Projects


Slo Hi

Located at the corener of 29th Street and Sheridan Boulevard in Denver, Co.

  • 44 luxury rental apartments with podium parking. The unit mix will consist mostly of studio and one-bedroom units with some two- and three- bedroom units mixed in.
  • The overall project will be four stories at its highest point, with three stories of housing above one level of enclosed on-grade parking.
  • The apartments will feature luxury amenities including: an outdoor rooftop patio and sundeck: bike storage and a resident lounge will also be open to residents.
  • In addition, all apartments will feature granite countertops, stainless steel modern appliances, quality flooring, and in unit washers and dryers. Security cameras, DirecTV distribution system, and controlled access will complete the low voltage scope.
  • The target rental market will be professional individuals and couples that enjoy close proximity to Sloan’s Lake and the shops and restaurants of the Highlands.
  • https://www.slohiflats.com/ 

Ortiz Family Plaza

An affordable housing development to meet the needs of Sonoma County’s changing farmworker population.

  • 30 two-bedroom, 1.5-bath rental units/
  • Amenities including: community building, young children play lot, older children play facilities, classrooms for adult learning and after school care, raised-bed gardens for each tenant, picnic and grill area.
  • Phoenix is the developer with two nonprofit partners, California Human Development (CHD) and Integrity Housing.
  • Funding sources include: USDA 514 Loan, USDA 521 Residential Assistance for 29 units (renter pays no more than 30% of their income for rent), Federal Tax Credits, CA State Farmworker tax credits, Loan from Sonoma County CDC, Tax exempt bonds (low floater with letter of credit from Exchange Bank),  Permanent 1st mortgage from California Community Reinvestment Corp., and $690,000 in charitable donations
  • Construction is scheduled to begin in June of 2016. 

Greenway Heights Family Housing

  • 42 affordable family housing units on the Midtown Greenway (Bloomington Avenue intersection) in the East Philips neighborhood of Minneapolis, MN.
  • The unit mix for the project is 2, 3 and 4-bedroom units (unheard of in the Minneapolis-St. Paul Metro). 
  • Phoenix is the Developer. Our partner is the nonprofit PRG, Inc.  
  • Greenway Heights received funding from eleven sources, including $1,050,000 from the City of Minneapolis in AHTF, and $1,260,000 from MHFA in deferred loans.
  • The project is complete and fully occupied.
  • Total project cost is $9,120,000.

Visit the Greenway Heights website to learn more »


Track 29 City Apartments

Track 29 City Apartments

  • 198 luxury market rate units on the Midtown Greenway (Bryant Ave intersection) in UptownMinneapolis, MN.
  • Phoenix co-developed the project with RMF Group.
  • The project is complete and fully occupied.
  • Total project value of $47,500,000.

Visit the Track 29 website to learn more » 


BB Housing Renovation

BB Housing

To date, BB Housing has partnered with the City of St. Paul, MN to rehabilitate and rent eighteen multi-unit properties, with a 100% success rate. Together, Loren and his partner Michael Buelow have worked hand-in-hand with public officials to develop an innovative model for putting HUD / NSP funds to their best possible use, transforming dilapidated REO properties into quality affordable rental housing units.

Visit the BB Housing website to learn more »


LeSueur Meadows Apartments; 40 Affordable Units

  • CDBG funds
  • Tax Increment Financing
  • Housing Finance Agency Mortgage Funds

Guardian Angels Block Redevelopment; 32 Affordable Units & Battered Women's Shelter

  • 9% LIHTC credits
  • Housing Finance Agency First Mortgage
  • CDBG
  • Met Council Transit Funds
  • The Battered Women’s shelter was funded by an agency forgivable first mortgage. 

Bottineau Commons; 119 Mixed-income Units

  • Tax Exempt Bonds (HUD 221 D4 credit enhancement)
  • 4% LIHTC credits
  • CDBG funds (recycled)
  • Tax Increment Financing

Bottineau Lofts; 34 Affordable Units

  • Federal Historic Tax Credits
  • Tax Exempt Bonds (HUD 221D4 credit enhancement)
  • 4% LIHTC credits, CDBG Funds (recycled)
  • Tax Increment Financing

River Run Apartments; 74 Mixed-income Units

  • Tax Exempt Bonds
  • 4% LIHTC Credits
  • Home Funds
  • Tax Increment Financing
  • Project Based Section 8
  • DEED Environmental Cleanup Grant

 

East Phillips Commons; 30 Affordable Units

  • Tax Exempt Bonds (HUD 221 D4 credit enhancement)
  • 4% LIHTC Credits
  • Neighborhood Revitalization Project funding (City of Minneapolis through the neighborhood group)
  • CDBG Funds (recycled)
  • Housing Trust Funds
  • Empowerment Zone Funds
  • Met Council Transit Funds

Central Avenue Lofts; Mixed-income/Mixed-use Project with 64 Units

  • 9% LIHTC Credits
  • Home Funds
  • CDBG
  • Housing Trust Fund
  • DEED Environmental Cleanup Grant
  • Conventional Mortgage

Phalen Senior Lofts; 73 Affordable Units rented to individuals over 60

  • Tax Exempt Bonds (HUD 221 D 4 credit enhancement)
  • 4% LIHTC Credits
  • Home Funds
  • Tax Increment Financing

Boulevard Apartments; Acquisition/Rehab of 235 Affordable Units

  • Tax Exempt Bonds
  • 4% LIHTC Credits

Highland Apartments; Acquisition/Rehab of 150 Section 8 Units

  • HUD 236 decoupling (IRP strip out)
  • Tax Exempt Bonds
  • 4% LIHTC Credits