MH STRATEGIES

Development Partner:
Memphis Housing Authority

DETAILS:

Memphis, TN
Number of Units:
405
Total Development Cost: $52,462,186
Development Type:  Multi-family
Development Partner: Memphis Housing Authority
Project Type: 4% LIHTC
Construction Period Jobs: 308
Long-term Jobs Created/Maintained: 12

SOURCES:

1st Mortgage: $21,900,000 
Seller Note: $2,638,000
Cash Flow: $1,720,315
Developer Equity: $6,007,363
Equity: $18,202,159

Total Sources: $52,462,186

*final numbers at time of 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: 

  • Community room, gazebo, laundry room, and picnic area

  • Interior updates to kitchens, bathrooms, and flooring

  • Updates to HVAC systems and water heaters

  • 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 (RAD)– 104 Units — $804

1 BR (RAD) – 93 Units — $906

Jefferson Square (208 Units)

Studio (FMR) – 118 Units – $860

Studio (RAD) – 26 Units – $731

1 BR (FMR) – 63 Units – $992

2 BR (FMR) – 1 Units – $1,135

*Rents as of closing