The Curve

701, Southwest 17th Street, Moore, Cleveland County, Oklahoma, 73160, United States

The Curve

701, Southwest 17th Street, Moore, Cleveland County, Oklahoma, 73160, United States
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A 242-unit mixed-use and mixed-income multifamily community located at 17th and Janeway, in Moore, Oklahoma. This is an on-site, CDBG-DR replacement housing development to replace units and add affordable housing lost to an EF5 Tornado in 2015. This development is undertaken as a joint venture with Belmont Development, The project financing is based upon allocation of CDBG-DR funds from the City of Moore, awarded in March 2018. This replacement housing targets displaced residents of the community earning at or below 80% of AMFI. The transaction includes a 4% HTC tax-exempt bond execution through OHFA, Oklahoma Housing Finance Authority. The income and rent restrictions expire in 20 years following construction completion and perm loan conversion. Using income averaging at or below 69% of AMFI income and rents for 90% of the living units. The remaining 10% of the living units are market rate without income or rent restrictions. 

RISE and Belmont are the fee developers and contractors, and the long-term owner of the development. Construction financing for this development was provided by IBC in the amount of $25MM as a tax-exempt loan (TEL). Freddie Mac provided a rate-locked forward funding commitment at 4.95% per annum fixed for 15 years, with a 35-year-amortization permanent mortgage for this property in an amount up to $22MM. The contractor broke ground on the project in February 2019 following the Release to Work by the City of Moore subsequent to environmental clearance. Completion: Summer 2020. 100% occupancy is forecast for June 2021. The CDBG grant for this portion of the development is $15.9MM. The construction contract is for $35MM. Belmont Properties is the property manager.



  • Address 701 SW 17th Street, Moore, OK
  • Zip/Postal Code 73160

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