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FTK Awarded Ridgecrest Terrace LIHTC Rehabilitation Contract
April 1, 2021 GMT
ALLEN, Texas (BUSINESS WIRE) Apr 1, 2021
FTK Construction Services, LLC, (FTK) a full-service nationwide General Contractor specializing in Low-Income Housing Tax Credit (LIHTC) rehabilitation projects, is proud to announce that FTK has been awarded the contract for the construction and rehabilitation of Ridgecrest Terrace Apartments in Dallas, Texas. The amount of the contract award is $17,298,065.
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Ridgecrest Terrace Apartments, built in 1969, is a Project Based Section 8 family property consisting of 250 apartment homes in 19 two-story buildings, on 16.27 acres. The property, located at 526 South Walton Walker in Dallas, TX, is owned by Monroe Group based out of Denver, Colorado, in partnership with Steele Properties. The architect for this project is Benton Design Group and the lender for t
MACCLENNY, FL - Affordable Housing Investment Brokerage Inc. (AHIB) has recently sold Baker Manor Apartments in Macclenny, Florida for just over $2.5 million, with a reserve account released to the seller as additional consideration. Managing Director Kyle Shoemaker represented both the purchaser, The Grey Rock Group, and the seller to complete the transaction.
“Baker Manor is fully-covered by a project-based Section 8 contract that has allowed ownership to invest heavily in the property and make all necessary repairs and renovations as needed,” said Shoemaker.
Centrally located along South 6th Street, the 1974 construction, 50-unit, garden-style apartments consisting of 12 one-bedroom, 26 two-bedroom, and 12 three-bedroom units. Rents in the building range from $655 to $924 per month. Amenities include a playground, pool that underwent renovations in 2018, a laundry facility, community room, and on-site management office.
GLEN ELLYN, IL - Affordable Housing Investment Brokerage (AHIB) is pleased to announce that Levy House, located at 1221 W. Sherwin Ave. in Chicago’s East Rogers Park neighborhood, has sold for $8,100,000. The brokerage firm partnered on the listing with Kiser Group so that the seller had the benefit of AHIB’s expertise in affordable housing and Kiser Group’s mid-market multifamily expertise in Rogers Park. Kyle Shoemaker, Managing Director of AHIB represented the buyer, Preservation of Affordable Housing (POAH), and seller, a non-for-profit.
Levy House is a 57-unit, seven-story apartment building that offers one-bedroom, one-bathroom floor plans. The multifamily property previously operated as a elderly housing and Preservation of Affordable Housing plans to keep and expand the property’s rent affordability.
An architectural rendering of Peace Lake Towers in New Orleans, Louisiana.
The construction scope encompasses enhanced security features and upgraded heating, cooling, mechanical and electrical systems. Additionally, the plan calls for the installation of a new roof, windows, and doors. Inside, crews will install energy-efficient appliances and eco-friendly materials for countertops and cabinets. For seniors and persons with disabilities, affordable housing is critical. Since the supply of affordable housing for this population is declining while demand is increasing, we are proud to provide residents with quality housing and a community enriched with services, says Frank T. Sinito, Chief Executive Officer, The Millennia Companies®.
Rockport Mortgage Corporation has closed a $74.5 million FHA Section 223(f) refinancing loan for Israel Senior Citizen Housing I and II, a 512-unit HUD-subsidized property for the elderly located in the Far Rockaway neighborhood of Queens, NY.
The property consists of two 17-story elevatored buildings and is owned by JASA Corporation and managed by JASA Housing Management Services for the Aged.
Israel Senior Citizen Housing I and II was constructed in 1966 and developed for elderly housing under HUD’s Section 202 Direct Loan Program.
The property had previously been refinanced under the FHA’s Section 223(f) Loan Program. The development has benefited from a total of four Project-Based Section 8 Contracts covering 481 units. An additional 30 units are rent restricted by the original HUD Section 202 Use Agreement.