107. Closing MemorandumTo:Vista Breeze - Working Group
From: Stifel, Nicolaus & Company, Incorporated - Loan Placement Agent ("Stifel")
Date:12/15/2023
*
Prior to settlement and release from escrow, the transmittal of funds will occur as follows:
1.
2.
Following the settlement and release from escrow, the payment of costs and fees will occur as follows:
3.
4.
5.
6.On Friday, December 15, 2023, the Fiscal Agent shall wire or cause to be wired to Vista Breeze, Ltd (the
"Borrower") $4,007,062.65, of which $3,471,368.99 represents Low Income Housing Tax Credit Equity from the
Borrower Equity Account and $535,693.66 represents Funding Loan Proceeds from the Project Account.
On Friday, December 15, 2023, the Fiscal Agent will wire $223,529.76 to Fidelity National Title Insurance Company
(the "Title Agent") representing Low Income Housing Tax Credit Equity from the Borrower Equity Account to pay
certain title and recording fees in accordance with the closing statement.
On Friday, December 15, 2023, the Fiscal Agent will make all Borrower Equity Fund Disbursements in accordance
with the schedule attached hereto.
The pre-closing and settlement of the Multifamily Housing Revenue Note shall be held on Thursday, December 14,
2023, and Friday, December 15, 2023, respectively. The assembly of the final executed documents for the Note
transcript and recordation shall occur via electronic transmittal to Foley & Lardner LLP, as Note Counsel.
On Friday, December 15, 2023, the Fiscal Agent shall pay the Cost of Issuance in accordance with the schedule
attached hereto.
On or about Thursday, December 14, 2023, Bank of America, N.A. (the "Equity Investor") will wire, or cause to be
wired to The Bank of New York Mellon Trust Company, N.A. (the "Fiscal Agent") $5,365,086.00 of which
$5,262,186.00 represents the initial contribution of the Low Income Housing Tax Credit Equity and $102,900.00
represents an additional capital contribution. The Fiscal Agent shall hold such funds and upon closing shall deposit
$4,943,966.00 to the Borrower Equity Account of the Project Loan Fund, $217,995.00 to the Costs of Issuance Fund
and $203,125.00 to the Governmental Lender Conversion Fee Account of the Administration Fund.
On Friday, December 15, 2023, Bank of America, N.A. (the "Initial Funding Lender") will wire, or cause to be wired
$698,193.66 to the Fiscal Agent, representing the initial draw of the Funding Loan Proceeds. The Fiscal Agent shall
hold such funds and upon closing shall deposit $535,693.66 to the Project Account of the Project Loan Fund and
$162,500.00 to the Capitalized Interest Account.
CLOSING MEMORANDUM
Multifamily Housing Revenue Note
(Vista Breeze)
Series 2023
$32,500,000
Housing Finance Authority of Miami-Dade County, Florida
FISCAL AGENT WIRING INSTRUCTIONS
Wire to:
The Bank of New York Mellon Trust Company NA
500 Grant Street
Room 3210
BNY Mellon Center
Pittsburgh, PA 15258
ABA 021000018
Account Number: 1856528400
Account Name: JAX PAYMENT ACCOUNT
REF: Vista Breeze
Attn: Heidi Bowers
TITLE AGENT WIRING INSTRUCTIONS
Wire to:
BANK NAME: Bank of America, N.A.
