Silver Street Development Corporation has recently completed its $12 million rehabilitation of the Ledgewood Village Apartments, a 180-unit property located in Asheville, NC.  Originally constructed in 1978, Ledgewood consists of 27 buildings and 1 community building situated on 21 acres with significant mature tree cover and topography.  The results of the extensive and costly site work was transformative for the property’s appearance, safety, and function.

The acquisition and rehabilitation was financed by $12.5 million in tax exempt bonds issued by the Asheville Housing Authority, an $18.3 million HUD 221(d)(4) loan originated by Prudential, $8.7 million in LIHTC equity through Boston Financial Investment Management, and $1.2 million in interim property income.

Seth Parker, Vice President of Development for Silver Street said, “We pushed ourselves really hard to fit a number of elements into the project budget knowing the potential impact they could have on the overall community. The new covered front entry stoops added to each apartment unit entry, in conjunction with providing all new envelopes to the buildings (roofing, siding, trim, windows, and doors), modernize and make the buildings look like new. The exterior and interior work to the apartments, combined with the enlarged community building, new playground, picnic area and landscaping, provide a springboard for the management staff and residents to build additional community involvement and social interaction.”

The renovation includes new roofing, new windows and entrance doors; new kitchens with EnergyStar appliances, cabinets, countertops and flooring; new bathrooms with new WaterSense fixtures, flooring and vanities; high efficiency, new energy efficient heat pump HVAC systems in all units; new LED lighting; upgrades to the community building and management offices including new laundry room and computer stations; extensive site work including grading and drainage improvements, roads and walkways, new landscaping and planting, accessibility upgrades, new picnic area with walking trail and new playground.

This rehabilitation resets the economic life of the property and provides a high-quality living environment for the many families that call it home.  The completion of this revitalization is a result of the talented development team and reinforces Silver Street’s mission to provide high quality, affordable housing to its residents.