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Marble Cliff Capital News
Closing Announcement: PC St. Clairsville Courtyard, St. Clairsville, Ohio
PRESS RELEASE
December 23, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of PC St. Clairsville Courtyard, 24-unit rehab building, located in St. Clairsville, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Plat Communities, LLC, Provident Management Inc. and Housing Services Alliance along with Woda Construction Inc. serving as general contractor.
Total development cost for PC St. Clairsville Courtyard was about $7.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Other sources of financing include a construction loan from Community Bank, a soft loan provided by Ohio Housing Finance Agency, and a permanent loan provided by West Union Bank.
PC St. Clairsville Courtyard is the historic renovation of an existing 24-unit general occupancy apartment community located at 171 W Main Street, St. Clairsville, Belmont County, Ohio. The unit mix includes nine one-bedroom units set aside at 50% Area Median Income (AMI) and 15 one-bedroom units set aside at 60% AMI income and rent restrictions. The property also includes approximately 750 square feet of commercial space and a separate free standing leasing office.
The property is located within St. Clairsville's Historic District and was originally constructed in the 1880s and is a recognized historic building by U.S. National Park Service. Due to the historic nature of the area and sense of pride that it brings to the community, the aesthetics of the area are regulated. The surrounding structures are in good or excellent condition, contributing to the overall marketability of the property. The property was previously rehabbed in 1997, utilizing an allocation of LIHTCs.
Click here for the full press release
December 23, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of PC St. Clairsville Courtyard, 24-unit rehab building, located in St. Clairsville, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Plat Communities, LLC, Provident Management Inc. and Housing Services Alliance along with Woda Construction Inc. serving as general contractor.
Total development cost for PC St. Clairsville Courtyard was about $7.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Other sources of financing include a construction loan from Community Bank, a soft loan provided by Ohio Housing Finance Agency, and a permanent loan provided by West Union Bank.
PC St. Clairsville Courtyard is the historic renovation of an existing 24-unit general occupancy apartment community located at 171 W Main Street, St. Clairsville, Belmont County, Ohio. The unit mix includes nine one-bedroom units set aside at 50% Area Median Income (AMI) and 15 one-bedroom units set aside at 60% AMI income and rent restrictions. The property also includes approximately 750 square feet of commercial space and a separate free standing leasing office.
The property is located within St. Clairsville's Historic District and was originally constructed in the 1880s and is a recognized historic building by U.S. National Park Service. Due to the historic nature of the area and sense of pride that it brings to the community, the aesthetics of the area are regulated. The surrounding structures are in good or excellent condition, contributing to the overall marketability of the property. The property was previously rehabbed in 1997, utilizing an allocation of LIHTCs.
Click here for the full press release
Closing Announcement: Annika Place II, Traverse City, Michigan
PRESS RELEASE
December 17, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Annika Place II the new construction of 52 units of Permanent Supportive Housing (PSH) and General Occupancy located in Traverse City, Michigan. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Michigan State Housing Development Authority (MSHDA). Marble Cliff Capital was pleased to partner with Woda Cooper Companies, Inc., along with Woda Construction Inc. serving as general contractor.
Total development cost for Annika Place II was about $19 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Other sources of financing include a construction loan from First National Bank of America, a soft loan provided by Ohio Housing Finance Agency, and a permanent loan and soft loan provided by MSHDA and soft financing provided by Grand Traverse County.
Annika Place II is the new construction of a 52-unit LIHTC project to be located in a single building at 1020 Hastings Street, Traverse City, Grand Traverse County, Michigan. The property will appeal to a variety of household sizes, offering 28 one-bedroom and 24 two-bedroom units that will be contained within a single, four-story elevator building. Fifteen of the one-bedroom units and four of the two-bedroom units will serve as PSH and be supported by a project-based Section-8 Housing Assistance Payments contract that allows the tenants to pay 30% of their adjusted gross income toward rent with the contract covering the remaining balance. This will be the second phase of Annika Place. The first phase completed construction in May 2024 and was fully absorbed into the market within two months. Approximately 250 households are on a waiting list in anticipation of Annika Place phase II. The site, located in the Traverse Heights neighborhood of Traverse City, is highly accessible and provides excellent access to numerous education, healthcare, restaurant, and retail amenities. Affordable public transportation is available in the area with two bus stops within one-quarter mile of the site to the north and south.