BANK ADDRESS: 100 West 33rd St, New York, NY 10001
ABA NUMBER: 026009593
ACCOUNT NAME: Fidelity National Title Insurance Company Custodial Escrow
3801 PGA BOULEVARD, Suite 605, Palm Beach Gardens, FL 33410
ACCOUNT NUMBER: 1257021916
ESCROW NUMBER: 3211389795JC
EMPLOYEE TO NOTIFY: Jennifer Corbo / (954) 308-3492
STACEY PILOTO 954-308-3498
BORROWER WIRING INSTRUCTIONS
Wire to:
Bank: Bank of America - Tampa, FL
ABA: 063 100 277
Account Name: Vista Breeze , Ltd
161 NW 6th Street Ste 100, Miami, FL 33136
Account Number: 898 126 369 594
VISTA BREEZE, LTD.,
a Florida limited partnership
By:
Kenneth Naylor
Vice President
[Signature page to Closing Memorandum]
Closing Memorandum Flow of Funds
Sources Funding Loan (Note)Tax Credit Equity Total
Tax-Exempt Loan (Construction Loan)$698,193.66 $698,193.66
Tax Credit Equity $5,365,086.00 $5,365,086.00
Total Sources of Funds $698,193.66 $5,365,086.00 $6,063,279.66
FUNDING MATRIX:Tax-Exempt Loan
(Construction Loan)Tax Credit Equity Total
Project Account $535,693.66 $535,693.66
Borrower Equity Account $4,943,966.00 $4,943,966.00
Costs of Issuance Account $217,995.00 $217,995.00
Governmental Lender Conversion
Fee Account $203,125.00 $203,125.00
Capitalized Interest Account $162,500.00 $162,500.00
Total $698,193.66 $5,365,086.00 $6,063,279.66
(Vista Breeze)
Series 2023
$32,500,000.00
Housing Finance Authority of Miami-Dade County, Florida
Multifamily Housing Revenue Note
Amount
1.Housing Finance Authority of Miami-Dade County
Closing Fee 81,250.00
Compliance Monitoring Set-Up Fee 3,570.00
2.Office of Miami-Dade County
Issuer Counsel Fee 15,000.00
3.Foley & Lardner
Note Counsel Fee 56,800.00
4.Public Resources Advisory Group, Inc.
Financial Advisor Fee 56,000.00
5.The Bank of New York Mellon
Fiscal Agent Fee 2,125.00
Acceptance Fee 3,250.00
Total $217,995.00
Payee
$32,500,000
Housing Finance Authority of Miami-Dade County, Florida
Multifamily Housing Revenue Note
(Vista Breeze)
Series 2023
Costs of Issuance Fund Payees
Draw
1.84,820.00$
Name:Housing Finance Authority of Miami-Dade County
Bank:Wells Fargo Bank, N.A.
ABA:420 Montgomery, San Francisco, CA 94104
Account Number:4122230907
Account Name:Housing Finance Authority of Miami-Dade County
Reference:Invoice #1307
Contact Person:Housing Finance Authority of Miami-Dade County
Contact Telephone:305-594-2518
2.15,000.00$
Name:Office of Miami-Dade County
Bank:Wells Fargo Bank, N.A.
ABA:121000248
Account Number:2696206696688
Account Name:Miami-Dade County, Florida-General Operating Account
Reference:Legal Fees: County Attorney’s Office Index Code: AT01010000
Contact Person:
Contact Telephone:305-594-2518
3.56,800.00$
Name:Foley & Lardner
Bank:U.S. Bank, NA
ABA:ABA No.: 075000022
Account Number:Acct No.: 112031389
Account Name:
Reference:
Contact Person:
Contact Telephone:
4.56,000.00$
Name:Public Resources Advisory Group, Inc.
Bank:JPMorgan Chase Bank, N.A.
ABA:021000021
Account Number:910-1617463
Account Name:
Reference:Invoice #: 4590
Contact Person:Brenda Henry
Contact Telephone:212 566-7800
5.5,375.00$
Name:The Bank of New York Mellon
Bank:The Bank of New York Mellon
ABA:021000018
Account Number:8901245259
Account Name:BNY Mellon - Fee Billing Wire Fees
Reference:Invoice Number: 252-2597627
Contact Person:Heidi Bowers
Contact Telephone:(904)645-1983
Description of Draw Request
$32,500,000
Housing Finance Authority of Miami-Dade County, Florida
Multifamily Housing Revenue Note
(Vista Breeze)
Series 2023
Costs of Issuance Disbursements
$32,500,000
Amount
1.Citibank, N.A.
