Capital parties
Permanent lender
First Carolina Community Bank
Construction lender
Carolina Construction Bank
Investor
Piedmont Tax Credit Fund XII
Sponsor / GP
Northbank Housing Partners, Inc.
Contractor
Southline Builders LLC
Conversion Hub · conversion record
Millwork Lofts conversion
Keep every insurance requirement, evidence item, variance and coverage transition tied to the conversion record. The conversion record for this 9% LIHTC construction-to-perm file — requirements register, parties, evidence ledger, variance record, coverage handoff and Conversion Briefing. Review date Sep 5, 2026 · Closing in 40 days.
Requirements tracked
8
Potential variances
4
Awaiting written confirmation
3
Workflow
1
Capture
Done
2
Reconcile
Done
3
Resolve
Current
4
Transition
Evidence consistent
1
Pending confirmation
3
Potential variance
4
Not yet evaluated
0
Open items
Requirements Register| Issue | Source | Current observation | Status |
|---|---|---|---|
Replacement cost / TIV | Permanent lender | Builder’s risk TIV $28.4M matches the SOV; permanent RC statement is draft | Pending confirmation |
Mortgagee / loss payee wording | Construction lender | Construction lender is loss payee. Permanent mortgagee clause is not on the binder | Pending confirmation |
Flood determination RISK-ML-004 | Permanent lender | Zone X on the site plan. Lender still wants a life-of-loan determination | Pending confirmation |
Conversion snapshot
- Evidence still open
- 1
- Exception files
- 2
Next dates
Schedule- Flood determination in handSep 21, 26
- GP / SLP on builder’s riskSep 23, 26
- Occupancy permissionSep 26, 26
- Bind permanent / cancel builder’s riskOct 7, 26
Owner-side workstream · on this conversion
Every register on this conversion
Millwork Lofts is the active sample conversion. Open any register to see the same record the owner, lender and investor would work from.
Requirements Register
8 requirements · named insured stack, occupancy, and 5% vs 2% named storm still open
Party & Insured-Interest Register
8 parties · Millwork Lofts LP as borrower · GP and SLP pending on builder’s risk
Evidence Ledger
4 documents · ACORD 25 needs an endorsement · builder’s risk bound, permanent quoted
Variance Record
2 files · construction NS 5% vs permanent 2% · investor AI certificate-only
Coverage Handoff Timeline
Builder’s risk bound at $28.4M · permanent quoted, not bound · occupancy still open
Program diagnostic
Property / CAT, liability and construction — the same record that feeds the Conversion Briefing
Continuing Requirements Schedule
4 open dates · flood determination and conversion bind
Conversion Briefing
The record for capital parties: what is consistent, what is a variance, and what you are being asked to decide