To continue a hot-streak of acquisitions and closings, this July NHT-Enterprise partnered with the Wishrock Group to acquire and renovate Jaycee Tower Apartments, a 190-unit Section 8 senior building located in downtown Chattanooga, Tennessee.
Based in Portland, Maine, Wishrock is an award-winning affordable housing developer and owner with properties in 19 states totaling 9,000 apartments. This is the second property in which NHT-Enterprise partnered with Wishrock, the first being a 2016 renovation of Laurelwood Apartments in Bridgeport, Connecticut.
The $21 million project was financed by tax-exempt bonds and 4% Low-Income Housing Tax Credits (LIHTC) issued by the Tennessee Housing Development Agency and includes a $10 million renovation. Boston Financial is the tax credit investor, and Walker & Dunlop is the FHA lender. The general contractor, Rogers & Willard, has begun construction with an anticipated completion in summer 2018.
The scope of renovation includes combining multiple small, empty apartments to create larger units for residents, resulting in 161 units after renovation. Other areas of work on the 46-year-old building will include:
- Create new handicap accessible apartments
- All new apartment interiors, including new kitchens, baths, flooring, doors and paint
- Installation of a new, high-efficiency heating and cooling system
- Completely new common areas for resident use
- Upgraded landscaping and picnic areas for residents
Residents will return to modern apartments with improved handicapped accessibility. The improved social and recreational spaces will allow residents to be more active in their community. The renovation of Jaycee Towers not only preserves its affordability for years to come, but also provides a safe, healthy and accessible home for seniors in Chattanooga.
For more information on NHT-Enterprise’s award-winning properties, contact NHT-Enterprise Vice President Scott Kline.