Click here for the full press release
December 17, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Annika Place II the new construction of 52 units of Permanent Supportive Housing (PSH) and General Occupancy located in Traverse City, Michigan. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Michigan State Housing Development Authority (MSHDA). Marble Cliff Capital was pleased to partner with Woda Cooper Companies, Inc., along with Woda Construction Inc. serving as general contractor.
Total development cost for Annika Place II was about $19 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Other sources of financing include a construction loan from First National Bank of America, a soft loan provided by Ohio Housing Finance Agency, and a permanent loan and soft loan provided by MSHDA and soft financing provided by Grand Traverse County.
Annika Place II is the new construction of a 52-unit LIHTC project to be located in a single building at 1020 Hastings Street, Traverse City, Grand Traverse County, Michigan. The property will appeal to a variety of household sizes, offering 28 one-bedroom and 24 two-bedroom units that will be contained within a single, four-story elevator building. Fifteen of the one-bedroom units and four of the two-bedroom units will serve as PSH and be supported by a project-based Section-8 Housing Assistance Payments contract that allows the tenants to pay 30% of their adjusted gross income toward rent with the contract covering the remaining balance. This will be the second phase of Annika Place. The first phase completed construction in May 2024 and was fully absorbed into the market within two months. Approximately 250 households are on a waiting list in anticipation of Annika Place phase II. The site, located in the Traverse Heights neighborhood of Traverse City, is highly accessible and provides excellent access to numerous education, healthcare, restaurant, and retail amenities. Affordable public transportation is available in the area with two bus stops within one-quarter mile of the site to the north and south.
Click here for the full press release
Closing Announcement: PC Plumly Townhomes, Barnesville, Ohio
PRESS RELEASE
December 4, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of PC Plumly Townhomes, 31-unit rehab building, located in Barnesville, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Plat Communities, LLC, Provident Management Inc. and Housing Services Alliance along with Woda Construction Inc. serving as general contractor.
Total development cost for PC Plumly Townhomes was about $7.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Other sources of financing include a construction loan from Community Bank, a soft loan provided by Ohio Housing Finance Agency, and a permanent loan provided by West Union Bank.
PC Plumly Townhomes is an existing general occupancy apartment community located at 111 Mackey Drive, Barnesville, Belmont County, Ohio. Originally constructed in the 1980s, the Project consists of five, five- to seven- unit townhome-style buildings and one community/management building on approximately 3.1 acres. The site is located in the northern portion of Barnesville approximately 0.3 miles north of Barnesville's downtown area. The Project consists of 31 affordable units set aside at either 30% or 60% of the Area Median Income (AMI). Thirty of the Project's units will be supported by a Section 8 Project Based Rental Assistance (PBRA) Housing Assistance Payments (HAP) contract that will allow tenants to pay 30% of their adjusted gross income toward rent with the contract paying the remaining balance. No supportive services are required, but the property has budgeted supportive service coordination for tenants.
Click here for the full press release
December 4, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of PC Plumly Townhomes, 31-unit rehab building, located in Barnesville, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Plat Communities, LLC, Provident Management Inc. and Housing Services Alliance along with Woda Construction Inc. serving as general contractor.
Total development cost for PC Plumly Townhomes was about $7.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Other sources of financing include a construction loan from Community Bank, a soft loan provided by Ohio Housing Finance Agency, and a permanent loan provided by West Union Bank.
PC Plumly Townhomes is an existing general occupancy apartment community located at 111 Mackey Drive, Barnesville, Belmont County, Ohio. Originally constructed in the 1980s, the Project consists of five, five- to seven- unit townhome-style buildings and one community/management building on approximately 3.1 acres. The site is located in the northern portion of Barnesville approximately 0.3 miles north of Barnesville's downtown area. The Project consists of 31 affordable units set aside at either 30% or 60% of the Area Median Income (AMI). Thirty of the Project's units will be supported by a Section 8 Project Based Rental Assistance (PBRA) Housing Assistance Payments (HAP) contract that will allow tenants to pay 30% of their adjusted gross income toward rent with the contract paying the remaining balance. No supportive services are required, but the property has budgeted supportive service coordination for tenants.
