Benton Harbor Apartments
604 8th St - Benton Harbor, MI
General Capital purchased this 81-unit multi-family from its non-profit owner in 2017 with an allocation of affordable housing tax credits secured from the Michigan State Housing and Development Authority (MSDHA). The property consists of eight residential buildings and one centrally located community building including generous community space, a leasing office and central laundry. The property is in the process of an extensive renovation including all new exterior siding, roofs, windows and doors as well as a complete interior renovation including new HVAC systems, plumbing, kitchens, bathrooms, flooring and light fixtures. Residents will have a say in the final design of exterior amenities such as new playground, patio and grilling areas.
The property was originally developed as a 4% LIHTC project with a $600,000 HOME Equity Enhancement Loan from HUD. General Capital negotiated a complex restructuring of the financing to enable the assumption of the HOME funds and layering in of new 9% LIHTC equity. The total project budget is over $9.8 million. Construction is expected to be complete in late 2018.