Mountainview Apartments Project Photos

Mountainview Apartments (after)

Mountainview Apartments (before)

Mountainview Apartments

Columbiana, Alabama
Number of Units: 60
Total Development Cost: $11,279,085
Development Type: RAD / 9% LIHTC / Bonds
Development Partner: Columbiana Housing Authority
Project Type: Family

Sources:

Perm Debt: $1,634,100 — AL Multi Family F. Loan Consortium
Equity: $8,460,054 — Regions Bank 
Developer Fee: $583,931
Third Mortgage: $6,200,000 — Regions Bank
Fourth Mortgage: $1,520,000 — Regions Bank
Second Mortgage: $601,000 — Columbiana Housing Authority
Partner Loans: $601,000 — Columbiana Housing Authority

Total Sources: $11,279,085

Project Narrative:

Project Narrative: BGC acted as Master Developer for the Columbiana Housing Authority. The property is managed by Hollyhand Management and employees PHA staff. PHA staff will shadow management for 3 to 5 years. This project allowed the PHA to remove 47 units and replaced them with 60 new two and three-bedroom units. The transaction allowed for a new community facility which also houses the PHA administrative office.

The extra amenities at this site include exterior security, playground, outdoor fitness activity area, covered picnic pavilion, computer center, covered bus stop, and a gazebo. Also, high-efficiency water heaters and HVAC systems are provided and these assist in generating a healthy living environment as well as assisting with energy conservation.

Construction was completed in September 2017