Hollander Development Corporation recently completed a rehabilitation of Gateway Village, a 100-unit development consisting of townhouses and apartments. Cinnaire provided a $4.8M Low Income Housing Tax Credit (LIHTC) equity investment and a $3.4M mortgage loan through Fannie Mae’s Multifamily Green Program. The development team includes Intrepid Professional Group, InForm Architecture and Wolverine Building Group.
Improvements include a new community building, new playground equipment, and substantially renovated apartments including flooring, appliances, fixtures, and cabinets. Improvements were also focused on utility reduction, resulting in Gateway Village being awarded the winner in the Multifamily award category of the 2016 Battle of the Buildings energy reduction challenge. Improvements included high efficiency boilers combined with added insulation, new windows, and other upgrades to the building envelope. Plumbing fixtures and toilets were replaced in an effort to maximize reduction in water usage.
“Hollander Development is very pleased with the finished revitalization of Gateway Village,” said Jason Muniz, Hollander Development Asset Manager. “Our team, including InForm Architecture and Wolverine Building Group, with investment and financing through Cinnaire, helped to ensure that this property will continue to provide safe, quality housing to residents of Sturgis for years to come.”
“We are excited to be a part of the team that worked so hard to revitalize Gateway Village,” said Mark McDaniel, Cinnaire President & CEO. “Hollander Development Corporation’s holistic approach to energy and water conservation will greatly benefit the residents living in this community. We applaud them for their continued commitment and innovation in reducing energy costs.”