Have a Look at Past Projects!
Bond Projects
Warehouse Lofts - 2021 - (Proposed)
Warehouse District Lofts will be an adaptive reuse of two historic buildings in Peoria’s Warehouse District into 134 units of affordable housing targeted to those earning up to 60% AMI. The project will offer one and two-bedroom units with off-street parking, on-site management, elevators, and a business center.
In-unit amenities will consist of blinds, carpet, vinyl laminate flooring, central HVAC, coat closets, dishwashers, garbage disposals, microwaves, refrigerators and ovens. Finishes will be quality and will complement the historic
nature of the development.
Warehouse District Lofts will be financed with $20MM of tax-exempt bonds with the remaining $19.8MM funded through a taxable bond and tax credits. The bonds will be privately placed. Once construction has been completed, the construction loan will be paid off with historic tax credit equity, LIHTC equity, River Edge Credit equity and permanent debt.
Projected Project Costs: $39,705,826
Cityscape Apartments - 2021 - (Proposed)
Code Capital Partners proposes a nearly $19 million project for the acquisition and eventual syndication of Cityscape Apartments with the intention of engaging in a property-wide upgrade and modernization program while ensuring the continued operation of the property as an income-restricted rental property for very-low, low- and moderate-income families.
Cityscape Apartments are located on the southern end of the City of Peoria close to City hall and other primary municipal and financial services; it is also near the riverfront district which is undergoing a major revitalization program of private investment and development.
Originally called Hightower Apartments and constructed in 1998 as designated affordable housing, the initial compliance period for Cityscape expired in 2013. Since then the property has underperformed in occupancy and resident retention primarily through an unwillingness by the general partner to invest the necessary capital to upgrade apartment finishes and – in some cases – make repairs needed to re-lease vacated units. The unit mix consists of 88 two-bedrooms and 72 three-bedrooms.
Projected Project Costs: $18,856,307
Cedars of Lebanon - 2021
Cedars of Lebanon is an apartment complex located behind ITOO Hall in a quiet setting near Farmington Road in Peoria County with convenient access to downtown Peoria. It consists of one- and two-unit apartments for residents aged 62 and older.
Cedars of Lebanon Affordable LLC acquired the property in May 2019 and proposes an $11.5 million project to pay-off a bank loan secured to purchase the property and provide fund to upgrade the housing units. The sole member provides affordable housing for low income, elderly, and disabled residents.
The Project will be managed by Arco Multifamily Management, LLC who currently manages more than 40,000 units throughout the Northeast, Mid-Atlantic, Mid-West and Southeast United States, most of which are HUD-subsidized properties. The Manager will be the exclusive agent
for the management of the property.
Total Project Costs: $11,500,000
Glen Oaks Towers - 2015
TRVDA issued $7.5 million in bonds as part of a $15 million acquisition, rehabilitation and equipping project for Glen Oaks Towers Apartments, a 71-unit development for seniors built in the 1950s, just steps from Methodist Medical Center. The development is an important part of Peoria’s senior housing picture as nearly half of Peoria’s elderly are unable to find decent affordable housing.
Improvements at Glen Oaks included modernized heating, new windows, a new roof, tuck pointing, and cooling and elevator systems that will help keep the building affordable for seniors earning less than $28,320 a year, and construction of several new units earmarked for veterans.
Project Total $7,500,000
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