maple place 

Key Dates

Closing Date: 10/11/19
Construction Completion Date: 9/20/21

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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

DEVELOPMENT NEWS: