MH STRATEGIES
Development Partner:
Memphis Housing Authority
DETAILS:
Memphis, TN
Number of Units: 421
Total Development Cost: $58,302,791
Development Type: Family
Development Partner: Memphis Housing Authority
Project Type: 4% LIHTC
Construction Period Jobs: 304
Long-term Jobs Created/Maintained: 11
SOURCES:
1st Mortgage: $19,900,000
Seller Note: $5,979,000
Cash Flow: $415,058
Cash Flow During Rehab: $538,526
Developer Equity: $3,573,484
PHA Funds: $3,800,000
THDA Dev Fee Note: $2,000,000
Equity: $22,096,723
Total Sources: $58,302,791
*final numbers will be provided at closing
*final numbers will be provided at closing
PROJECT NARRATIVE:
Venson Center: Constructed in 1972, Venson Center sits on approximately 2.43 acres. Venson Center is an 11-story elevator building located at 439 Beale Street, Memphis, TN. It is comprised of two hundred and fifteen (215) multi-family residential homes. The unit mix is 122 Studio, 92 (1BR), and 1 (2BR).
Borda Towers: Constructed in 1972, Borda Towers sits on approximately 0.93 acres. Borda Towers is a 13-story elevator building located at 21 Neely Street, Memphis, TN. It is comprised of two hundred and six (206) multi-family residential homes. The unit mix is 132 Studio, 71 (1BR), and 3 (2BR).
Amenities & Upgrades may include:
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Community room, gazebo, laundry room, and picnic area
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Interior updates to kitchens, bathrooms, and flooring
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Updates to HVAC systems and water heaters
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Exterior upgrades planned
PROJECT PARTNERS
Developer:
Knight Development
PHA:
Memphis Housing Authority
Architect:
DNA Workshop
Contractor:
Snyder Construction
Management:
Orion Real Estate Services Texas, LLC
Development Partners:
Raymond James Tax Credit Funds, Inc.
Cadence Bank
Highland Commercial Mortgage
Stifel
The Health, Educational and Housing Facility Board
Tennessee Housing Development Agency
UNIT COUNTS (405 Total) & RENTAL RATES*
Borda Towers (206 Units)
Studio (FMR) – 114 Units – $763
Studio (RAD) – 18 Units – $653
1 BR (FMR) – 71 Units – $871
2 BR (FMR) – 3 Units – $1003
Venson Center (215 Units)
Studio (RAD) – 122 Units – $666
1 BR (RAD) – 92 Units – $761
2 BR (FMR) – 1 Units – $1003
*Projected Rents
