MH STRATEGIES

Development Partner:
Memphis Housing Authority

DETAILS:

Memphis, TN
Number of Units:
421
Total Development Cost: $49,823,657
Development Type:  Family
Project Type: 4% LIHTC
Construction Period Jobs: 304
Long-term Jobs Created/Maintained: 11

SOURCES:

1st Mortgage: $20,300,000
Seller Note: $5,979,000
Cash Flow: $1,579,000
Cash Flow During Rehab: $896,123
Developer Equity: $2,648,570
Equity: $18,420,291

Total Sources: $49,823,657

*final numbers will be provided at closing

PROJECT NARRATIVE:

Venson Center: Constructed in 1972, Venson Center sits on approximately 2.43 acres. Venson Center is an 11-story elevator building located at 439 Beale Street, Memphis, TN. It is comprised of two hundred and fifteen (215) multi-family residential homes. The unit mix is 122 Studio, 92 (1BR), and 1 (2BR).

Borda Towers: Constructed in 1972, Borda Towers sits on approximately 0.93 acres. Borda Towers is a 13-story elevator building located at 21 Neely Street, Memphis, TN. It is comprised of two hundred and six (206) multi-family residential homes. The unit mix is 132 Studio, 71 (1BR), and 3 (2BR).

Amenities & Upgrades may include: 

  • Community room, gazebo, laundry room, and picnic area

  • Interior updates to kitchens, bathrooms, and flooring

  • Updates to HVAC systems and water heaters

  • Exterior upgrades planned

PROJECT PARTNERS

Developer:
BGC Advantage                 

PHA:
Memphis Housing Authority

Architect:
DNA Workshop

Contractor:
Snyder Construction

Management:
Orion Real Estate Services Texas, LLC

Development Partners:
Raymond James Tax Credit Funds, Inc.
Cadence Bank
Highland Commercial Mortgage
Stifel
The Health, Educational and Housing Facility Board
Tennessee Housing Development Agency

UNIT COUNTS (405 Total) & RENTAL RATES*

Borda Towers (206 Units)

Studio (FMR) – 114 Units – $763

Studio (RAD) – 18 Units – $653

1 BR (FMR) – 71 Units – $871

2 BR (FMR) – 3 Units – $1003

Venson Center (215 Units)

Studio (RAD) – 122 Units – $666

1 BR (RAD) – 92 Units – $761

2 BR (FMR) – 1 Units – $1003

*Projected Rents