MH STRATEGIES FAMILY RAD II
Key Dates
Closing Date: 12/14/2021
2022 MHN Transaction Award
College Park Family I
990 College Park Dr.
Memphis, TN
(constructed 2001-2002)
College Park Family II
983 Lenow Park Dr.
Memphis, TN
(constructed 2001-2002)
College Park Senior Village
838 Walker Ave.
Memphis, TN
(constructed 2001)
Memphis Housing Authority
DETAILS:
Memphis, TN
Number of Units: 341
Total Development Cost: $50,019,355
Development Type: Acquisition/Rehabilitation
Development Partner: Memphis Housing Authority
Project Type: Family
Construction Period Jobs: 751
Long-term Jobs Created/Maintained: 24
SOURCES:
1st Mortgage: $14,300,000
Insurance Proceeds Acquired: $600,000
Seller Note: $10,710,000
Cash Flow: $1,392,405
Cash Flow During Rehab: 858,885
Developer Equity: $3,696,800
Equity: $18,461,265
Total Sources: $50,019,355*
*Sources, as of closing
PROJECT NARRATIVE:
MH Strategies Family RAD II will consist of 341 – units of affordable rental housing across the 3 sites. Of the 341 total units, 80 will be Project Based Voucher (PBV) units located at College Park Family I and II. After rehabilitation, all units will be fully subsidized and will have and Low-Income Housing Tax Credit at 60 percent of the area median income. Tenants will never be required to pay more than 30 percent of their gross annual income for rent. In addition, the tenants will never be required to pay more than the maximum LIHTC net rent. Sites will receive interior updates to the kitchens, bathroom, HVAC systems, hot water heaters, upgraded flooring, and better accessibility features. Higher efficiency lighting, water, and HVAC will be included. Exterior upgrades are planned as well. The project’s redevelopment will be managed by the combined efforts of Knight Development (Master Developer) and the Memphis Housing Authority.
Amenities & Upgrades may include:
-
Complete bathroom/kitchen renovations
-
New floors, doors, and lighting throughout
-
Exterior/Interior paint
-
Energy efficient appliances, water heaters, and HVAC
-
Improved accessibility features
PROJECT PARTNERS
Developer
Knight Development
PHA
Memphis Housing Authority
Architect
DNA Workshop
Contractor
Snyder Construction Group
Management
Allied Orion Group
Development Partners
Citi Community Capital
Raymond James Tax Credit Funds, Inc
The Health Educational and Housing Facility Board of the City of Memphis
Tennessee Housing Development Agency
UNIT COUNTS (331 Total) & RENTAL RATES*
College Park Family (261 Total Units)
1 BR – 40 Units — $591 – $670
2 BR – 128 Units — $641 – $782
3 BR – 74 Units — $744 – $1,060
4 BR – 19 Units — $1,398
College Park Senior (80 Total Units)
1 BR – 68 Units — $574
2 BR – 12 Units — $617
*Rents, as of closing
Groundbreaking
