mountain view heights

Leasing Office

800 Spring Street, Hot Springs, AR 71901
501-624-4405
mountainview@allied-orion.com
www.mountainview-heights.com

Rehabilitation

Rehabilitation

Rehabilitation

DETAILS:

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
Construction Jobs: 892
Permanent Jobs: 22

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 three 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.

Amenities & Upgrades:

  • Flooring
  • Interior paint/exterior paint
  • Lighting
  • Sprinkler system
  • Extensive plumbing rework
  • Electrical
  • Elevators
  • Parking/sidewalks
  • Common area
  • Bathroom/Kitchen remodel
  • New energy efficient air system
  • New roof
  • New laundry facility

PROJECT PARTNERS

Developer:
BGC Advantage

PHA:
Hot Springs Housing Authority

Architect:
Douglas A. Arnold & Associates                      

General Contractor:
D.A.S. Construction                           

Property Management:
Allied Orion Group

Financial Partners:
CitiBank
Stifel
RBC Bank
Arkansas Development Finance Authority 

UNIT COUNTS & RENTAL RATES (365 Total)

Eastwood Heights & Eastwood Gardens - 245 Units

1 Bedroom  |  Units: 23
Contract Rent: $503

2 Bedroom  |  Units: 120
Contract Rent: $680

3 Bedroom  |  Units: 95
Contract Rent: $901

4 Bedroom. |  Units: 7
Contract Rent: $1109

Senior Tower - 120 Units

Studio Units  |  Units: 120
Contract Rent: $404