Projects

Pecan Creek Apartments

Pecan Creek is CCA’s ninth 9% LITHC development in Oklahoma with Gorman Management Company.  The property consists of 49 units within ten two-story buildings that serve families and people with disabilities. It was very challenging to secure a 9% reservation for Pecan Creek.  In fact, it took a record 4 attempts to receive a 9% award, requiring the CCA team to show persistence and creativity. CCA help convert a Mod-Rehab HAP contract that previously required an annual renewal to a 20-year Project Based HAP Contract utilizing RAD Component II. The conversion allowed for an increase in rents to post renovation market level.  In addition to LIHTC funding, the development team utilized a HUD 221(d)(4) mortgage and a HOME loan to maximize development sources.  This combination of funding allowed for over $3.1 million in renovations.

 

Specifications

Development Type
1-BDRM, 2BDRM, 3BDRM
Number of Units
49
Type of Housing
Rehab
Development Cost
630000000
Location
Tulsa, Oklahoma
Development Role
Consultant
Unit Mix
1-BDRM, 2BDRM, 3BDRM
Architect
Dan Keleher, Jr., PLLC
Contractor
Gorman Construction Company
Developer
Milestone Property Development
Owner
Pecan Creek - GMC Limited Partnership
Investor
Affordable Housing Partners, Inc.
Lender
RED Mortgage Capital

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.