Virginia Street Senior Apartments
The project site is a 1-acre site located between South Virginia Street and Center Street. To the south is Thoma Street and to the north are businesses and a small single-family house. The site is located in a transit-oriented corridor and therefore has advantageous zoning and planning conditions.
Project Description: The project consists of 84 units in a single building with 27 parking spaces and exterior common areas. The entire project is slightly less than 80,000 square feet.. It has a community room, computer lab, office and other common space. The mix is 59 one - bedroom units and 25 two-bedroom units. Unit sizes are typical for other senior affordable housing projects in the area: average of 600 square feet for the one-bedroom units and an average of 710 square feet for two-bedroom units. The project is three stories with wood frame construction and stucco exterior.
Project Ownership: Virginia Street Partners is a Nevada limited partnership. There are two general partners: the non-profit agency Community Services Agency Development Corporation and Virginia Street, LLC. The LLC has five members: Robert Nielsen, John Gezelin, Tracy Gezelin, Ann Harrington and Gregory Griffin. This partnership involves the same entities as Prater Partners and Fourth Street Partners that have developed 122 multi-family units and 14,500 square feet of commercial space. In addition, Robert Nielsen and Community Services Agency Development Corporation have developed over 1,000 affordable housing units in partnership in the past 11 years. The partnership is an experienced tax credit developer.
Project Affordability: The project has a 50-year affordability compliance period. The project serves seniors that earn between 30% and 50% of area median income. The project is monitored by the Washoe County HOME Consortium and the Nevada Housing Division for compliance with all applicable regulations.
Project Financing: The total cost of the project is $10,481,344. The project uses tax credit financing to provide nearly $5,000,000 in equity. Bank of America provided the construction loan in the amount of $3,023,166. The Washoe County HOME Consortium provided $1,600,000 in subordinate deferred debt. The partnership received $610,841 in AHP grant funds from the Federal Home Loan Bank. The Idaho-Nevada Community Development Financial Institution is providing the permanent loan of $3.1 million with a fixed interest rate of 6.2% for 15 years and a 30-year amortization. CDFI capital for this project comes from Charles Schwab Bank, US Bank, Wells Fargo, Bank of America and Fannie Mae.
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