pinnacle on the park

Leasing Office

770 South Avenue and 525 S. Campbell Avenue, Springfield, Missouri

UNDER DEVELOPMENT FINANCING

South Tower – Rendering

Under Development

Under Development

DETAILS:

Number of Units: 226
Total Development Cost: $28,826,860
Development Type: General Occupancy
Development Partner: Housing Authority of the City Of Springfield, Missouri
Project Type: Rehabilitation
Construction Period Jobs: 16
Long-term Jobs Created/Maintained: 54

 

SOURCES:

1st Mortgage: $5,640,000
Seller Note: $9,160,000
Cash Flow During Rehab: $156,586
Deferred Development Fee: $859,319
Equity: $10,366,235
State HOME Loan: $250,000
STC Equity: $1,694,720
PHA Cash Loan: $700,000

Total Sources: $28,826,860*

*Final numbers distributed at closing.

PROJECT NARRATIVE:

Pinnacle on the Park is a proposed development project by the Housing Authority of the City of Springfield, Missouri and BGC Advantage that will leverage Low Income Housing Tax Credits (LIHTC) to rehabilitate 226-units of affordable rental housing. The project is comprised of two (2) towers built in 1972 (South Tower) and 1982 (Stillwell Columns), consisting of 226 zero, one and two-bedroom multi-family units. The buildings are located at 770 South Avenue and 525 S. Campbell Avenue in Springfield, Missouri. The units will primarily serve low to moderate income families including individuals who are developmentally disabled, mentally ill, and physially, emotionally or mentally impaired.

The units are set to be substantially rehabilitated/modernized with energy-efficient features and the communities will include an updated leasing office and community services center.

Amenities & Upgrades may include:

  • Professional landscaped lawns
  • Community Services Center with Computer access
  • Smoke-Free Housing Environment
  • Frost-Free Refrigerator in all units

PROJECT PARTNERS

Developer:
BGC Advantage

PHA:
Housing Authority of Springfield

Architect:
Oke-Thomas + Associates                        

General Contractor:
Snyder Construction Group                           

Management Company:
Allied Orion

Financial Partners:
Highland Commercial Mortgage
Redstone Equity Partners

UNIT COUNTS & RENTAL RATES (226 Total)

South Tower - 84 Units

0 Bedroom  |  Units: 63
Contract Rent: $514-625

1 Bedroom. |  Units: 21
Contract Rent: $592

Stillwell Columns - 142 Units

1 Bedroom  |  Units: 141
Contract Rent: $592

2 Bedroom. |  Units: 1
Contract Rent: $771