mountain view heights
Key Dates
Closing date: 12/28/2017
Construction completion date: 4/25/2019

Rehabilitation

Rehabilitation

Rehabilitation

DETAILS:
Total Development Cost: $57,955,421
Development Type:
4% LIHTC / BONDS / HOME FUNDS
Development Partner:
Hot Springs Housing Authority
Project Type: Rehabilitation
Occupancy: Family/Senior
Construction Period Jobs: 892
Long-term Jobs Created/Maintained: 22
SOURCES:
Perm Debt: $13,898,000
Equity: $19,043,324
Developer Fee: $3,440,635
HOME: $450,000
Seller Take Back: $16,898,537
Partner Loans: $2,256,000
Total Sources: $57,955,421*
*Sources, as of closing
PROJECT NARRATIVE:
This project is 365 units of low rent public housing with a senior tower and two-family sites that are being transformed through RAD. The projects three scattered sites are within less than a mile and a half of each other in the City of Hot Springs. The two family sites consist of 245 units and include a combination of one, two, three, and four bedroom units. The senior tower is made up of 120 units within one high rise structure that is 11 stories. This project will leverage 4% tax credits, tax-exempt bonds, HOME funds, and a PHA provided seller take-back note. The project leverages Freddie Mac
debt. The project provided over $64,000 in construction funding per unit. There are extensive relocation plans associated with the project and multiple financing layers. The total sources and costs for the project are $57 Million.
Amenities & Upgrades:
- Flooring
- Interior paint/exterior paint
- Lighting
- Sprinkler system
- Extensive plumbing rework
- Electrical
- Elevators
- Parking/sidewalks
- Common area
- Bathroom/Kitchen remodel
- New energy efficient air system
- New roof
- New laundry facility
PROJECT PARTNERS
Developer:
Knight Development
PHA:
Hot Springs Housing Authority
Architect:
Douglas A. Arnold & Associates
General Contractor:
D.A.S. Construction
Property Management:
Allied Orion Group
Financial Partners:
Citi Community Capital
Stifel
RBC Bank
Arkansas Development Finance Authority
UNIT COUNTS (365 Total) & RENTAL RATES*
Eastwood Heights & Eastwood Gardens - 245 Units
1 Bedroom | Units: 23
Contract Rent: $503
2 Bedroom | Units: 120
Contract Rent: $680
3 Bedroom | Units: 95
Contract Rent: $901
4 Bedroom. | Units: 7
Contract Rent: $1109
Senior Tower - 120 Units
Studio Units | Units: 120
Contract Rent: $404
*Rents, as of closing