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

“I have worked with the principals of Chesapeake since the inception of Cinnaire in 1993. They have proven to be the most highly skilled and knowledgeable group of professionals we have ever worked with in this industry. Their creative and entrepreneurial approach to real estate development and finance have made them the number one choice for Cinnaire to assist us in complex and difficult real estate transactions. The use of Chesapeake in our Housing Tax Credit Year 15 disposition strategies has produced results for our investors that were beyond their expectations and has been a model we use in all of our disposition strategies. They are real estate experts extraordinaire with the added benefit of being socially minded. They not only care about the investor and owner benefits but also take into account a positive outcome for the residents.”

Mark McDaniel, Cinnaire

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