Loan Amount: $4,900,000
Developer: Bethel Development, Inc.
The Bluffs Senior Apartments is a proposed 64-unit multifamily development providing 64 affordable housing units (100% of total) restricted to tenants with household incomes not exceeding 60% of the area median income, featuring one and two-bedroom units in a single building for seniors 55+. It targets senior households, offering affordable rentals with reduced maintenance needs in a high AMI area. The property is unique for underwriting rents below maximum allowable to serve the community better in an upper-income census tract.
Units: 64