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Villas at Fox Pointe

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Villas at Fox Pointe

Experienced Developer

Villas at Fox Pointe

DEVELOPER INFO:

Lead Developer: Jim Bergman has developed dozens of LIHTC projects since 1991. Mr. Bergman’s properties are located in Illinois, Iowa, Wisconsin, Missouri, Mississippi and Texas. Mr. Bergman is a CPA and attorney that began his law career representing housing authorities and LIHTC developers. Soon, Mr. Bergman moved into development and has developed both senior and family housing in urban, rural and suburban areas. Bergman has completed more than 35 LIHTC projects since 1991. Some recent 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, 1700 square foot single family homes which includes the development of all of the infrastructure of a 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: Brian Fritz, the president of Pioneer Property Management established MCC Development to leverage his experience in the operation of successful LIHTC properties.

 

PROJECT INFO:
The Villas at Fox Pointe is a new construction development of duplex homes, four-plex and eight-plex buildings that have two, three and four bedroom units. All units have in-unit washers and dryers, dishwashers, and microwaves. The project also includes a clubhouse, walking paths, onsite storm water detention and a community garden for residents. There is an onsite property manager as well as 130 parking spaces.

project details

  • Project Site: Villas at Fox Pointe
  • Lead Developer: Iceberg Development
  • Co-Developer: MCC Development 
  • Project Address: 251 Willets Drive, Knoxville, IA 50138
  • Number of Units: 50
  • Property Type: Family Housing
  • Closed: 2014

 

Project Funding Sources

  • LIHTC Tax Equity 9%
  • Tax Increment Financing 
  • Amortizing Private Debt
  • Owner Contribution

 

Lightengale’s Role

  • Strategy
    • LIHTC Application
    • TIF Negotiations
    • Project Budget
  • Post Closing Services
    • LIHTC – Carryover/10% Test
    • LIHTC – 8609

 

Photo Credit

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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