Applewood III Senior Apartments
Aspects of this project:
The Applewood III project is a good example of Horizon’s ability to assist in moving a project through the entire development, design, financing, and construction process. Located adjacent to Applewood I and II, two other Horizon properties, Applewood III is a 3-story, 43-unit independent senior apartment community on the west side of Dubuque, IA. The project began early in 2009 with discussions between Horizon and the property owner regarding land acquisition. Horizon moved forward with a detailed due diligence effort including financial feasibility, market feasibility, construction cost analysis, site constructability and building design. Horizon was able to utilize Iowa Finance Authority’s tax credit program and achieve a reservation in a very competitive pool of applicants. This award of tax credits, along with Horizon’s ability to establish investor equity and construction debt, provided project financing and allowed construction to commence by September 1, 2009. Beginning construction in the fall will allow move-ins to occur during favorable months in spring lease up and keep the building on pace to achieve financial goals. Horizon’s experience and budget/schedule driven approach will help surpass expectations of our valued client.