Click here for the full press release
Closing Announcement: Garden Place Apartments, Irvine, Kentucky
PRESS RELEASE
October 15, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Garden Place Apartments, 30-unit new construction for seniors, located in Irvine, Kentucky. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Kentucky Housing Corporation and a HUD Capital Advance loan. Marble Cliff Capital was pleased to partner with The Housing Partnership, Inc. and Kentucky River Foothills Development Council.
Total development cost for Garden Place Apartments was about $10 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3, LP. Other sources of financing include a construction loan from Hope of the Midwest, a Capital Advance loan from HUD and a soft permanent mortgage from Kentucky Housing Corporation.
Garden Place Apartments is the proposed new construction of one, two-story elevator building in Irvine, Estill County, Kentucky. The Project will include 30 one-bedroom units of affordable housing for seniors (62+) with eight units set aside at 60% and 22 units set aside at 30% Area Median Income (AMI) income and rent restrictions. All units will be supported by a Project Rental Assistance Contract (PRAC) that allows tenants to pay only 30% of their income toward rent with the contract paying the remaining balance. This contract limits the income restriction of the 60% AMI units to 50% so long as the contract is in place. The first floor of the project will include significant community space designed to encourage resident socialization and group activities, along with promoting health and wellness. The building is also strategically positioned to take advantage of the site's varying elevations to allow the entire project to be fully handicap accessible without the use of an elevator. However, an elevator will be available for residents who wish to use it.
The Subject's 2.21 acre site is located in a rural area at 120 Tyler Lane, Irvine, Kentucky. The site is surrounded by small, residential areas and undeveloped land. The Project Co-Developer, Kentucky River Foothills Development Council, has a community outreach office located just west of the site at 100 Tyler Lane. The Estill County Senior Center is located less than one-half mile south of the site. White House Clinics and Save A Lot grocery are located less than one mile east along Richmond Road. The site's location in a quiet, spacious, residential area and close proximity to area amenities will make it an attractive option for seniors.
Click here for the full press release
October 15, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Garden Place Apartments, 30-unit new construction for seniors, located in Irvine, Kentucky. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Kentucky Housing Corporation and a HUD Capital Advance loan. Marble Cliff Capital was pleased to partner with The Housing Partnership, Inc. and Kentucky River Foothills Development Council.
Total development cost for Garden Place Apartments was about $10 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3, LP. Other sources of financing include a construction loan from Hope of the Midwest, a Capital Advance loan from HUD and a soft permanent mortgage from Kentucky Housing Corporation.
Garden Place Apartments is the proposed new construction of one, two-story elevator building in Irvine, Estill County, Kentucky. The Project will include 30 one-bedroom units of affordable housing for seniors (62+) with eight units set aside at 60% and 22 units set aside at 30% Area Median Income (AMI) income and rent restrictions. All units will be supported by a Project Rental Assistance Contract (PRAC) that allows tenants to pay only 30% of their income toward rent with the contract paying the remaining balance. This contract limits the income restriction of the 60% AMI units to 50% so long as the contract is in place. The first floor of the project will include significant community space designed to encourage resident socialization and group activities, along with promoting health and wellness. The building is also strategically positioned to take advantage of the site's varying elevations to allow the entire project to be fully handicap accessible without the use of an elevator. However, an elevator will be available for residents who wish to use it.
The Subject's 2.21 acre site is located in a rural area at 120 Tyler Lane, Irvine, Kentucky. The site is surrounded by small, residential areas and undeveloped land. The Project Co-Developer, Kentucky River Foothills Development Council, has a community outreach office located just west of the site at 100 Tyler Lane. The Estill County Senior Center is located less than one-half mile south of the site. White House Clinics and Save A Lot grocery are located less than one mile east along Richmond Road. The site's location in a quiet, spacious, residential area and close proximity to area amenities will make it an attractive option for seniors.
Click here for the full press release
Closing Announcement: Cranberry Cove II, Beckley, West Virginia
PRESS RELEASE
September 27, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Cranberry Cove II, 28-unit rehab for families, located in Beckley, West Virginia. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the West Virginia Housing Development Fund (WVHDF). Marble Cliff Capital was pleased to partner with Buckeye Community Hope Foundation (BCHF).
