First Housing Development Corporation of Florida

Owner:

SP TT Apartments, LLC

Architect:

Architectonica Studio, Inc.

General Contractor:

Vaughn Bay Construction, Inc

Client:

SP TT Apartments, LLC

Scope Of Work

First Housing Development Corporation completed the Credit Underwriting for Timberwood Trace Apartments.  Funded with Multifamily Mortgage Revenue Bonds through the Jacksonville Housing Finance Authority and credit enhanced by Fannie Mae through Jones Lang LaSalle, this 224 unit acquisition rehabilitation Multi-Family project is located in Jacksonville Florida.  An Equity bridge loan through Regions and a Housing Credit Award are also attached.  

Originally Built in 1994, the project rehabilitation is expected to include new attic insulation, gutters and downspouts, and replacement of roof system. ADA upgrades through-out the project as needed, asphalt repair, sealcoat and stripping, playground and picnic shelter replacement, landscaping improvements and leasing office/clubhouse renovations. Exterior door and hardware replacement, vinyl window replacement, installation of electrical ranges, dishwashers, refrigerators, microwaves and garbage disposals.  Unit wiring upgrades, interior and exterior light packages, new HVAC units, new vinyl "wood look" plank flooring, new carpet, new bathroom and kitchen cabinets and replacement of all existing windows and screens. 

First Housing has now completed their work as Construction Administrator for this project and is now completing permanent loan servicing and compliance monitoring of the project.  Since there are Housing Credits on the project it will be income restricted at completion.

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