The Millennia Companies® (Millennia) has closed on $32.5 million in financing for the acquisition and renovation of 124 units of affordable housing for seniors and persons with disabilities at Linden Terrace in Harrisburg, Pennsylvania.
The rehabilitation includes a comprehensive renovation of the 11-story, mid-rise apartment complex. Upon completion, residents will enjoy renovated one-bedroom apartments and amenities such as a community center, art activity space, library, computer lab, and fitness room.
The construction scope encompasses new windows and doors, roofing, entryways, painting, building enhancements, and landscaping. Additionally, the interior units will receive significant upgrades, including new cabinetry, plumbing, electrical, drywall, and tile work, resulting in new kitchens and bathrooms, among other upgrades.
Millennia anticipates that construction will begin within the next several months and take 15 months to complete. Crews will renovate vacant units first and relocate households onsite as the construction is completed in phases. Residents pay 30 percent of their income toward rent, and rent will remain affordable well into the future as it is subsidized for at least 20 years by a renewed federal Project-Based Section 8 contract.
The following partners provided financing and resources for this transaction: RedStone (lender), Hunt Capital Partners (Equity Syndicator), Pennsylvania Housing Financing Agency (Bond and Tax Credit Issuer), the United States Department of Housing and Urban Development Philadelphia office, and the City of Harrisburg.
Also engaged in this project are Cleveland Construction, Inc. (General Contractor), Dimit (Architect), Millennia Housing Development, Ltd. (developer), and Millennia Housing Management, Ltd. (manager).
“Millennia is proud to facilitate the transformation of the Linden Terrace apartment community,” says Frank T. Sinito, chief executive officer,at Millennia. “With the support of housing and finance partners, we are preserving much-needed affordable housing opportunities for residents of Harrisburg.”