Total development cost for Cranberry Cove II was about $5.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3, LP. Other sources of financing include a construction loan from WVHDF, an assumed USDA Rural Development 515 loan and a soft permanent mortgage from WVHDF.
Cranberry Cove II is the rehabilitation of an existing, USDA RD Section 515-financed, 28-unit, family LIHTC apartment property located at 500 McCulloch Drive, in Beckley, Raleigh County, West Virginia. The Subject's 1.5-acre site offers four (4) one-bedroom, sixteen (16) two-bedroom and eight (8) three-bedroom flats in four two-story walk-up buildings. Fifteen units benefit from project-based Rental Assistance (RA) provided by USDA RD that allows them to pay only 30% of gross income for rents, with the subsidy covering the remainder. The developer and GP, BCHF will provide supportive services to project residents. Supportive services will be paid for by BCHF and will be provided at no charge to the project or its residents. The site amenities include on-site management, laundry, playground, surface parking for 45 cars, and surveillance cameras. Unit amenities include ceiling fan, dishwasher, refrigerator, and stove. Overall, site and unit amenities at the Subject are similar to its tax credit competitors in the market. Cranberry Cove II is currently 100% occupied with a 20-household waiting list. The property has maintained very high occupancy with waiting lists throughout its existence. Overall rental occupancy in the Primary Market Area (PMA) is 99.0%, indicating pent-up demand for all types of rental housing in the market.
Click here for the full press release
September 27, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Cranberry Cove II, 28-unit rehab for families, located in Beckley, West Virginia. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the West Virginia Housing Development Fund (WVHDF). Marble Cliff Capital was pleased to partner with Buckeye Community Hope Foundation (BCHF).
Total development cost for Cranberry Cove II was about $5.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3, LP. Other sources of financing include a construction loan from WVHDF, an assumed USDA Rural Development 515 loan and a soft permanent mortgage from WVHDF.
Cranberry Cove II is the rehabilitation of an existing, USDA RD Section 515-financed, 28-unit, family LIHTC apartment property located at 500 McCulloch Drive, in Beckley, Raleigh County, West Virginia. The Subject's 1.5-acre site offers four (4) one-bedroom, sixteen (16) two-bedroom and eight (8) three-bedroom flats in four two-story walk-up buildings. Fifteen units benefit from project-based Rental Assistance (RA) provided by USDA RD that allows them to pay only 30% of gross income for rents, with the subsidy covering the remainder. The developer and GP, BCHF will provide supportive services to project residents. Supportive services will be paid for by BCHF and will be provided at no charge to the project or its residents. The site amenities include on-site management, laundry, playground, surface parking for 45 cars, and surveillance cameras. Unit amenities include ceiling fan, dishwasher, refrigerator, and stove. Overall, site and unit amenities at the Subject are similar to its tax credit competitors in the market. Cranberry Cove II is currently 100% occupied with a 20-household waiting list. The property has maintained very high occupancy with waiting lists throughout its existence. Overall rental occupancy in the Primary Market Area (PMA) is 99.0%, indicating pent-up demand for all types of rental housing in the market.
Click here for the full press release
Closing Announcement: Kinship Family Housing, Dayton, Ohio
PRESS RELEASE
August 12, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Kindship Family Housing, 26-unit new construction for families, located in Dayton, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Dayton Children’s Hospital and The Model Group.
