NWRECC is pleased to announce the completion of rehabilitation of the Mill Creek Apartments, located in Lewiston, Idaho. This is the 12th project that NWRECC has successfully rehabilitated in the state of Idaho, and our 29th rehab project overall. The acquisition and rehabilitation of this 41-unit property includes a manager’s unit and 40 units subsidized by HUD for the elderly. Financing structure utilized competitive 9% LIHTC, construction and permanent financing, along with a tax credit equity bridge loan.
Beginning with the acquisition closing in May 2010, NWRECC closed on all the financing for this project by January 2011. Our funding sources provided $3.6 million for the project’s acquisition and rehabilitation. Homestead Capital, a wholly owned subsidiary of National Equity Fund (NEF), agreed to purchase the LIHTC that were allocated to the project by Idaho Housing and Finance Association (IHFA), while the construction loan, permanent loan, and tax credit equity bridge loan have been provided by Utah Community Reinvestment Corporation (UCRC). Soft financing was provided by NWRECC to fill the financing gap.
Our rehab team for this project included CSHQA (Architect), CSDI Construction (General Contractor), and NWRECC (Developer). Construction began January 14, 2011 and was substantially complete, within schedule, by September 9, 2011. A ribbon cutting ceremony was held September 29, 2011, after the final inspection.
The scope of rehab for the two-wing residential building included improvement to exterior structural conditions such as roof, siding, window and sliding door replacement, parking lot, sidewalk and fencing repair and replacement. Interior structural conditions that were improved included replacement of kitchen and bathroom cabinets and countertops, floor covering replacement, along with fixture and appliance replacement as needed. Additionally, the plumbing system was replaced; fire alarm system upgraded and accessibility standards were improved in the property’s common areas and accessible units.
Thank you to all who made this project a success!