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Oak Park Senior Residence, Muscatine Iowa

Home | Client Portfolio | Oak Park Senior Residence, Muscatine Iowa
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Oak Park Senior Residence, Muscatine Iowa

Experienced Developer

Oak Park Senior Residence, Muscatine Iowa

DEVELOPER INFO:

Lead Developer: Iceberg Development is owned and operated by Jim Bergman, an attorney and CPA who has completed more than 35 LIHTC projects since 1991. Other projects include (I) Thomas Place Glenview in Illinois with 144 independent units for seniors (including 36 market-rate units) (ii) Hometown Harbor in Bettendorf Iowa, an assisted living development providing a total of 110 units for senior occupancy with extensive, optional supportive services (iii) Crown Hill Estates in Gulfport, Mississippi, a three-phase development providing a total of 335, 1,700 square foot single family homes which includes the development of all of the infrastructure for the 150 acre subdivision (iv) Thomas Place Fox Lake, Waukee and Bettendorf consisting of 1 independent elderly project in each of said communities totaling 336 units and (v) Gardiner Place and River Haven homes in East Dundee, IL with 148 of senior and family units.

Co-Developer: MCC Development’s Owner, Brian Fritz has co-developed and/or co-owned several LIHTC projects in Iowa, Wisconsin, and Illinois. He is also the President of Pioneer Property Management which manages over 4,000 units of LIHTC housing.

 

PROJECT INFO:
The project is currently vacant slightly wooded land that will be transformed into a community with 16 buildings housing 48 two bedroom apartments as well as a clubhouse and 88 parking spaces. The City of Muscatine provided substantial support through issuance of Project Based Vouchers and creating a TIF supporting the project.

project details

  • Lead Developer: Iceberg Development
  • Co-Developer: MCC Development
  • Project Address: 901 Blaine St., Muscatine, Iowa
  • Number of Units: 48
  • Property Type: Senior Housing
  • Closed: February 2019

 

Project Funding Sources

  • 9% LIHTC Equity
  • Tax Increment Financing
  • Amortizing Private Debt
  • Contributions/Grants
  • Project Based Vouchers

 

Lightengale’s Role

  • Strategy
    • LIHTC Application
    • TIF Negotiations
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
  • Post Closing Services
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 Coordination

 

Photo Credit: Site of future development

 

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