Total development cost for Kindship Family Housing was about $13.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC FFB LIHTC Equity Fund 1. Other sources of financing include a construction loan from First Financial Bank, a Dayton Recovery Plan Grant, City of Dayton HOME Funds, Montgomery County HOME Funds and the Dayton Children's Hospital Board of Trustees philanthropic contribution. Kinship Family Housing is the proposed new construction of 13 duplexes offering 26 three-bedroom units located at 132 Alaska Street, in the city of Dayton, Montgomery County, Ohio. Dayton Children's Hospital (DCH) will co-develop the project along with The Model Group, Inc. DCH is the 100% member of the Managing Member of Kinship Housing Ltd., the ownership entity. Kinship Family Housing will give preference, but will not be restricted to kinship families. Kinship care refers to a temporary or permanent arrangement in which a relative or any non-relative adult who has a longstanding relationship or bond with the child and/or family has taken over the full-time, substitute care of a child whose parents are unable or unwilling to do so. According to National KIDS COUNT, 5% of children in Ohio are living in Kinship Care, with an estimated 186 kinship households in the primary market area. DCH will provide its expertise and specialized services to residents of the Kinship Family Housing. Because of the hospital's work with these families, it is very likely that the 26 units will be over-subscribed and will fill quickly. If for any reason the demand from kinship households is lacking, there is significant demand among other qualified households in the immediate area. The project will combine 20 existing city lots into a 2.2-acre site. The 13 one- and two-story duplexes will front on city streets, and the project will form a small neighborhood with walking paths. Apartments have front and rear entrances or front and side entrances with covered front porches and rear or side concrete patios. Site amenities include plenty of well-landscaped green space and outdoor lighting, shade trees, covered picnic and BBQ area, community garden, well-equipped playground, security cameras, walking trail and gazebo, and a freestanding community building with activity room and kitchen.
Click here for the full press release
August 12, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Kindship Family Housing, 26-unit new construction for families, located in Dayton, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Dayton Children’s Hospital and The Model Group.
Total development cost for Kindship Family Housing was about $13.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC FFB LIHTC Equity Fund 1. Other sources of financing include a construction loan from First Financial Bank, a Dayton Recovery Plan Grant, City of Dayton HOME Funds, Montgomery County HOME Funds and the Dayton Children's Hospital Board of Trustees philanthropic contribution. Kinship Family Housing is the proposed new construction of 13 duplexes offering 26 three-bedroom units located at 132 Alaska Street, in the city of Dayton, Montgomery County, Ohio. Dayton Children's Hospital (DCH) will co-develop the project along with The Model Group, Inc. DCH is the 100% member of the Managing Member of Kinship Housing Ltd., the ownership entity. Kinship Family Housing will give preference, but will not be restricted to kinship families. Kinship care refers to a temporary or permanent arrangement in which a relative or any non-relative adult who has a longstanding relationship or bond with the child and/or family has taken over the full-time, substitute care of a child whose parents are unable or unwilling to do so. According to National KIDS COUNT, 5% of children in Ohio are living in Kinship Care, with an estimated 186 kinship households in the primary market area. DCH will provide its expertise and specialized services to residents of the Kinship Family Housing. Because of the hospital's work with these families, it is very likely that the 26 units will be over-subscribed and will fill quickly. If for any reason the demand from kinship households is lacking, there is significant demand among other qualified households in the immediate area. The project will combine 20 existing city lots into a 2.2-acre site. The 13 one- and two-story duplexes will front on city streets, and the project will form a small neighborhood with walking paths. Apartments have front and rear entrances or front and side entrances with covered front porches and rear or side concrete patios. Site amenities include plenty of well-landscaped green space and outdoor lighting, shade trees, covered picnic and BBQ area, community garden, well-equipped playground, security cameras, walking trail and gazebo, and a freestanding community building with activity room and kitchen.
Click here for the full press release
Closing Announcement: Shevchenko Manor, Parma, Ohio
PRESS RELEASE
June 18, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Shevchenko Manor, 63-unit renovation for seniors, located in Parma, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with the Cardinal Housing Group, Inc, and Salus Development, LLC and JJJ Real estate, LLC.
Total development cost for Shevchenko Manor was about $12.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC CNB Financial Fund 1. Other sources of financing include a construction loan from ErieBank and a permanent loan from Berkadia.
Shevchenko Manor is the renovation of a 63-unit, single-building apartment community for seniors. It is located on 4.38-acres at 5620 W 24th Street in the city of Parma, Cuyahoga County, Ohio. The unit mix includes 18 studios, 44 one-bedroom units, and one (1) two-bedroom unit in a three-story elevator building. The project previously operated under the Section 202 program and had a project-based rental assistance contract (PRAC) for 62 units. The PRAC allows residents to pay 30% of their adjusted gross incomes for rent, and the rent subsidy pays the remainder. All utilities are paid by the owner. The site will undergo renovations as a part of a HUD Rental Assistance Demonstration (RAD) conversion. Following renovations the property will offer rental assistance for the same 62 units using project-based Section 8 Rental Assistance (PBRA) that will continue to allow residents to pay 30% of household income for rent. There is an extensive waiting list for the 62 units with rental assistance. The property reports historic occupancy of 98% to 99%, reporting one vacant unit as of March 26, 2024. Supportive services will be provided.
