North Little Rock
Rad Family Homes

Key Dates

Closing date: 2/18/2020

Download Property Flyer

Formerly Eastgate Terrace
Completed Clubhouse

Clubhouse Interior

Rendering

DETAILS:

Number of Units: 243
Total Development Cost: $31,909,600
Development Type: 4% LIHTC
Development Partner:
North Little Rock Housing Authority
Project Type: Family/Rehabilitation
Construction Period Jobs: 470
Long-term Jobs Created/Maintained: 15

SOURCES:

First Mortgage: $17,475,800
Partner Loans: $2,425,000
Seller Take Back: $775,000
Equity: $11,202,999
Developer Fee: $3,500,000

Total Sources: $31,909,600*

 *Sources, as of closing

PROJECT NARRATIVE:

NLR RAD Family Homes is a 243-unit multi-family rental community located on two sites built in 1964 and 1969, consisting of 1-5 bedroom units in one and two-story buildings scattered across the sites. The Partnership uses an allocation of 4% LIHTC tax credits to substantially rehabilitate and construct rental housing for families. The Project underwent a RAD conversion with the units existing at Eastgate Terrace and Windemere Hills sites being removed from the Public Housing umbrella through Section 18. A PHA Project-Based Voucher contract is being utilized at both sites included in this project which provides a subsidy for 100% of the units.

Amenities & Upgrades may include:

  • Energy upgrade to HVAC
  • Water conservation methods
  • Bathroom renovations
  • New doors, windows & lighting
  • Kitchen rehabilitation
  • Energy efficient appliances
  • Updated flooring
  • Gated entry
  • Washer/dryer hookups
  • Energy Star compliant heating & air
  • Frost-free refrigerators

PROJECT PARTNERS

Developer:
Knight Development

PHA:
 North Little Rock Housing Authority

Architect:
Fenell Purifoy                     

General Contractor:
Flynco – Hillside Pointe
River City Builders – The Homes at Pine Crossing 

Management Company:
Standard Enterprises

Financial Partners:
Redstone Equity Partners
Bank of America
Stifel

UNIT COUNTS (243 Total) & RENTAL RATES*

Pine Crossing - 166 Units

1 Bedroom  |  Units: 24
Contract Rent: $523

2 Bedroom  |  Units: 49
Contract Rent: $634

3 Bedroom  |  Units: 47
Contract Rent: $848

3 Bedroom  |  Units: 44
Contract Rent: $1055

5 Bedroom. |  Units: 2
Contract Rent: $1149

Hillside Pointe - 75 Units

1 Bedroom  |  Units: 16
Contract Rent: $551

2 Bedroom  |  Units: 18
Contract Rent: $664

3 Bedroom  |  Units: 32
Contract Rent: $890

4 Bedroom  |  Units: 9
Contract Rent: $1055

*Rents, as of closing

DEVELOPMENT NEWS: