First Housing Development Corporation of Florida

Owner:

Melbourne Leased Housing Associates II, LLLP

Architect:

Ebersoldt & Associates Architecture

General Contractor:

Legacy Construction Services, LLC

Client:

Melbourne Leased Housing Associates II, LLLP

Scope Of Work

First Housing Development Corporation of Florida completed the Credit Underwriting and construction administration for Brevard County Housing Finance Authority for the acquisition, rehabilitation and permanent financing of Crane Creek Senior Apartments, a 127 unit Multifamily Senior Housing Development located in Melbourne Florida.

Construction to Permanent Financing included Taxable and Tax Exempt Bonds, a Seller Note, as well as Housing Credit Equity.

Crane Creek Senior Apartments contains 84 One-Bedroom and 31 Two-Bedroom units within 1 Three-Story residential building which includes an elevator.  The project is income restricted and 100% set-aside for Elderly Housing.  Utilities, except for Cable and Internet, are included in the tenants rent.  115 units are rented to those at 60% or less of AMI and 12 are market rate.  3 units are set-aside for those with Vision and Hearing impairments.

Rehab included new landscaping, site drainage, monument signs, parking lot and sidewalk repairs and a renovated pool area.  Interiors and Exteriors were also repainted.

The project amenities include a clubroom, dayroom, television area, café, cardroom, library, beauty salon, 2 central laundry rooms on each floor, swimming pool, spa and a shuffleboard court.

The project was completed in December 2019.

For more information on First Housings’ Services contact us at loanadmin@firsthousingfl.com.