Click here for full press release
June 18, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Shevchenko Manor, 63-unit renovation for seniors, located in Parma, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with the Cardinal Housing Group, Inc, and Salus Development, LLC and JJJ Real estate, LLC.
Total development cost for Shevchenko Manor was about $12.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC CNB Financial Fund 1. Other sources of financing include a construction loan from ErieBank and a permanent loan from Berkadia.
Shevchenko Manor is the renovation of a 63-unit, single-building apartment community for seniors. It is located on 4.38-acres at 5620 W 24th Street in the city of Parma, Cuyahoga County, Ohio. The unit mix includes 18 studios, 44 one-bedroom units, and one (1) two-bedroom unit in a three-story elevator building. The project previously operated under the Section 202 program and had a project-based rental assistance contract (PRAC) for 62 units. The PRAC allows residents to pay 30% of their adjusted gross incomes for rent, and the rent subsidy pays the remainder. All utilities are paid by the owner. The site will undergo renovations as a part of a HUD Rental Assistance Demonstration (RAD) conversion. Following renovations the property will offer rental assistance for the same 62 units using project-based Section 8 Rental Assistance (PBRA) that will continue to allow residents to pay 30% of household income for rent. There is an extensive waiting list for the 62 units with rental assistance. The property reports historic occupancy of 98% to 99%, reporting one vacant unit as of March 26, 2024. Supportive services will be provided.
Click here for full press release
Closing Announcement: Park View Apartments, Moreland, Kentucky
PRESS RELEASE
May 30, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Park View Apartments, 40-unit new construction for families, located in Morehead, Kentucky. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Kentucky Housing Corporation. Marble Cliff Capital was pleased to partner with The Housing Partnership, Inc. and Frontier Housing, Inc.
Total development cost for Park View Apartments was about $10.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3, LP. Other sources of financing include a construction and a permanent loan from Hope of the Midwest.
Park View Apartments is the new construction of a 40-unit general occupancy development located at 340 Triplett Street, in the city of Morehead, Rowan County, Kentucky. The development will consist of 12 one-, 20 two-, and eight three-bedroom/one-bath garden flat units in four two-story buildings. Four units will be accessible to mobility impaired households and one unit will be constructed for visually or hearing-impaired households. Unit amenities include washer/dryer hook-ups, ceiling fan, dishwasher, stove, and refrigerator and the property is all-electric. Tenants pay for electricity and the owner provides water, sewer, and trash removal. A significant portion of the Subject's 5.55-acre site comprises a hillside that is covered with native trees. The Subject's four residential buildings, one of which will have an attached community space, will be constructed on the flat portion of the site at the bottom of the hill facing Triplett Street. The site will offer 75 open surface parking spaces, a children's playground, and a community space that will offer a laundry room, maintenance office, and a third space that will alternately serve as a manager's office, community room, and the health consultant and testing office.
Click here for the full press release
May 30, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Park View Apartments, 40-unit new construction for families, located in Morehead, Kentucky. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Kentucky Housing Corporation. Marble Cliff Capital was pleased to partner with The Housing Partnership, Inc. and Frontier Housing, Inc.
Total development cost for Park View Apartments was about $10.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3, LP. Other sources of financing include a construction and a permanent loan from Hope of the Midwest.
Park View Apartments is the new construction of a 40-unit general occupancy development located at 340 Triplett Street, in the city of Morehead, Rowan County, Kentucky. The development will consist of 12 one-, 20 two-, and eight three-bedroom/one-bath garden flat units in four two-story buildings. Four units will be accessible to mobility impaired households and one unit will be constructed for visually or hearing-impaired households. Unit amenities include washer/dryer hook-ups, ceiling fan, dishwasher, stove, and refrigerator and the property is all-electric. Tenants pay for electricity and the owner provides water, sewer, and trash removal. A significant portion of the Subject's 5.55-acre site comprises a hillside that is covered with native trees. The Subject's four residential buildings, one of which will have an attached community space, will be constructed on the flat portion of the site at the bottom of the hill facing Triplett Street. The site will offer 75 open surface parking spaces, a children's playground, and a community space that will offer a laundry room, maintenance office, and a third space that will alternately serve as a manager's office, community room, and the health consultant and testing office.