Perm Origination fees 130,625.00
2.Citibank, N.A.
Perm Closing Fees 62,322.00
3.Bank of America, N.A.
Loan Origination Fees 301,532.00
4.Fincher Law Group
Legal Fees 94,055.00
5.Holland & Knight LLP
Legal Fees - Equity 95,000.00
6.Holland & Knight LLP
Legal Fees - Construction 95,000.00
7.Holland & Knight LLP
Legal Fees - Bonds 25,000.00
8.Klein Hornig LLP
Legal Fees 209,183.25
9.Grady Hunt PLLC
Leasehold Mortgage 22,000.00
10.Grady Hunt PLLC
Leasehold Mortgage 9,000.00
11.Weiss Serota Helfman Cole & Bierman
Loan Closing Costs 44,500.00
12.Plante & Moran LLC
Fee 4,950.00
13.Plante & Moran LLC
Fee 2,950.00
14.Stifel, Nicolaus & Company, Incorporated
Placement Agent Fee & Expenses 40,000.00
15.Richard Kuper, P.A.
Fee 12,950.00
16.Housing Authority of the City of Miami Beach
Loan Repayment 100,000.00
Total $1,249,067.25
$32,500,000
Housing Finance Authority of Miami-Dade County, Florida
Multifamily Housing Revenue Note
Payee
(Vista Breeze)
Series 2023
Borrower Equity Fund Payees
Draw
1.130,625.00$ Wire
Name:Citibank, N.A.
Bank:Citibank, N.A.
Address:
ABA:021-000-089
Account Number:3886-9385
Account Name:Corporate Chicago
Ref:N/A - Vista Breeze
Contact:Larisa Branch's
2.62,322.00$ Wire
Name:Citibank, N.A.
Bank:Citibank, N.A.
Address:
ABA:021-000-089
For Credit To:384-93429
Account Number:Citi Global Markets
FFC:029-32025
Ref:02932025 - 43AB1527 - Vista Breeze
Contact Telephone:Larisa Branch's
3.301,532.00$ Wire
Name:Bank of America, N.A.
Bank:Bank of America, NA
Address:
ABA:26009593
For Credit To:
Account Number:1367011723000
Attention:CREB Direct Wires
Reference:Vista Breeze, Ltd - LIQ No.377046
Contact Person:
Contact Telephone:
4.94,055.00$ Wire
Name:Fincher Law Group
Bank:Wells Fargo Bank
Address:
ABA:121000248
For Credit To:Fincher Law Group, LLC
Account Number:5755556833
Reference:Vista Breeze - Invoice No: 2023.10.30VB
Contact Person:
Contact Telephone:
Borrower Equity Fund Disbursements
Description of Draw Request
$32,500,000
Housing Finance Authority of Miami-Dade County, Florida
Multifamily Housing Revenue Note
(Vista Breeze)
Draw
Borrower Equity Fund Disbursements
Description of Draw Request
$32,500,000
Housing Finance Authority of Miami-Dade County, Florida
Multifamily Housing Revenue Note
(Vista Breeze)
5.95,000.00$ Wire
Name:Holland & Knight LLP
Bank:Wells Fargo Bank N.A.
Address:420 Montgomery Street, San Francisco, CA 94104-1207
ABA:121000248
Account No:2090002390441
Reference:Invoice 585101-00738
Contact Person:H&K Account ServicesContact Telephone:1-813-901-4180
6.95,000.00$ Wire
Name:Holland & Knight LLP
Bank:Wells Fargo Bank N.A.
Address:420 Montgomery Street, San Francisco, CA 94104-1207
ABA:121000248
Account No:2090002390441
Reference:Invoice 33249607
Contact Person:H&K Account ServicesContact Telephone:1-813-901-4180
7.25,000.00$ Wire
Name:Holland & Knight LLP
Bank:Wells Fargo Bank N.A.
