Hickory View RAD Project Photos

Hickory View RAD (after)

Hickory View RAD (before)

Hickory View RAD

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

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. This includes upgrades to physical needs, building systems, windows, site work, leaking pipes, interior and exterior lighting, sprinkler systems, elevators, kitchen and bathroom renovations, flooring, HVAC systems, hot water heaters, updated common space, and better accessibility features. There will also be upgrades to the exterior.

There will be additional amenities that will be offered at no cost to the tenant above their basic rents. These amenities include professionally landscaped grounds, community space/office, frost-free refrigerators in all units, energy efficient units that provide sustainable features, and Energy Star compliant central air and heat.