MCC Development & Iceberg Development close Oak Park Senior Living
Congratulations are in order for MCC Development and Iceberg Development. In February 2019, the Oak Park Senior Living deal closed. This new development will be in Muscatine, Iowa. Construction began in March 2019 and occupancy will begin in March 2020.
Oak Park Senior Living will be available for seniors aged 55 and older who have an income up to 60% of the area median income (AMI). Nearly 50,000 square feet will be dedicated for this housing development, this will house 48 two-bedroom units and communal areas for the residents. Spread out among 16 buildings, that will include a clubhouse and 88 parking spaces. The communal areas will include laundry facilities, fitness center and a library. The development also will incorporate storage units, back racks and outdoor space with a picnic area.
Thank you to all those who were part of this development!
Stock Design Architecture
Door Creek Construction
City of Muscatine
MCC and Iceberg have worked on several projects with Lightengale Group (LGG) constructing affordable housing spanning many communities. As for the Oak Park Senior Living Facility, LGG took the lead on the financial consultation. LGG assisted in securing the 9% LIHTC awarded from the Iowa Finance Authority which summed over $750,000 in funding. Additionally, LGG helped in securing the 12 Project Based Vouchers awarded for the project.
“Iceberg Development along with MCC Development cannot express how excited we are to add much needed Senior Affordable Housing to the City of Muscatine. The City’s support in helping to get this 48 unit project funded was very valuable. We look forward to opening our doors in the Spring of 2020 and remaining a part of the Muscatine Community for years to come.” – Iceberg Development
About Lightengale Group
Lightengale Group (LGG) is an affordable housing real estate financial advisory firm offering services to experienced and non-experienced developers nationally. LGG provides strategic & financial planning for developers by tracking evolving government regulations and funding requirements. With over 100 years combined experience and more than 4,000 units completed, LGG is the industry’s preferred advisory leader.