First Housing Development Corporation of Florida

Owner:

Oak Marsh, LLC

Architect:

Theodore Hoffman, Jr. Architect

General Contractor:

DEC Contracting Group, Inc.

Client:

Oak Marsh, LLC

Scope Of Work

Timber Ridge at Sanders Pines Reserve 
Formerly two (2) separate projects constructed for the addition of Farmworker Housing in Collier County, Timber Ridge was built in 1996 containing 34 units and Sanders Pines was built in 1989 containing 41 units.  First Housing Development Corporation (“FHDC”) was the original credit underwriter and construction administrator for the Florida Housing Finance Corporation (“FHFC”) for the SAIL program and Housing Credits associated with development.  First Housing continues to perform permanent loan servicing and/or compliance monitoring functions for FHFC.  

In January 2016 FHDC completed credit underwriting for FHFC to fund the acquisition and rehabilitation of both projects.  Assuming the existing SAIL program debt and compliance obligations and receiving a new award of SAIL program funding, Timer Ridge at Sanders Pines Reserve closed in late October 2016.  Additional funding was received from Community Housing Capital as well as the Federal Home Loan Bank of Atlanta.

In all, 77 units including a manager’s unit will be rehabilitated.  

Rehabilitation included upgrades of the amenities that included a 2-story community building, two (2) tot lots and covered laundry area at Sanders Pines, as well as a single-story Daycare facility with outdoor tot lot at Timber Ridge. Substantial rehabilitation was performed to the exterior and interior of the buildings as well as site improvements and amenities. 
The rental unit upgrades included new kitchen cabinetry, counters, doors, faucets, sinks, new refrigerators, stoves, hot water heaters and HVAC units; Replaced bathroom sinks, faucets, toilets, bathtubs, medicine cabinets, towel bars; New interior doors, flooring, painting, light fixtures as well as new molding and replacement of exterior doors.

FHDC is currently the compliance monitoring agent and permanent loan service for FHFC and completed construction administration for the rehabilitation. 

For more information on First Housing Services please contact us at loandamin@firsthousingfl.com.