Exchange Place Tower Apartments
Affordable Housing in Waterbury, Connecticut
Originally constructed in 1983, Exchange Place Tower Apartments is comprised of 150 units in an urban setting in downtown Waterbury, CT. Its 11-story, elevator high-rise building contains primarily one bedroom apartments and features ground floor retail and underground parking. This service-enriched senior property has a community area on its top floor that offers a wellness center, a computer area, a resident lunch program, an on-site resident services coordinator, a shared use balcony, and space for ongoing educational programming for all residents.
REDEVELOPMENT
Total Cost
| $25,263,816 |
Description
While Exchange Place has served the local community well, it was in need of renewal. Due to age, some of its core systems were deteriorating and had reached the end of their useful lives, or did not meet current health and safety standards. The scope of the redevelopment at Exchange Place went beyond what could be accomplished through ongoing capital improvements funded from cash flow. In addition, the redevelopment of Exchange Place will replace the original oil-fired boilers with new natural gas-fired boilers as well as all windows, resulting in lower energy consumption and improved resident comfort.
Financing
Secured financing and funding for this redevelopment project included:
| $13,425,000 | Senior Mortgage Loan |
| $6,502,893 | LIHTC Equity |
| $4,000,000 | CHAMP loan from the Connecticut Department of Housing |
| $596,544 | Construction Period Revenue |
| $517,492 | Construction NOI |
| $171,887 | Deferred Developer Fee |
| $50,000 | Utility Incentive |
ACQUISITION / PRESERVATION
Total Cost
| $13,211,000 |
Description
Exchange Place is comprised of 145 one-bedroom units and five two-bedroom units. All Exchange Place Tower households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.
Financing
The purchase price for this property was $12,500,000. Secured financing and funding for this project included:
| $8,849,500 | PNC Bank |
|---|---|
| $4,361,500 | National Housing Preservation Fund |