The development upgrade will modernize and preserve a critical affordable housing resource for families in Midland, Texas
CAMDEN, N.J., June 16, 2020 (Newswire.com) - The Michaels Organization announced today that Chaparral Apartments, a critical affordable housing resource in Midland, Texas, is set to undergo an extensive renovation following a successful financial closing. The modernization of Chaparral will provide much-needed upgrades to the apartments and community amenities while preserving long-term affordability.
“We are grateful to the City of Midland and the Texas Department of Housing and Community Affairs for recognizing the importance of preserving existing affordable housing,” said Ryan Zent, Michaels' Vice President of Development. “We welcome this opportunity to reinvest in our community, providing modern interior and exterior upgrades that will enhance the quality of life for current and future residents, Zent said.
In July 2019, the property received an allocation of 9% competitive federal tax credits from TDHCA. The rehabilitation will be financed with the equity proceeds generated from the sale of these 9% credits to Bank of America, a construction loan provided by Bank of America, and a permanent loan provided by Freddie Mac and serviced by Berkadia.
“Bank of America Community Development Banking was pleased to provide a construction loan and equity investment through Berkadia to help create much-needed affordable housing in Midland,” said Miles Cary, Senior Vice President of Community Development Banking at Bank of America. “Chaparral Apartments is a great example of the impact public and private collaboration can make to help the most vulnerable in our communities.”
Originally constructed in 1972 and acquired by Michaels in 1994, Chaparral offers 124 apartments across 14 garden-style residential buildings and complimented by a central clubhouse. Substantial interior unit upgrades include a complete kitchen remodel, flooring replacement, and installation of new plumbing and light fixtures. Exterior building and common area upgrades will consist of replacement of all exterior windows, exterior siding repairs, a remodeled community clubhouse, as well as the installation of a new children’s play area and an outdoor seating pavilion.
“The residents of Midland Chaparral Apartments deserve an exceptional living environment to call home and raise their families," said Isaac Garnett, Midland’s Community Development Manager. “With this public-private partnership, we will achieve that goal.”
Michaels Construction is the general contractor for the renovation. Professional design services were provided by Kelly Grossman Architects, Connect Structural Engineering, and Newton Engineering. Michaels Management will continue to manage Chaparral, providing people-first service for years to come.
All renovations are scheduled to be completed by May 2021, with a process set in place that limits the amount of time residents need to be relocated while updates are being made.
About the Michaels Organization: The Michaels Organization offers full-service capabilities in development, property management, construction, and finance and is committed to crafting housing solutions that jump start education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
Contact: Laura Zaner, 856-988-5983
Source: The Michaels Organization