Address:420 Montgomery Street, San Francisco, CA 94104-1207
ABA:121000248
Account No:2090002390441
Reference:Invoice 33249608
Contact Person:H&K Account ServicesContact Telephone:1-813-901-4180
8.209,183.25$ Wire
Name:Klein Hornig LLP
Bank:Citizens Bank
Address:1 Citizens Dr. ROP-480, Riverside, RI 02915
ABA:011500120
Account Name:Klein Hornig LLP
For credit to:Money Market Account # 1400812183
Klein Hornig LLP Money Market Account
For further credit to:0626-0170 [Housing Authority of Miami Beach - Vista Breeze]Contact Person:Contact Telephone:
Draw
Borrower Equity Fund Disbursements
Description of Draw Request
$32,500,000
Housing Finance Authority of Miami-Dade County, Florida
Multifamily Housing Revenue Note
(Vista Breeze)
9.22,000.00$ Wire
Name:Grady Hunt PLLC
Bank:Citibank, N.A.
Address:Miami, FL
ABA:26-6086554
For Credit To:Grady Hunt PLLC
Account Number:9148938820
Reference: Invoice Number: 10701
Address:Contact Person:Contact Telephone:
10.9,000.00$ Wire
Name:Grady Hunt PLLCBank:Citibank, N.A.Address:Miami, FLABA:26-6086554For Credit To:Grady Hunt PLLCAccount Number:9148938820Reference: Invoice Number: 10684Address:Contact Person:Contact Telephone:
11.44,500.00$ Wire
Name:Weiss Serota Helfman Cole & BiermanBank:City National Bank of FloridaAddress:2855 LeJeune Road, Coral Gables, FL 33134ABA:66004367For Credit To:Weiss Serota Helfman Cole & Bierman, P.L.Account Number:1753777107Reference: #2116.220 – Vista Breeze Ltd / SAIL, ELI, NHTF and VIABILITY LoansAddress:Contact Person:Contact Telephone:
12.4,950.00$ Wire
Name:Plante & Moran LLCBank:Bank of AmericaAddress:100 West 33rd New York, NY 10001ABA:026009593For Credit To:Plante & Moran LLCAccount Number:9890996003Reference:Invoice #10133969Contact Person:Contact Telephone:
Draw
Borrower Equity Fund Disbursements
Description of Draw Request
$32,500,000
Housing Finance Authority of Miami-Dade County, Florida
Multifamily Housing Revenue Note
(Vista Breeze)
13.2,950.00$ Wire
Name:Plante & Moran LLC
Bank:Bank of America
Address:100 West 33rd New York, NY 10001
ABA:026009593
Account Number:Plante & Moran LLC
Account Name:9890996003
Reference:Invoice #10133970
Contact Person:
Contact Telephone:
14.40,000.00$ Wire
Name:Stifel, Nicolaus & Company, IncorporatedBank:Bank of America, New York, N.A.Address:ABA #:26009593Account #:4451211211Account Name:Stifel, Nicolaus & Company, IncorporatedReferencePublic Finance - M20993-83L - Vista BreezeContact Person:William WhiteContact Telephone:334-386-0586
15.12,950.00$ Wire
Name:Richard Kuper, P.A.Bank:First Horizon BankAddress:165 Madison Ave, Memphis, TN 38103ABA #:84000026Account #:61131439Account Name:RICHARD KUPER PAReferenceAccount Number: 042435-0150Contact Person:RICHARD KUPER, P.A.Contact Telephone:(305) 373-1166
16.100,000.00$ Wire
Name:Housing Authority of the City of Miami BeachBank:TD BANK, N.A. ABA:31101266Account Number:4246699205BeneficiaryHousing Auth of the City of Miami Beach DevelopmentReference:Vista Breeze - 175 S Shore Drive,
Contact Person: Mike O’Hara Contact Telephone: (305) 761 2866