A 96-unit, town home style, rental community located at 3500 Normandy, Port Arthur, Texas. This is a demolition reconstruction of a severely hurricane Rita damaged apartment community. This redevelopment is undertaken as a joint venture with the Housing Authority of the City of Port Arthur. The project financing is based upon allocation of Community Development Block Grant funds from the TDHCA awarded in September 2007, This is hurricane replacement housing that targets displaced residents of the community earning at or below 80% of AMFI. The Housing authority has provided approximately 25 project based rental vouchers to help families in need of direct assistance. Another 15 of the townhomes are specially equipped for residents with special needs.
RISE is the fee developer and contractor for the PAMA, who is the long-term owner of the development. Construction financing for this development was provided by IBC in the amount of $4MM. FNMA offered a rate-locked forward funding commitment at 7.27% per annum fixed for 10 years, with a 30-year amortization permanent mortgage for this property in the amount up to S4MM. The contractor broke ground on the project in June 200B following demolition of the previous apartment community. Completion: November 2009. 100% occupancy was achieved February 2010. The CDBG grant for this portion of the development is $11MM. The construction contract was for $7.95MM.