Equity totaling $22.3 million will support 134 apartment homes in the communities of Bedford, Beech Grove and Delphi, Indiana
Following the recent announcement of Fund 29 closing, equity from Great Lakes Capital Fund (Cinnaire) has been delivered to finance 134 quality, affordable apartment homes in three different communities. The total equity delivered to Indiana senior and family housing, by means of federal Housing Tax Credits, is $22.3 million.
Stonecutters Place
Bedford, IN – Hoosier Uplands Economic Development Corporation and Milestone Ventures, Inc. partnered with Cinnaire to deliver thirty apartment homes through a rehabilitation and new construction development serving families and seniors.
The total development cost of Stonecutters Place Apartments is $8 million, $7.8 million of equity was provided by Cinnaire through the federal Housing Tax Credits program.
Capital Fund Title Services, a subsidiary of the Cinnaire, insured the affordable housing development. Other financing partners include Old National Bank, Federal Home Loan Bank of Indiana, and a Sponsor Loan from Hoosier Upland Economic Development Corporation.
According to estimates from the National Multifamily Housing Council and the National Apartment Association, Stonecutters Place potential impact looks like this:
Total Economic Impact: $5.3 million*
Total Jobs Supported: 46*
Construction is expected to complete winter 2015.
Beech Grove Senior
Beech Grove, IN – The NRP Group, LLC and Community Actions of Greater Indianapolis, Inc. partnered with Cinnaire to deliver sixty quality, affordable, apartment homes in a new construction senior housing development.
The total development cost of Stonecutters Place Apartments is $9 million, $8.3 million of equity was provided by Cinnaire through the federal Housing Tax Credits program.
Other financing partners for the development include Chase Bank and Indiana Housing and Community Development Authority, who is providing a HOME loan to the senior housing development.
According to the National Multifamily Housing Council and the National Apartment Association, Beech Grove Senior’s potential impact looks like this:
Total Economic Impact: $10.6 million*
Total Jobs Supported: 93*
Apartment units will become available for lease as early as June 2015, and construction is expected to finalize by September 2015.
Canal Commons
Delphi – Keller Development partnered with Cinnaire to deliver forty-four quality, affordable, apartment homes at Canal Commons through a rehabilitation and new construction family development.
The total development cost of Canal Commons is $7.3 million, $6.2 million of equity was provided by Cinnaire through the federal Housing Tax Credits program.
Canal Commons’ forty four apartment homes will be located at two separate sites. Sixteen apartments will be located on E. Main Street and twenty-eight apartments will be located six blocks away on Market Street.
The apartment homes on Main Street will be the product of the rehabilitation of the second and third floors of two existing historic structures. An elevator will be added on to the buildings providing a fully accessible housing development. The Main Street buildings are on the National, State and Local Historic list as part of the Delphi Courthouse Square Historic District. The project will not utilize neither State nor Federal Historic Tax Credits, however careful consideration has been given to the historic nature of the buildings. In fact, the Main Street location is the recipient of a Stellar Communities Grant from the State of Indiana to preserve the exterior of the buildings.**
The main floor of the Main Street locale will be rehabilitated for commercial use.
According to the National Multifamily Housing Council and the National Apartment Association, Canal Commons’ potential impact looks like this:
Total Economic Impact: $2 million*
Total Jobs Supported: 21*
Construction is expected to complete winter 2015.
All federal Housing Tax Credits were awarded to the developers/sponsors through the Indiana Housing and Community Development Authority (IHCDA).
