R4 CAPITAL FINANCES NEW CONSTRUCTION IN ANCHORAGE
— Mixed Income, Mixed Use, Mixed Residency Affordable Apartments —
New York, NY — July 20, 2017 —R4 Capital, a national affordable housing tax credit syndicator, lender, and asset manager announced today it arranged over $8.5 million in tax credit equity financing to build AVS56, a 56-unit new construction, mixed-use development in Anchorage Borough, Alaska.
The property will include three residential buildings on three contiguous tracts of land with characteristics not typically found in a single project. AVS56 will accommodate mixed income housing that includes market rate and LIHTC apartments, serving both families and seniors with set-asides for homeless and disabled residents. Financing involved funds from the Rasmuson Foundation, the Federal Home Loan Bank Affordable Housing program, the HUD Native American NAHASDA program and the developer’s program funds. Construction and permanent debt was financed by Northrim Bank, in addition to LIHTC allocations from Alaska Housing Finance Corporation and energy/solar credits.
Cook Inlet Housing Authority (CIHA), an organization that has developed nineteen family and senior LIHTC housing communities in the Anchorage and Eagle River areas, has a longstanding relationship with R4 executives including five R4-funded transactions as well as ten previously partnered LIHTC properties.
At the property, CIHA has pledged 17 units for special needs set-asides, five of which are garden-style units designed to full accessibility standards containing sight and sound equipment. Notes R4 Capital Executive Vice President, Ronne Thielen, “We are proud to partner with CIHA and lenders to advance a project that delivers housing to a broad array of local residents.”
Carol Gore, President and CEO of Cook Inlet Housing writes, “It’s been an amazing journey for our communit(ies). I think of all the individuals, seniors and families who are enjoying safe, energy efficient and affordable housing in neighborhoods where their housing is catalyzing economic investment. It is rewarding to know our partners understand and support our passion for building lives and community.”
AVS56 will be located at Creekside Drive and Muldoon Road in Anchorage, Alaska. This week, in addition to AVS56, CIHA and R4 closed Grass Creek North II, a 45-unit townhouse design in Anchorage.