|
|
|
 |
Court Square Center, Memphis, TN
PROJECT
DESCRIPTION
|
Number
of Units
|
|
|
Homeownership |
0 |
|
|
Rental |
77
|
|
|
Total Units |
77 |
|
|
Unit
Type |
# |
Size |
# |
Square
Footage |
|
Townhouse |
|
1 BR |
20 |
|
|
Multi-family |
77 |
2 BR |
37 |
|
|
Semi-Detached |
|
3 BR |
|
|
|
Detached |
|
4 BR |
|
|
| Income Mix |
|
|
|
Market rate |
74 (100%)
|
| Other
Facilities |
|
|
Community
Space |
no |
n/a
|
|
Day
Care |
no |
n/a
|
|
Commercial |
yes |
37,000
SF
|
| FINANCING
SOURCES |
| Source
|
Type |
Amount |
| Enterprise Bank |
Debt |
$10,500,000 |
| US Bank CDC / FNMA |
Equity |
$20,000,000 |
| Section 108 Loan |
Debt |
$8,500,000 |
| BEDI Grant |
Grant |
$2,000,000 |
| Developer Equity |
Equity |
$6,000,000 |
DEVELOPMENT
|
| Total Cost |
$47,000,000
|
| Per Unit Cost |
N/A
|
PHASING
|
| Start |
July
2006
|
| Completion |
March 2008
|
DEVELOPMENT
TEAM
|
| Owner |
Court Square Center
LLC
|
| Participant |
Telesis Corporation |
Role: Co-Developer |
|
|
| Participant |
CGI & Partners |
Role: Co-Developer |
| Participant |
CM Design |
Role: Architect |
| Participant |
Montgomery Martin |
Role: Contractor |
| Participant |
Robert Silman & Associates |
Role: Structural
Engineer |
|
| Participant |
Heritage Consulting |
Role: Historical
Tax Credit Consultant |
|
STATUS:
|
| Investment term
sheet and commercial and tenant leases are under negotiation;
construction start
projected for July 2006. |
|
|
