PROJECT OVERVIEW
Garten Haus Apartments is a 32 existing, 8 new construction unit project out of Leavenworth, WA. The 221(d)(4) amounted to $4,535,000. The loan was closed by Sunny Fitzgerald.
The Housing Authority of Chelan County and the City of Wenatchee (CCWHA) had a clear goal: preserve and improve the subsidized housing in a prime location on the Wenatchee River in the beautiful Cascade mountain town of Leavenworth, WA where the affordable housing crisis is significant.
They brought together a dedicated development team including, ZBA Architecture, Walker Construction, Community Economics, and the incredible consultants at The Office of Rural and Farmworker Housing. In addition, the team was supported by the wise counsel at Krooth & Altman, LLP and Kantor Taylor PC.
The project required substantial rehabilitation of the existing 32 units of Section 8 seniors housing as well as the addition of 8 new affordable units. So in addition to the FHA 221(d)(4) that collateralized the Tax Exempt Bonds, the project benefitted from 4% LIHTC provided by Enterprise Community Investments and Washington State Housing Trust Fund.
Centennial’s team assisted CCWHA with the Mark Up to Market Section 8 contract renewal as well as the Assignment of the HAP Contract to the new partnership entity, underscoring our commitment to being a part of the team.
- Project Name Garten Haus Apartments
- Project Location Leavenworth, WA
- Loan Amount $4,535,000
- Originator Sunny Fitzgerald
