North Little Rock
Rad Family Homes

Leasing Office

1700 Vine Street, North Little Rock, AR 72114
501-758-1512

Formerly Eastgate Terrace – Under Construction

Formerly Windemere Hills – Under Construction

Rendering

DETAILS:

Number of Units: 243
Total Development Cost: $31,909,600
Development Type: 4% LIHTC
Development Partner: North Little Rock Housing Authority
Project Type: Family/Rehabilitation
Construction Jobs: 470
Permanent Jobs: 15

SOURCES:

First Mortgage: $17,475,800
Partner Loans: $2,425,000
Seller Take Back: $775,000
Equity: $11,202,999
Total Sources: $31,909,600

Developer Fee: $3,500,000

PROJECT NARRATIVE:

NLR RAD Family Homes is a 243-unit multi-family rental community located on two sites built in 1964 and 1969, consisting of 1-5 bedroom units in one and two-story buildings scattered across the sites. The Partnership uses an
allocation of 4% LIHTC tax credits to substantially rehabilitate and construct rental housing for families. The Project underwent a RAD conversion with the units existing at Eastgate Terrace and Windemere Hills sites being removed from the Public Housing umbrella through Section 18. A PHA Project-Based
Voucher contract is being utilized at both sites included in this project which provides a subsidy for 100% of the units.

Amenities & Upgrades:

  • Energy upgrade to HVAC
  • Water conservation methods
  • Bathroom renovations
  • New doors, windows & lighting
  • Kitchen rehabilitation
  • Energy efficient appliances
  • Updated flooring
  • Gated entry
  • Washer/dryer hookups
  • Energy Star compliant heating & air
  • Frost-free refrigerators

PROJECT PARTNERS

Developer:
BGC Advantage

PHA:
North Little Rock Housing Authority

Architect:
Fenell Purifoy                     

General Contractor:
Flynco – Hillside Pointe
River City Builders – The Homes at Pine Crossing 

Management Company:
Standard Enterprises

Financial Partners:
Redstone Equity Partners
Bank of America
Stiefl

UNIT COUNTS & RENTAL RATES (243 Total)

Pine Crossing - 166 Units

1 Bedroom  |  Units: 24
Contract Rent: $523

2 Bedroom  |  Units: 49
Contract Rent: $634

3 Bedroom  |  Units: 47
Contract Rent: $848

3 Bedroom  |  Units: 44
Contract Rent: $1055

5 Bedroom. |  Units: 2
Contract Rent: $1149

Hillside Pointe - 75 Units

1 Bedroom  |  Units: 16
Contract Rent: $551

2 Bedroom  |  Units: 18
Contract Rent: $664

3 Bedroom  |  Units: 32
Contract Rent: $890

4 Bedroom  |  Units: 9
Contract Rent: $1055