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Flax Meadows Townhomes

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Flax Meadows Townhomes

Experienced Developer

Flax Meadows Townhomes

DEVELOPER INFO:
Lead Developer: Cottage Hill is a partnership of #9 Design and La Mancha Construction. #9 Design was formed in 1989 and is a full-service architecture and design firm. The company specializes in site planning, ADA compliance, feasibility studies, space planning, design development drawings, cost estimating and full construction documents and permit drawings. The firm is an Illinois Certified FBE and a Women’s Business Development Center Certified WBE. #9 has worked on the design of several affordable and supportive housing projects. La Mancha Construction is an Illinois-based, State of Illinois and Cook County certified WBE general contractor. They have more than 15 years of experience in government funded work, including new construction and renovation of affordable housing, offices, retail establishments and social service centers throughout Illinois.

Co-Developer: Turnstone Development Corporation is a not-for-profit 501(c)(3) real estate development corporation specializing in the construction and preservation of affordable housing. Since 1998, Turnstone Development has developed over 1,680 affordable housing units leveraging over $257 million in private and public investment capital sources. These sources include Low Income Housing Tax Credit (LIHTC), equity from the Illinois Housing Development Authority (IHDA), American Reinvestment and Recovery Act Stimulus funds (ARRA), traditional banking and lending institutions’ loans and grants from Federal Home Loan Bank (FHLB) and the Department of Commerce and Economic Development (DCEO).

 

PROJECT INFO:
Flax Meadow Townhomes is a new construction, 32-unit townhome development for families. The project is located in Highland, Illinois, which is an IHDA Opportunity Area, and is located near top-rated schools. The project includes project-based rental assistance as well as a preference for veteran families on several units. Townhomes are a mix of one-and two-story units. The traditional building design provide abundant natural light as well as energy efficient and universal design components. Additional amenities include a community playground, washer and dryer in every unit, upgraded landscaping and secured bicycle parking.

project details

  • Project Site: 216-244 Flax Drive Highland IL 62249
  • Lead Developer: Cottage Hill Development
  • Co-Developer: Turnstone Development Corporation
  • Project Address: Highland, IL
  • Number of Units: 32
  • Property Type: Family Housing
  • Closed: 2019

 

Project Funding Sources:

  • 9% LIHTC Equity
  • State Low-Interest Loan
  • Project Based Vouchers
  • Construction Loan

 

Unique Project Elements: 

  • While Cottage Hill Development has acted as a turn-key developer on several projects, this is their first LIHTC project where they are participating in long-term ownership, along with Turnstone Development Corp.

 

Lightengale’s Role:

  • Strategy
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Based Vouchers/RAD
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
  • Due Diligence Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement

 

Photo Credit: Flax Meadows Townhomes

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CREATIVE APPROACH.
PROVEN RESULTS.


three
Words from our Partners:

Lightengale (LGG) began serving affordable housing developers in 1999. Over the next 23 years, LGG assisted over 150 affordable housing deals (and one radio station) to come to fruition. We are so pleased that we were able to work with so many wonderful developers, both new and experienced, small and large, to help them provide affordable housing and improve their communities.

Over these years, we learned a lot and navigated the company and our clients’ deals through the Great Recession of 2007-2008 and the Covid Pandemic of 2020-2022. Throughout this time, we have had the privilege of working with some of the finest affordable housing specialists – on our staff, our clients, and in the broader community.
Everyone should have a home they can afford and feel safe in. Ideally, amenities are nearby, and the home is energy efficient. We enjoyed working with so many people who shared our vision of universal affordable housing. While we continue to believe strongly in universal affordable housing, we also believe it is now time to have others lead the way and guide deals through the process. We hope the next generation continues to provide more truly affordable housing for more people.

While we are not taking on any new clients or projects and will be closing our doors once we finish our current deals, we want to let you know how much we have enjoyed working with each and every one of you throughout these years.

All the best to each of you-- Maggy, Larry and Virginia
Copyright Lightengale Group