The City of Phoenix, Arizona (the "City") invites interested qualified non-profit or for-profit entities (the "Note Purchaser") to submit written proposals to buy the Deed of Trust Note (the "Note") which the City intends to acquire from the U.S. Department of Housing and Urban Development ("HUD") for the Pine Crest Apartments (the "Property"), located at 2601 W. Claremont Street, Phoenix, Arizona 85017. The successful Note Purchaser must demonstrate: (1) financial ability to purchase the Note from the City; (2) ability to acquire and successfully restructure the Property's finances so as to preserve all of the Property's rental affordability and other covenants, working in concert with the City; and (3) relevant experience in rehabilitating and operating properties similarly situated to the Property.
The City seeks a Note Purchaser who shares the City's commitment to developing and preserving housing which will remain well maintained, financially viable and affordable long-term, i.e. until all current restrictions would have terminated.
The selected Note Purchaser will enter into the Agreement with the City. The Agreement will, among other things, delineate terms for purchase and sale of the Note and the conditions with which the Note Purchaser must comply with respect to the acquisition, rehabilitation and operation of the Property. Such conditions will include, among other items, requiring the Note Purchaser to structure the financing, acquisition, ownership and operation of the Property, arrange for any needed rehabilitation, and manage or engage a manager for the Property.
The Pre-Proposal meeting for the purchase of the Deed of Trust Note RFP will be at held at the property located at 2601 W. Claremont Street, Phoenix, Arizona 85017, in unit # 1074 located off of the main courtyard by the leasing office from 2 p.m. to 4p.m. on June, 12, 2009.
The date for the receipt of responses to the Request for Proposals is changed.
Proposals in response to the Request for Proposals are due in the following location
no later than 4:30 P.M. Phoenix Time on a date to be announced in a future Addendum
(which Addendum will be posted after the City receives the note purchase terms from
the U.S. Department of Housing and Urban Development):
Proposal Response
Pine Crest Apartments Note Sale
City of Phoenix
251 West Washington Street, 4th Floor
Phoenix, AZ 85003
Attn: Maria Bears, Deputy Housing Director
Contact Person:
Elijah Chaffino, Housing Development Specialist
Housing Department
251 W. Washington Street, 4th Floor
Phoenix, AZ 85003
602-262-4423
elijah.chaffino@phoenix.gov for more information.
TThe RFP packet and required Affirmative Action reporting forms are available in the formats specified below. To view the files in Adobe Acrobat (PDF) format, which allows the document to be downloaded, viewed and printed with all of its original formatting and graphics, you must first download a copy of the the Adobe Acrobat Reader and follow the instructions for installation.
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Download the RFP in: |
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Download Addendum #1 in: |
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Download Questions and Answers in: |
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Download Affirmative Action Reporting Forms in: |