Projects

Cedar River Tower Apartments

Cedar River Tower is CCA’s first LITHC transaction in Iowa.  The property is located in Waterloo IA and consists of 85 one-bedroom apartments contained within one nine-story elevator building that serves elderly and people with disabilities.  All units are subsidized by a Project Based Section 8 Contract.  The Development team was able to extend the Real Estate Tax Exemption and increase the Section 8 rents to post renovation market levels.  The financing structure allowed for over $4.4 Million in renovations.

Specifications

Development Type
1 Bedrooms
Number of Units
85
Development Cost
$12.6M
Location
Waterloo, Iowa
Development Role
Developer/Partner
Unit Mix
1 Bedrooms
Architect
Kass Wilson Architects
Contractor
Frerichs Construction Company
Developer
NFAHS Development, LLC
Owner
Cedar River Renewal LLC
Investor
The Richman Group
Lender
Orix Real Estate Capital, LLC
CR-From-South-1-e1648831276137

What Others Are Saying About Us

We have worked on numerous types of financing with Chesapeake Community Advisors over the past ten years.  They have ranged from FHA mark-to-market loans to Fannie Mae financing with various levels of renovations on  developments across the country.  What we have found is that there are very few advisors and partners like CCA who have the expertise to guide a deal literally from day one when looking at the feasibility of a deal  through to the construction and lease-up of a property.  We value working with CCA for their knowledge, ingenuity, dedication and hard work to come up with the best possible outcome for their partners and residents.

Tracy Peters, ORIX Real Estate Capital

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