Affordable Housing Case Studies
Sellersville Senior Residences
Sellersville Senior Residences is under development as a 3-story, elevator serviced apartment community for seniors ages 55 and above. The infill community will thrive in the amenity enriched
Borough of Sellersville, Bucks County, PA. LNWA, and partner GIM, have been awarded 2019 9% Low Income Housing Tax Credits (LIHTCs) by the Pennsylvania Housing Finance Agency (PHFA) and will also receive financing through the Bucks County Housing Authority.
The County of Bucks has provided additional support by funding behavioral health services for the residents in partnership with the Penn Foundation. The Residences adhere to “smart growth” planning concepts by activating a vacant brownfield property in a walkable community setting. The community will also achieve robust energy efficiency through the US Department of Energy’s Net Zero Energy Ready Program.
The development team considered architectural details, such as turned gables and multiple finishes to further blend modern construction and “fit” with the existing community aesthetic.
Schumaker Place, located in Salisbury, Maryland, is a 96-unit tax credit financed community originally developed by LNWA in 1992. In 2019, seeing an opportunity to rehabilitate an important community asset while extending resident affordability, LNWA began an extensive $14M rehabilitation acting as developer, general contractor, and management agent.
The renovations to Schumaker Place are comprehensive and include new facades, energy efficient HVAC, new kitchens and bathrooms, appliances, flooring, roofs and windows. The project was financed with 2019 volume cap and 4% Low-Income Housing Tax Credits allocated by the Maryland Department of Housing and Community Development (DHCD) with funding from the Rental Housing Works and EmPOWER loan programs administered by the Maryland Community Development Administration (CDA). LNWA worked alongside long-term partner, Boston Financial Investment Management, on equity syndication.
Fenway Manor Apartments
Fenway Manor Apartments, prominently located in the University Circle neighborhood of Cleveland, OH, was originally built in 1923 as a hotel and was converted to affordable housing in 1976 by our partners, the Orlean Company. The property includes 143 senior-specific apartments supported by HUD rental assistance.
In 2018, LNWA-Renewal Housing worked to revitalized the aging, historic property with financing via 4% LIHTCs and tax-exempt bonds issued by the Ohio Housing Finance Agency. The capital structure also features an FHA 221d4 loan originated by Rose Community Capital, tax credit and historic credit investment by Boston Financial Investment Management, and local participation by the City of Cleveland.
The $43MM Fenway project features 7000 square feet of commercial space and is part of a major neighborhood redevelopment project,
Market Rate Housing Case Study
Emblem at Christiana
Emblem at Christiana, a 245 apartment LNWA luxury community located in Newark, Delaware, began construction in mid-2015, started apartment leasing in 2016 and completed lease-up and stabilization by end of 2017. Due to the property’s exceptional location adjacent to the Christiana Mall and the interchange of I-95 and DE Route 1 as well as modern unit layouts and an impressively designed Clubhouse, including a fitness center and pool, the property was hugely successful from day one. It has commanded the highest luxury apartment rents in the northern Delaware market. The $42MM total development cost was financed with private equity and a $30MM construction mini-perm from PNC Bank. Due to the rapid lease-up and early economic success, the property was refinanced early with a Freddie Mac loan arranged through PNC Bank at end of 3rd quarter 2017. Since stabilization, the property has maintained exceptional occupancy between 96% and 98%.
Single Family Home Case Study
Ocean Oaks at Jekyll Island
Located on the Golden Isles of Georgia, Ocean Oaks is the first new construction, single-family community built on Jekyll Island in 50 years. LNWA and CHG, two firms with extensive local experience, partnered in 2018 to build a new community comprised of 33 single-family homes, and 6 duplex units. Ocean Oaks features 14 different styles of homes, creating a unique semi-custom experience for homeowners. A private community boardwalk links the residential area to a century old heritage oak grove which meanders east to the Atlantic Ocean.
LNWA leveraged its rich history in homebuilding to balance the built and natural environments at Ocean Oaks creating exceptional curb appeal and comfort. The community is a source of pride for our homeowners as much as it is for our development team.
Launched in 1985 with the acquisition and redevelopment of the Historic Jekyll Island Club Hotel and Resort, LNWHospitality is the hospitality arm of LNWA. LNWHospitality is focused on all facets of the hotel and resort development business including development, ownership, and asset management.