{"id":1725,"date":"2016-12-23T16:00:37","date_gmt":"2016-12-23T16:00:37","guid":{"rendered":"https:\/\/www.nwrecc.org\/?p=1725"},"modified":"2021-09-08T16:02:12","modified_gmt":"2021-09-08T16:02:12","slug":"northwest-passage-financing-closes-and-construction-commences","status":"publish","type":"post","link":"https:\/\/www.nwrecc.org\/northwest-passage-financing-closes-and-construction-commences\/","title":{"rendered":"Northwest Passage 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 Northwest Passage. Northwest Passage is a new construction multifamily apartment complex located just off Main Street in Donnelly, Idaho that will provide housing for 36 families. As planned, this 2 building complex will provide mixed income housing for residents of Valley County, including 32 Low Income Housing Tax Credit (&#8220;LIHTC&#8221;) units and 4 market units. The 32 LIHTC units will offer affordable rents for qualifying applicants.<\/p>\n<p>We are pleased to partner with VCD, LLC (&#8220;VCD&#8221;) once again as our co-development partner for this project. VCD put together a competitive tax credit application for this project and, with NWRECC&#8217;s firm commitment to be co-developer and sponsor, was successful in receiving an award of LIHTC in November 2015.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_1726\" style=\"width: 410px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1726\" class=\"size-full wp-image-1726\" src=\"https:\/\/www.nwrecc.org\/wp-content\/uploads\/2021\/09\/northwest_passage-a3913087671428f08e24cf0abc457eb8.png\" alt=\"\" width=\"400\" height=\"175\" srcset=\"https:\/\/www.nwrecc.org\/wp-content\/uploads\/2021\/09\/northwest_passage-a3913087671428f08e24cf0abc457eb8.png 400w, https:\/\/www.nwrecc.org\/wp-content\/uploads\/2021\/09\/northwest_passage-a3913087671428f08e24cf0abc457eb8-300x131.png 300w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><p id=\"caption-attachment-1726\" class=\"wp-caption-text\">Northwest Passage rendering<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>Closing on the LIHTC equity investment and financing for this project took place in December 2016. Funding sources obtained for the $7.9 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 Wells Fargo Bank<\/li>\n<li>Perm Loan Financing (USDA Insured) by Bonneville Multifamily Capital<\/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: CSDI Construction (General Contractor), CSHQA (Architect), NWRECC and VCD (Developers). We expect approximately 11 months of construction with substantial completion scheduled for November 2017.<\/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 dishwashers, garbage disposal, refrigerators, range with hood, washer\/dryer hook ups, and a private patio\/deck. Common amenities will include a community building with a large gathering area, kitchen facilities, restrooms, a computer\/study room, and manager\u2019s office. The property will also provide a children\u2019s play area and onsite covered parking.<\/p>\n<p>[\/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 Northwest Passage. Northwest Passage is a new construction multifamily apartment complex located just off Main Street in Donnelly, Idaho that will provide housing for 36 families. As planned, this 2 building complex will provide mixed income housing for residents of Valley County, including 32 Low&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>Northwest Passage 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\/northwest-passage-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=\"Northwest Passage 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 Northwest Passage. 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