MH STRATEGIES
Development Partner:
Memphis Housing Authority
DETAILS:
Memphis, TN
Number of Units: 405
Total Development Cost: $46,368,292
Development Type: Multi-family
Project Type: 4% LIHTC
Construction Period Jobs: 308
Long-term Jobs Created/Maintained: 12
SOURCES:
1st Mortgage: $20,600,000
Seller Note: $2,638,000
Cash Flow: $1,565,041
Cash Flow During Rehab: $252,008
Developer Equity: $3,935,366
Equity: $17,377,907
Total Sources: $46,368,292*
*final numbers will be provided at closing
PROJECT NARRATIVE:
Barry Towers: Constructed in 1972, Barry Towers sits on approximately 1.28 acres. Barry Towers is a 14- story elevator building located at 255 North Lauderdale, Memphis, TN. It is comprised of one hundred and ninety-seven (197) multifamily residential homes. The unit mix is 104 Studio and 93 (1BR).
Jefferson Square: Constructed in 1974, Jefferson Square sits on approximately 3.12 acres. Jefferson Square is located at 741 Adams Avenue, Memphis, TN. It is is comprised of two-hundred and eight (208) multifamily residential homes. The unit mix is 144 Studio, 63 (1BR), and 2 (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*
Barry Towers (197 Units)
Studio (FMR) – 89 Units — $763
Studio (RAD)– 15 Units — $671
1 BR (FMR) – 93 Units — $866
Jefferson Square (208 Units)
Studio (RAD) – 144 Units — $706
1 BR (RAD) – 63 Units — $806
2 BR (RAD) – 2 Units — $937
*Projected Rents
