Magnolia Gardens Project Photos

Magnolia Gardens (after)

Magnolia Gardens (before)

Magnolia Gardens

Lorence, AL
Number of Units: 214
Total Development Cost: $23,213,358
Development Type: 9% LIHTC / FHA DEAL
Development Partner: Florence Housing Authority
Project Type: Elderly Apartment Comlex

Sources:

Perm Debt: $580,214 — HUD 221(d)4 & Regions Bank
Equity: $12,803,720 — Regions Bank
Construction Debt: $8,442,747 — Regions Bank
Bridge Loans: $9,500,000 — Regions Bank
Partner Loans: $3,490,000 — Florence Housing Authority
Developer Fee: $1,079,424
First Mortgage: $3,700,000
Second Mortgage: $2,140,214 — Florence Housing Authority

Total Sources: $23,213,358

Project Narrative:

This project consists of 214 units in two towers. The buildings were originally built in 1976 and 1983 and the maintenance needs were significant. The rehabilitation allowed for the replacement of elevators and heating and cooling systems. Old gas-powered boiler systems were replaced with gas-powered Rennai on-demand hot water tanks which reduce operating costs. Lateral plumbing lines were replaced, and all units are handicap accessible. Every bathroom has been renovated with new fixtures, plumbing, and flooring. All the units have showers that are equipped with grab bars. The kitchens have all new appliances, cabinets, and plumbing. Every kitchen features a dishwasher, garbage disposal, microwave, and pantry. Other features include one and two-bedroom apartments in quiet, senior communities, new ceiling fans in the living room and bedrooms, new windows and blinds, new HVAC units, and van service. The security systems were upgraded, and the entire property is WIFI enabled.  This construction is complete, stabilized and converted to perm June 2017.