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
Type of Housing
Rehab
Development Cost
12600000
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

What Others Are Saying About Us

Gorman Management Company (GMC) is a legacy Section 8 owner/manager in Oklahoma that was established in 1978.  We were introduced to CCA through Ben Etheridge in 2012 and closed our first two 9% LIHTC deals that year.  Since then, we have closed an additional nine deals that are a mix of for-profit and non-profit owned properties (and three in process).  Most of our deals are complicated and require expertise in all levels of affordable housing (HUD, LIHTC, FNMA, etc.).  CCA has brought expertise as our development partner to all of these deals that was essential to their success.