WM at the River

Key Dates

Estimated Closing Date: October 6, 2021

Under Development
524 S. Beach St., Daytona Beach, FL (Formerly Windsor)

Under Development
600 S.Beach St., Daytona Beach, FL (Formerly Maley)

 

View from WM at the River

DETAILS:

Daytona Beach, FL
Number of Units: 298
Total Development Cost: $53,239,331
Development Type: Senior
Development Partner: Housing Authority of the City of Daytona Beach
Project Type: 4% LIHTC
Construction Jobs: 897
Permanent Jobs: 25

PROJECTED SOURCES:

First Mortgage: $11,490,000
PHA Funds: $900,000
Seller Note: $15,900,000
Cash Flow During Rehab: $999,483
Developer Equity: $2,635,582
Equity: $21,314,266

Total Sources: $53,239,331*

*Final numbers distributed at closing.

PROJECT NARRATIVE:

The WM at the River, LP development project is the result of a partnership between The Housing Authority of the City of Daytona Beach (HACDB) and BGC Advantage to rehabilitate the Windsor and Maley high-rise apartments. Located adjacent to each other, the towers have a combined 298 efficiency, 1-bedroom, and 2-bedroom units which are designated for the elderly and disabled. Originally built as public housing and placed into service between 1969 and 1972, the proposed plan will completely modernize both buildings with updated flooring, lighting, doors, and cabinetry. In addition to updated kitchens and bathrooms, the towers will receive updated building systems, elevators, energy-efficient appliances, and storm-resistant features. Thoughtfully re-imagined interior and exterior community spaces will house new meeting rooms for leasing, social services, and resident activities and will feature a kitchen, library, and fitness facilities.

The communities are conveniently located directly across from the scenic Halifax River and near educational and entertainment opportunities including: Bethune Cookman University, Daytona State College, Embry-Riddle University and Daytona International Speedway. This community is designed to support a high quality of life for seniors aging in place.

This project will be financed, managed, and marketed as a single entity having its own HAP contract. All of the units are currently marketed through one city-wide waitlist. The project will utilize 4% Low Income Housing Tax credits, (LIHTC) available through the utilization of the tax-exempt Bonds. HACDB will serve as the Bond Issuer. It is anticipated that the bonds will be cash collateralized and have a short-term tender. The permanent debt will be through non-FHA financing.

Amenities & Upgrades:

  • Updated kitchen & bathrooms

  • New flooring, doors & lighting

  • Upgraded building systems & elevators

  • Energy-efficient appliances

  • Modern leasing offices and community spaces

  • Meeting & exercise rooms

  • Community kitchen & library

  • Gated entry & private parking

  • Flooding abatement & storm-resistant features

PROJECT PARTNERS

Developer
BGC Advantage                 

PHA
Housing Authority of the City of Daytona Beach

Architect
DNA Workshop

General Contractor
Sauer, Inc.

Property Management
Allied Orion

Financial Partners
Red Stone Equity Partners
Stifel
Florida Housing Finance Corp.
Lument
Bank of America

UNIT COUNTS & RENTAL RATES

Maley Apartments (148 Units)

Studio Apartments | 148 Units
Contract Rents: $TBD

Windsor Apartments (150 Units)

Studio Apartments | 61 Units
Contract Rents: $TBD

1 Bedroom | 76 Units
Contract Rents: $TBD

2 Bedroom | 13 Units
Contract Rents: $TBD