Silver Street Development Corporation recently closed on a transaction in Asheville, NC that will preserve the affordability of 180 apartments for years to come. Ledgewood Village is a two story, townhouse & garden style community in the Sayles Village neighborhood of Asheville. Ledgewood Village is a true community, with a clubhouse building with computer lab, a playground, a central wooded park with walking paths, and a recreational field. The property has been owned and managed by Silver Street affiliates since its purchase in 2000 when Silver Street acquired and rehabilitated the property via a 4% LIHTC transaction.
Over the 17 years of ownership since past renovations were completed, the property has experienced the typical wear and tear of a family property. Silver Street Development decided the best way to preserve not only affordable, but also quality housing was to take the project through another LIHTC execution. With a capital stack including tax exempt bonds, LIHTC equity and HUD financing, Silver Street will be able to fund a rehab of $12.2 million at approximately $68,000/unit to be completed in the 2nd quarter of 2019.
The property rehabilitation will include updates to the buildings and apartment units such as new roofing, siding, windows, insulation, sinks, faucets, showerheads, HVAC, water heaters and electrical panels; selective replacement of lighting, cabinets, vanities, doors, and flooring; and lastly new covered front entry stoops. Rehabilitation will also include an active monitoring security system and approximately $2 million in site improvements including paving, dumpster enclosures, sidewalks, grading, drainage, landscaping, lighting, and more.
With these upgrades, Silver Street Development has been able to ensure that Ledgewood Village remains affordable and provides quality living to its residents for the foreseeable future. This long-term preservation of affordability and quality is a core mission of Silver Street Development. With the closing of this transaction, Ledgewood Village has become the next in a growing collection of communities to carry out this mission.