Hickory View

Key Dates

Closing Date: 8/28/2019
Construction Completion Date: 10/22/2021

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 Period Jobs: 584
Long-term Jobs Created/Maintained: 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*

*Sources, as of closing

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 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 may include:

  • 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:
Stifel

Management Company:
Allied Orion

UNIT COUNTS (245 Total) & RENTAL RATES*

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

 

*Rents, as of closing