{"id":1718,"date":"2014-09-19T15:55:13","date_gmt":"2014-09-19T15:55:13","guid":{"rendered":"https:\/\/www.nwrecc.org\/?p=1718"},"modified":"2021-09-08T15:56:56","modified_gmt":"2021-09-08T15:56:56","slug":"trailwinds-apartments-financing-closes-and-construction-commences","status":"publish","type":"post","link":"https:\/\/www.nwrecc.org\/trailwinds-apartments-financing-closes-and-construction-commences\/","title":{"rendered":"Trailwinds Apartments Financing Closes and Construction Commences!"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]We are pleased to announce the commencement of construction for Trailwinds Apartments. Trailwinds is a new construction project located at 417 E. 42nd Street in Garden City, Idaho that will provide housing for 64 families. This planned 3-story building with elevator and interior corridors will provide 57 Low Income Housing Tax Credit (&#8220;LIHTC&#8221;) units and 7 market units. The 57 LIHTC units will have multiple income\/rent restriction set asides as well as a 25% set aside for disabled families (as defined by Idaho Housing &amp; Finance Association).<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_1719\" style=\"width: 332px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1719\" class=\"size-full wp-image-1719\" src=\"https:\/\/www.nwrecc.org\/wp-content\/uploads\/2021\/09\/trailwinds-8d88f4975efc5655f833e5479f7c986f.jpg\" alt=\"\" width=\"322\" height=\"167\" srcset=\"https:\/\/www.nwrecc.org\/wp-content\/uploads\/2021\/09\/trailwinds-8d88f4975efc5655f833e5479f7c986f.jpg 322w, https:\/\/www.nwrecc.org\/wp-content\/uploads\/2021\/09\/trailwinds-8d88f4975efc5655f833e5479f7c986f-300x156.jpg 300w\" sizes=\"(max-width: 322px) 100vw, 322px\" \/><p id=\"caption-attachment-1719\" class=\"wp-caption-text\">Trailwinds Apartments rendering<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>We are very pleased to partner with VCD, LLC (&#8220;VCD&#8221;) as co-developer and co-sponsor for this project as well as being the designated Management Agent. VCD put together a very competitive tax credit application for Trailwinds and, with NWRECC&#8217;s firm commitment to be co-developer and co-sponsor, was successful in receiving an award of LIHTC in April 2014.<\/p>\n<p>Closing on the LIHTC equity investment and financing for this project took place in September 2014. Funding sources obtained for the $11.1 million project include:<\/p>\n<ul>\n<li>Low Income Housing Tax Credits (LIHTC) by Idaho Housing and Finance Association (IHFA)<\/li>\n<li>Equity for the LIHTC by Boston Capital as Investor\/Syndicator<\/li>\n<li>Construction Loan Financing by KeyBank NA<\/li>\n<li>Perm Loan Financing by Greystone Servicing Corporation<\/li>\n<li>Tax Increment Financing (TIF) from Garden City Urban Renewal Agency (with TIF Bridge Loan financing anticipated from D.L. Evans Bank)<\/li>\n<li>Private Donation to NWRECC which will be long term soft debt to the project<\/li>\n<li>Deferred Developer Fee<\/li>\n<\/ul>\n<p>Having achieved closing for the financing, Notice to Proceed for the construction phase of this project has been issued under the guidance of our construction team: Village Builders (General Contractor), Hutchison Smith Architects (Architect), VCD and NWRECC\u2019s Development Group. We expect approximately 11 months of construction with substantial completion scheduled for August 2015.<\/p>\n<p>Construction of this much needed housing will provide a mix of units including 1, 2 and 3 bedroom units with 1 or 2 bathrooms. All units will include air-conditioning, dishwashers, double-basin sink, garbage disposal, refrigerators, range with hood and washer\/dryer. Each unit is designed for spacious living rooms and bedrooms with quality floor coverings and finishes, and a private patio\/deck. Common amenities will include a secure common entry and an optional security system for first floor units, indoor bicycle storage, an exercise room, a computer\/study room, free Wi-Fi internet access, reading area in the common room, and common patio, as well as a children&#8217;s play area and a manager&#8217;s office.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]We are pleased to announce the commencement of construction for Trailwinds Apartments. Trailwinds is a new construction project located at 417 E. 42nd Street in Garden City, Idaho that will provide housing for 64 families. This planned 3-story building with elevator and interior corridors will provide 57 Low Income Housing Tax Credit (&#8220;LIHTC&#8221;) units and&hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trailwinds Apartments Financing Closes and Construction Commences! - Northwest Real Estate Capital Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nwrecc.org\/trailwinds-apartments-financing-closes-and-construction-commences\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trailwinds Apartments Financing Closes and Construction Commences! - Northwest Real Estate Capital Group\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column][vc_column_text]We are pleased to announce the commencement of construction for Trailwinds Apartments. 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