Benton Harbor Apartments

604 8th St - Benton Harbor, MI

“Acquisition rehab in Southwest Michigan”

General Capital purchased this 81-unit multi-family project 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 which includes a generous community space, a leasing office and central laundry. The property went through 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 were included in the decision-making process for the final design of exterior amenities such as the 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 and was completed in 2018.