Diamond Senior Apts. at Wingate Drive

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Diamond Senior Apts. at Wingate Drive

Experienced Developer For-Profit Organization

Diamond Senior Apts. at Wingate Drive

DEVELOPER INFO:

Lead Developer: 3 Diamond Development (3DD) offers high-quality apartment homes with specially designed amenities to meet the needs of the senior community. Since its creation in 2008, 3DD has been committed to developing first class living environments for senior citizens. 3DD’s portfolio includes 7 senior affordable developments in Illinois, Iowa, and Missouri; including more than 400 units.

 
PROJECT INFO:
Diamond Senior Apartments at Wingate Drive is an affordable, senior apartment building in Dubuque, Iowa.

The project achieved an exceptionally high sustainable design score from Enterprise Green Communities and utilizes ground-source, geothermal heating and cooling, and a host of other sustainable strategies to conserve water, minimize non-renewable energy consumption, utilize environmentally preferable products, enhance indoor environmental quality, and optimize operational and maintenance practices. Dubuque Senior Apartments includes 61-unit, new construction three-story elevator development for seniors 55 and older. The project consists of 61 affordable one- and two-bedroom units, and one floor of covered parking with 60 parking spaces. All residential units are fully Handicapped Accessible.

project details

 

Project Funding Sources:

  • 9% LIHTC Equity
  • Amortizing Private Debt
  • Other:  Construction Loan
  • Other: Deferred Developer Fee
  • Other: 1603 Tax Rebate for Geothermal

 

Unique Project Elements:

  • This successful project was both 3DD’s and LGG’s first project in Iowa. The project was funded by a special round of Disaster Credits due to severe flooding in Iowa and surrounding states. The project also included funds from the 2008 Stimulus Package for installation of geothermal heating and cooling in the project.

 

Lightengale’s Role:

  • Strategy
    • Development Team Assembly
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Energy Grant Application
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • General Contractor & Architect Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services
    • Construction - Owner Rep Services
    • Construction Administration of Draws
    • Equity Installments coordination
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 coordination

 

Photo Credit: Diamond Senior Apts. at Wingate Drive