First Housing Development Corporation of Florida

Owner:

SP Park, LLC

Architect:

Architectonics Studio, Inc.

General Contractor:

Vaughn Bay Construction

Client:

SP Park, LLC

Scope Of Work

First Housing Development Corporation of Florida completed the Credit Underwriting and construction administration for Florida Housing Finance Corporation for the acquisition, rehabilitation and permanent financing of Cedar Park Apartments, a 72 unit development located in Lake City (Columbia County) Florida.

First Housing is now providing permanent loan servicing and is the compliance monitoring agent the agency.

Construction to Permanent Financing included State Mortgage Revenue Bonds, a State Apartment Incentive (SAIL) program loan, a State Apartment Incentive (SAIL ELI) program loan for extremely low income, and Housing Credits.

Cedar Park Apartments was originally constructed in 1968 and contains 24 Two-Bedroom and 48 Three-Bedroom units within 6 residential buildings.  The project will be 100% income restricted.

The scope of rehabilitation included installing new HVAC equipment, water heaters, programmable thermostats, energy start qualified 30 year shingle roof, energy star certified appliances, vinyl plank flooring, signs around the development, and remodeling the office/clubhouse.  New construction foundations and slab foundations were constructed for the new four (4) UFAS unit bathroom additions.  A new ground-up clubhouse building was also constructed.

The tenants are being provided with an After School Program for Children, Literacy Training and an Employment Assistance Program.

The project was completed in October 2018. 

For more information on First Housings' services contact us at loanadmin@firsthousingfl.,com.