Page 7 - Annual Report 2020

INVESTING IN OUR FUTURE

Asset Management

We entered the year poised to seek out new development opportunities, however, we
pulled back as a financial precaution due to the uncertainty of the potential impact of
the pandemic. Therefore, our team focused most of our efforts in 2020 on making
repairs and improvements to our existing properties. Our primary goal is to maintain
the highest quality properties that our tenants can be proud to call home. Our biggest
projects this past year were on four of our buildings, totaling over $1.1 million.

JONATHAN SINGSEN
Development Manager

Jonathan joined New Neighborhoods in
2019 as our Development Manager and
Stamford Mayor, David Martin helping us hand out care Congressman Jim Himes handing out a care package to one of has since expanded his role to include
packages to our residents at Martin Luther King Jr. Apartments. our residents in Marshall Commons.
our company’s asset management
responsibilities.
Repairs and Renovations Jonathan has past experience with
Our biggest R&R project in 2020 was at our Friendship House Apartments, where we managing multi-family assets for
began construction on a $968,000 Hydronic Circulation Replacement Project, replacing Shamrock Properties, managing
the pipes in our heating system throughout the 13-story building. This project took commercial development for Brenton
Point Partners, and experience with
nearly the entire year to complete requiring us to tear out walls and replace old pipes in brokerage at Prudential CT.
each of the building’s 121 units.
He earned his Master’s Degree in
In addition to the work done at Friendship House, we also invested in new HVAC Corporate Finance and Real Estate at
Heater/Hot-water tanks at our Marshall Commons property, a sewer pump at our the University of Connecticut and his
Bachelor’s Degree in Economics from
Samuel’s Court Property, and major hallway flooring repairs and unit heating system the University of Rhode Island. Jon has
replacements at our Fair Street Property. impressive language skills, being fluent
in English, Dutch, French, and German.
Refinancing and Reinvesting
In 2020, we began the refinancing process for both our Martin Luther King, Jr.
Apartments and our Belltown Manor Senior Housing properties. The equity
generated from these refinances will enable the pay off of the current debt and reinvest
an estimated $5 million towards renovations in the MLK Jr. property and another $1.5
million towards renovating Belltown Manor. The refinancing process should be
complete by fall of 2021 and the renovations should be complete by spring of 2022.

Development Opportunities
Throughout 2020, we were gaining more confidence in the company’s overall
performance and our financial situation continued to grow even stronger. By the fourth
quarter of 2020, we were comfortable enough to begin exploring development
opportunities again by looking for land to develop, seeking out properties for sale, and
collaborating with other developers, in hopes of finding the right project for us to move
forward with. We also began responding to RFP’s from cities that welcome affordable
multifamily projects.

2020 ANNUAL REPORT 6