Mountain View Heights Project Photos

Mountain View Heights (after)

Mountain View Heights (before)

Mountain View Heights (Family Unit after)

Mountain View Heights (Family Unit before)

Mountain View Heights

Hot Springs, AR
Number of Units: 365
Total Development Cost: $57,955,421
Development Type: 4% LIHTC / BONDS / HOME FUNDS
Development Partner: Hot Springs Housing Authority
Project Type: Rehabilitation
Occupancy: Family/Senior

Sources:

Perm Debt: $13,898,000
Equity: $19,043,324
Developer Fee: $3,440,635
HOME: $450,000
Seller Take Back: $16,898,537
Partner Loans: $2,256,000

Total Sources:        $57,955,421

Project Narrative:
This project is 365 units of low rent public housing with a senior tower and two family sites that are being transformed through RAD. The projects 3 scattered sites are within less than a mile and a half of each other in the City of Hot Springs. The two family sites consist of 245 units and include a combination of one, two, three, and four bedroom units. The senior tower is made up of 120 units within one high rise structure that is 11 stories. This project will leverage 4% tax credits, tax-exempt bonds, HOME funds, and a PHA provided seller take back note. The project leverages Freddie Mac debt. The project provided over $64,000 in construction funding per unit.  There are extensive relocation plans associated with the project and multiple financing layers. The total sources and costs for the project are $57 Million.  BGC Advantage put together the project as the developer and submitted the application for funding. The development includes the rehab of the senior tower.

This project is closed and under construction.