SANTA ROSA, Calif. - June 8, 2020 - (Newswire.com)
Development Team Overcomes Financing and Construction Uncertainty Due to COVID 19
Phoenix Development Company, along with its developer partner, Irvine-based Integrity Housing, are pleased to announce that they have closed financing and commenced construction on Dutton Flats Apartments, located at 214 West 3rd Street in Santa Rosa, CA. This once vacant lot will become home to a 41-unit affordable, multifamily complex designed to serve low-income families with children. Dutton Flats will provide high-quality affordable housing in an urban, infill location, benefiting future residents, the community, and the company’s investors.
Dutton Flats Apartments
The development team for Dutton Flats Apartments worked closely with the City of Santa Rosa and the Housing Authority of the City of Santa Rosa to develop a sustainable, livable community that will blend harmoniously with the surrounding neighborhood while providing a spark of architectural flair. The affordable community will consist of 41 units (40 units for tenants and 1 manager’s unit). Designed for families, all units will have ample living space incorporating a great room with an open kitchen, dining and living area. Community amenities will include a community room, laundry room, technology center, bike kitchen, fitness center, children’s activity room and a centrally located picnic/BBQ area. The walkable property is located in the downtown Santa Rosa area and in close proximity to schools and employment. The building incorporates a bus shelter for ease of transportation to off-site services.
The project incorporates sustainable construction best practices, with an emphasis on energy and water conservation. The property will incorporate solar hot water heating, and rainwater harvesting to water the drought-tolerant landscaping. The units will feature Energy Star appliances, LED lighting, high-efficiency heating, and energy-conserving windows and insulation. Wherever practical, the project will incorporate recycled and repurposed materials.
Partners
Dutton Flats is owned by Dutton Flats, LP, consisting of Phoenix Development Company (Administrative General Partner), Integrity Housing (Managing General Partner), and Berkadia (Investor Limited Partner). Exchange Bank is the Construction Lender for $13,000,000, and a $3,100,000 loan from The Housing Authority of the City of Santa Rosa. The property is being built by Precision General Commercial Contractors, designed by KTGY Architecture and Planning and will be managed by FPI Management, Inc.
Loren Brueggemann, President of Phoenix Development Company, states, “We at Phoenix Development Company are thankful and humbled by the opportunity we have been granted to develop and own this 100% affordable family project. The help we received from the City of Santa Rosa, the Housing Authority of the City of Santa Rosa and all of their respective staff to bring this project to fruition is truly a testament to the City's dedication to create housing. We are thankful to our many development partners, Integrity Housing, KTGY, Civil Design, Exchange Bank, Berkadia, Hunt/ORIX and Precision General Commercial Contractors for their efforts to bring this Project forward in these extremely unusual times.”
Phil Wood, President of Integrity Housing, states, “Dutton Flats is one of our most rewarding projects. Our intention was to help replace housing lost in the fires that devastated Santa Rosa in recent years. Not only will the project itself be an asset to the community it will help alleviate the shortage of affordable housing for families in the area. Our investor and financing partners worked diligently to ensure the project was financially viable and we cannot thank them enough for their commitment to ensure we were able to close amidst the uncertainty of the COVID 19 pandemic. I’m thrilled that this project is underway.”
About Phoenix Development Company
Formed in 1997, Phoenix Development has facilitated the adaptive reuse of blighted urban real estate throughout the country. Collectively, we have over 30 years of experience in the creative and resourceful development of housing, commercial and mixed-use properties. Loren Brueggemann, our principal, has been instrumental in the development of over 1,000 affordable rental units and income-restricted for-sale units. Those served were at all levels of income, ranging from below 30% to 80% of the median income. Phoenix also has been responsible for the development of thousands of market rate rental units. For more information, visit: www.phoenixdevco.com.
About Integrity Housing
Founded in 1993, Integrity Housing creates and sustains quality affordable communities for low-income seniors and families by bringing together people, partners and resources. Integrity Housing’s goal is to enrich the lives of the residents, and respect the culture of those they serve. The Integrity Housing Team has developed, owned and operated thousands of affordable multi-family housing units throughout the United States. The organization specializes in deal sourcing and structuring, asset acquisition and management, financial analysis, investor and lender relations, governmental relations, project design, construction management, property operations, and resident services. For more information, visit: www.integrityhousing.org.
Media Contact: Anjela Ponce
Integrity Housing
Phone: (949) 727-3656
anjela@integrityhousing.org
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Original Source: Integrity Housing and Phoenix Development Company Close on Santa Rosa, CA Property and Commence Construction on Affordable Housing
