MH STRATEGIES

Development Partner:
Memphis Housing Authority

DETAILS:

Memphis, TN
Number of Units:
405
Total Development Cost: $46,368,292
Development Type:  Multi-family
Project Type: 4% LIHTC
Construction Period Jobs: 308
Long-term Jobs Created/Maintained: 12

SOURCES:

1st Mortgage: $20,600,000
Seller Note: $2,638,000
Cash Flow: $1,565,041
Cash Flow During Rehab: $252,008
Developer Equity: $3,935,366
Equity: $17,377,907

Total Sources: $46,368,292*

*final numbers will be provided at closing

PROJECT NARRATIVE:

Barry Towers: Constructed in 1972, Barry Towers sits on approximately 1.28 acres. Barry Towers is a 14- story elevator building located at 255 North Lauderdale, Memphis, TN. It is comprised of one hundred and ninety-seven (197) multifamily residential homes. The unit mix is 104 Studio and 93 (1BR).

Jefferson Square: Constructed in 1974, Jefferson Square sits on approximately 3.12 acres. Jefferson Square is located at 741 Adams Avenue, Memphis, TN. It is is comprised of two-hundred and eight (208) multifamily residential homes. The unit mix is 144 Studio, 63 (1BR), and 2 (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*

Barry Towers (197 Units)

Studio (FMR) – 89 Units — $763

Studio (RAD)– 15 Units — $671

1 BR (FMR) – 93 Units — $866

Jefferson Square (208 Units)

Studio (RAD) – 144 Units — $706

1 BR (RAD) – 63 Units — $806

2 BR (RAD) – 2 Units — $937

*Projected Rents