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

We were aspiring to take one of our HUD projects through a LIHTC transaction to receive much needed rehab of a senior building in Detroit.  We weren't equipped to handle the process ourselves and not knowing where to turn, CCA came highly recommended by a colleague.  We haven't looked back since.  David Prout and the CCA team guided us and the nonprofit owners through the full development process.  They took the worries out of our hands and led us down the path.  Their vast knowledge of the LIHTC process; working with he governmental agencies; obtaining LP investors and the smooth construction process during the tenant in place rehabs were over the top.  They are true leaders in the industry.  We have since taken three other projects through the process and another in the pipline.