WEST PALM BEACH, Fla. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc.
Christian Manor includes four three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income residents, which is classified as below 60 percent of area median income (AMI), and “extremely low-income” residents (below 28 percent AMI) over 62 years of age.
The project team worked with HUD and the West Palm Beach Housing Authority to obtain project-based rental assistance for over half of the residents who, although eligible, were previously not receiving this support.
The expected construction cost for the redevelopment of the property is $38.7 million. Along with the funding from Greystone, the project also received 4 percent Low-Income Housing Tax Credit (LIHTC) equity, and secondary debt consisting of a Florida State Apartment Incentive Loan and Florida Extremely Low-Income funds. The nonrecourse loan carries a 40-year term at a low, fixed interest rate.
Paul Ponte of Phase Housing Corp. Inc., Jason Duguay of SCG Development and Rhett Holmes and Steve Brooks of IDP Properties are on the redevelopment team. The renovation is expected to take up to 16 months.
In addition to updating and rehabilitating each building’s exterior façade, roof and common areas, as well as upgrading the property grounds, all 200 individual units will receive energy-efficient appliances, flooring, fixtures and paint.