maple place
Key Dates
Closing Date: 10/11/19
Construction Completion Date: 9/20/21

Formerly Willow House (Under Construction)

Formerly Campus Towers (Rendering)

DETAILS:
Number of Units: 286
Total Development Cost: $36,243,109
Development Type: 4% LIHTC
Development Partner:
North Little Rock Housing Authority
Project Type: Senior
Construction Period Jobs: 423
Long-term Jobs Created/Maintained: 18
SOURCES:
First Mortgage: $13,050,000
Seller Take Back: $9,331,995
HOME: $450,000
Equity: $11,671,843
Developer Fee: $1,741,331
Total Sources: $36,243,109
*Sources, as of closing
PROJECT NARRATIVE:
Maple Place is an existing 286-unit multi-family rental community located on
two sites built in 1966 and 1969, consisting of zero, one and two-bedroom
high rise multi-family units. The Partnership will use an allocation of LIHTC
and conventional debt to substantially rehabilitate and newly construct rental
housing for families. The Project is undergoing a RAD conversion with the
units at both the existing Willow House and Campus Towers sites being
removed from the Public Housing umbrella through Section 18. A PHA Project Based Voucher contract is being utilized at both sites included in this project which will provide subsidy for 100% of the units.
Amenities & Upgrades may include:
- Interior updates to kitchens & bathrooms
- HVAC system
- Hot water heaters
- New doors, new cabinets
- Handicapped equipment
- Sprinkler systems
- Elevators
- Communication systems
- Smoke detection system
- Laundry and common spaces
- Exterior upgrades include parking, new wall elements, lighting, handicapped accessibility, entrance, security booth, roof, repointing of brick, trash shoot updates, and new signage
PROJECT PARTNERS
Developer:
Knight Development
PHA:
North Little Rock Housing Authority
Architect:
DNA Workshop
General Contractor:
Unicorp
Financial Partners:
Bank of America
Arkansas Development Finance Authority
Redstone Equity
Sterling National Bank
Stifel
UNIT COUNTS (286 Total) & RENTAL RATES*
Maple Place - 215 Units
0 Bedroom | Units: 125
Contract Rent: $617
1 Bedroom | Units: 82
Contract Rent: $702
2 Bedroom. | Units: 8
Contract Rent: $831
Oak View - 71 Units
0 Bedroom | Units: 11
Contract Rent: $617
1 Bedroom | Units: 53
Contract Rent: $702
2 Bedroom. | Units: 7
Contract Rent: $831
*Rents, as of closing