Corydon School Senior Lofts

Corydon School Senior Lofts creates 45 units for seniors with 25 of those via an adaptive reuse of the local historic school with 20 newly constructed units on the same site. The development is located within the town limits of Corydon in Harrison County. The rent levels for the project are as follows: 9 units of 30% area median income (“AMI “) rent level; 10 units of 40% AMI rent level; 13 units of 50% AMI rent level. The balance of the units will be at or below 60% AMI. Unit sizes consist of 23 two bedroom units, 18 one bedroom units and 4 efficiencies.

Project Summary

A HOME grant and an IHCDA Development Fund Loan were awarded this RHTC application. Advantix Development Corporation serves as co-developer and General Contractor and Andy Myszak serves as architect and also as a co-developer. A limited partnership will be the owner of the Corydon School Senior Lofts. Advantix owns 100% of the general partner entity of the Limited Partnership. In addition to Advantix, the rest of the experienced development team includes: American Apartment Management (property management), Kuhl & Grant (provides legal services), Myszak & Palmer (design and engineering services), and McKinley Development LLC (financial consulting services).

Management Contact Information:

American Apartment Management Company:Ann Lowery, Property Manager
Phone:812-705-5194
Email:corydon.seniorlofts@aamci.com

Quick Facts

Location:

Corydon, IN

Sources of Funding:
LIHTC:

$8,574,000

HTC:

$984,000

GP Capital:

$100

HOME Loan:

$400,000

Development Loan Fund:

$800,000

Deferred Developer Fee:

$244,228

Tax Credit Investor:

R4 CAPITAL

Unit Count:

45

Unit Sizes:

546 SF to 890 SF

Projected & Actual Cost:
Projected Cost:

$11,000,700

Actual Cost:

$11,000,700

Timely Delivery:
Contracted Begin/End

Oct 2017/Dec 2018

Actual Begin/End

Dec 2017/Dec 2018

Client Reference:

Evansville Housing Authority, IHCDA