Why new roofs are needed now
Current condition
Current condition
- Roofing components are past their useful life. Roofs on ALL buildings are failing
- Original roofs were built to minimum code:
1-layer of 30# felt underlayment - 122 roof leaks. - see map
- Repairs aren't warrantied; not a long term solution
- Interior water damage affects both the HOA and resident finances
Cost to repair
Current condition
- 2023 = $66,066
- 2024 = $450,864
- Jan-Apr 2025 = $130,671
- 2025 full year est = $392k
- ~ $650,000 spent on roofs in the last two and a half years, Including tarping, repairs, replacement, inspections, interior repairs, and remediation
What we need
- New roofs on every building to end the expensive leak repair process
- Seacove Place is in an ember zone according.to the WUI map (WUI=Wildland Urban Interface)
- All new roofs: tile, reinforced ice and water membrane, Class A Fire Rated ember resistant underlayment
Where will the money come from?
Where will the money come from?
- $200,000 from Reserves
- $329,000 Reduction in expenses by eliminating roof repairs, remediation, asbestos/environmental testing, +reductions in other categories, and savings from hiring a new management company
- $102,400 from Special Assessment of $400/unit,$200 due 8/1/25 & 2/1/26
- A loan of $4,346,439
The loan
Where will the money come from?
What will the roofs look like?
- Borrowing $4,346,439 from CapitalOne Business Banking
- During draw period (during construction) HOA pays Interest only
- At project completion, the loan converts to a fixed rate, set at closing
- The interest rate is based on the 10-year Treasury rate plus 1.70%
- Amortized over 14 years
What will the roofs look like?
Where will the money come from?
What will the roofs look like?
- Our oldest building, originally built as model homes, was re-roofed in the fall of 2024
- To view the new tile color, see 1 - 15 Fulmar Lane