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AFCEE Housing Privatization Project Fact Sheet HILL AFB, UT by Jeffreywood


									                                         FACT SHEET
AFCEE Housing Privatization Project Fact Sheet

On September 29, 2005, the United States Air Force entered into an agreement resulting in the
privatization of 1018 units at Hill AFB. The Air Force conveyed ownership of the 1,138 housing units and
improvements thereon and leased seven parcels of land to the Project Owner. The owner of the project is
Boyer Hill Military Housing, L.C., a Utah Limited Liability Company.

                                                   Parties of Interest
Project Owner                                                                Boyer Hill Military Housing LC
Developer                                                                        Gardner Development
Property Manager                                                          Nationwide Management Corporation
Controlling Entities                                                                Boyer Company
Beneficial Owners                                                                   Boyer Company
                       Housing Units                                          Targeted Demographics
Total Units Prior to Privatization                  1138                         E1-E4                           568
Conveyed Units                                      1138                         E5-E6                           283
Less: Units Demolished                               144                          E7                              27
Existing Privatized Units Pre-Construction            0                           E8                              27
Existing – Non-Renovated                               7                          E9                               4
Existing – Renovated                                 622                         O1-O3                            59
New Construction                                     389                          O4                              17
Total Privatized Units                              1018                          O5                              16
Non-Privatized Units                                  24                          O6                              15
Total Units After Privatization                     1383                         O7-O9                            2
                                                  Construction Costs
Total Development Costs                                                                  $105.6M
Total MILCON Costs                                                                         N/A
                                                    Capital Sources
Private Equity                                                                            $2.2M
Senior Loan                                                                                N/A
Direct Loan                                                                              $33.6M
Other Development Funds                                                                  $19.2M
Total Capital Sources                                                                    $52.5M
Loan Guarantee                                                                           $41.0M
Direct Loan Interest Subsidy                                                             24.31%
Direct Loan Default Risk                                                                  9.26%
Differential Lease Payment                                                                 N/A
Total Scoring Dollars                                                                    $11.3M
                       Private Construction Loan                  Direct Loan               Bond Construction Loan
Amount                             N/A                             $33,600,000                     $40,100,000
Maturity Date                      N/A                                  2040                           2011
Lender                             N/A                             Government                  Lehman Brothers Inc
Interest Rate                      N/A                                 3.62%                           5.4%
Prepayment                         N/A                        No Prepayment Penalty           No Prepayment Penalty
Other                              N/A                             Interest Only                   Interest Only

Air Force Center for Environmental Excellence: Air Force Portfolio Manager, Housing Privatization Directorate
2735 Louis Bauer Drive, Brooks City-Base, TX 78235; DSN 240-3496 or 210-536-3496
Boyer Hill Military Housing LC: Mark Pace, President
90 South 400 West, Suite 200, Salt Lake City, UT 84101; 801-521-4781
Hill AFB Asset Manager: Mr Doug Arave
7285 4th Street, Building 180, Room 106, Hill AFB, UT 84506

Web sites:
Installation Web site
Privatized Housing Web site (not yet available)

                                                                                                                March 2006

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