Hickory View

Leasing Office

1700 Vine Street, North Little Rock, AR 72114
501-758-1512

Formerly Heritage House

Formerly Stephen W. Bowker Apartments

Hickory View SIgning

DETAILS:

Number of Units: 245
Total Development Cost: $33,999,565
Development Type: 4% LIHTC
Development Partner: North Little Rock Housing Authority
Project Type: Senior
Construction Jobs: 584
Permanent Jobs: 16

SOURCES:

First Mortgage: $11,350,000
Seller Take Back: $9,065,318
HOME: $450,000
Partner Loans: $350,000
Equity: $10,866,608
Developer Fee: $1,917,639

Total Sources: $33,999,565

PROJECT NARRATIVE:

This project has two sites with a total of 245 units that will be rehabilitated.
The sites consist of one, and two bedrooms high-rise multi-family units. This project will target the elderly and disabled tenants.
Hickory View (formerly known as Heritage House) and Cedar Gardens (formerly known as Stephen W. Bowker Apartments) will receive substantial rehabilitation.

Amenities & Upgrades:

  • Updated building systems
  • New interior/exterior lighting
  • Sprinkler systems
  • Kitchen/bathroom renovations
  • Professional landscaping
  • Community/office space
  • Frost-free refrigerators
  • Energy Star compliant central heat/air

PROJECT PARTNERS

Developer:
BGC Advantage

PHA:
North Little Rock Housing Authority

Architect:
DNA Workshop

General Contractor:
Unicorp

Equity:
Redstone Equity Partners

Debt:
Bank of America

Bond Placement:
Stiffel

Management Company:
Allied Orion

UNIT COUNTS & RENTAL RATES (245 Total)

Hickory View - 171 Units

1 Bedroom  |  Units: 150
Contract Rent: $672-$702

2 Bedroom. |  Units: 21
Contract Rent: $831

Cedar Gardens - 74 Units

1 Bedroom  |  Units: 74
Contract Rent: $672-$702