loss Ratio : 0.82 : 1.00 (Excluding dispositions) 15% of acquisition fees deferred until construction completion, stabilization & 8609’s (paid in thirds) Last installment of deferred fee subject to maintenance provisions 100% of cash flow & residuals to investors until pro forma yield is met, then 50/50 split Enhanced Reserves & AM Fee Structure: · 2.50% Property Reserves · Separate annual AM fees up to $5,000 PPPY Due Diligence Reimbursement : up to 25 basis pts. to investors
1. Some bridging assumed - Pledge of ILP interest required. 2. See Property List on page 3 for CRA Class designations
HUMBOLDT PARK RESIDENCES / CHICAGO, IL / 65 UNITS
Humboldt Park Residences is an in-place rehab that benefits at-risk and formerly homeless residents. Planned rehabilitations include updates to meet accessibility code requirements, reconfiguration of common amenity spaces, exterior improvements and landscaping. “With the loss of many SRO (single room occupancy) units throughout the city and encroaching gentrification from the east, HPR serves a critical need in the Humboldt Park neighborhood.” - LUCHA, Developer
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PROPERTY INFORMATION
FL MI LA TN OH NJ UT AZ OR IL CA IA NY CT OK ID IN ID IN MT PA MD MT PA D MT PA MD FL MI LA TN OH NJ UT AZ OR IL CA I NY CT OK NJ UT AZ OR IL CA I NY CT OK ID N FL MI LA TN OH
0% 0% 0%
2% 2% 2%
4% 4% 4%
6% 6% 6%
8% 8% 8%
10% 10% 10%
12% 12% 12%
Equity %
CREDIT TYPE
PROPERTY STATUS
CONSTRUCTION TYPE
REHABILITATION: 37% NEW / REHAB GROUND UP: 63%
IN PROCESS: 27% CLOSED / LOI SIGNED: 73%
9% LIHTC: 44% 4% LIHTC: 56%
DEVELOPER RELATIONSHIP
TENANT PROFILE
TRACT MINORITY %
SENIOR / SPECIAL NEEDS: 27% FAMILY: 73%
>50%: 32%