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Closing Announcement: CJ McLin, Dayton, Ohio
PRESS RELEASE
May 1, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of CJ McLin, 46-unit renovation for seniors, located in Dayton, Ohio. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with the County Corp.
Total development cost for CJ McLin was about $10 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC FFB LIHTC Equity Fund 1. Other sources of financing include a construction and a permanent loan from First Financial Bank.
CJ McLin Apartments (the Subject) is the rehabilitation of a 46-unit housing development for seniors 62 and over and disabled people. The two three-story elevator buildings are located at 1316 and 1414 McArthur Avenue, Dayton, Montgomery County, Ohio. The property offers 21 efficiency units and 25 one-bedroom units, as well as surface parking for 31 cars on its 2.92-acre site. The community was originally constructed in 1986 under HUD's Section 202 program. All units will continue to be subsidized by a project-based Housing Assistance Payment (HAP) contract that allows residents to pay 30% of household income for rent, and the HAP pays the balance. The property was put into receivership by HUD because of suffering from significant deferred maintenance, and it was less than 50% occupied, and was in danger of losing its HUD rent subsidy if it is not returned to safe and habitable condition. CJM Apartments, LLC, will rehabilitate and re-tenant the property. CJM Apartments, LLC took possession of the property by receivership deed in June of 2023. The plan is to bring the 1316 McArthur building into reasonably habitable condition, move all tenants to the 1316 McArthur building, rehab the 1414 McArthur building, transfer the tenants to the fully rehabbed 1414 McArthur building, and then complete the improvements on the 1316 McArthur building.
Click here for the full press release
May 1, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of CJ McLin, 46-unit renovation for seniors, located in Dayton, Ohio. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with the County Corp.
Total development cost for CJ McLin was about $10 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC FFB LIHTC Equity Fund 1. Other sources of financing include a construction and a permanent loan from First Financial Bank.
CJ McLin Apartments (the Subject) is the rehabilitation of a 46-unit housing development for seniors 62 and over and disabled people. The two three-story elevator buildings are located at 1316 and 1414 McArthur Avenue, Dayton, Montgomery County, Ohio. The property offers 21 efficiency units and 25 one-bedroom units, as well as surface parking for 31 cars on its 2.92-acre site. The community was originally constructed in 1986 under HUD's Section 202 program. All units will continue to be subsidized by a project-based Housing Assistance Payment (HAP) contract that allows residents to pay 30% of household income for rent, and the HAP pays the balance. The property was put into receivership by HUD because of suffering from significant deferred maintenance, and it was less than 50% occupied, and was in danger of losing its HUD rent subsidy if it is not returned to safe and habitable condition. CJM Apartments, LLC, will rehabilitate and re-tenant the property. CJM Apartments, LLC took possession of the property by receivership deed in June of 2023. The plan is to bring the 1316 McArthur building into reasonably habitable condition, move all tenants to the 1316 McArthur building, rehab the 1414 McArthur building, transfer the tenants to the fully rehabbed 1414 McArthur building, and then complete the improvements on the 1316 McArthur building.
Click here for the full press release
Closing Announcement: Willow Estates, Colby, Kansas
PRESS RELEASE
Thursday, March 28, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Willow Estates – a 18-unit new construction affordable housing project located in Colby, Kansas. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Kansas Low Income Housing Tax Credits from the Kansas Housing Resources Corporation. Total development cost for Willow Estates was over $6.5 million. Willow Estates was developed by Excel Development Group, with Woofter Construction & Irrigation, Inc. serving as general contractor.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Willow Estates, LLC is located on a 3.33-acre parcel along Sewell Avenue, north of I-70, in Colby, Thomas County, Kansas. The project is the new construction of nine, general occupancy, one-story duplex buildings and one management building. Willow Estates will offer a total of ten two-bedroom/one-bathroom units and eight three-bedroom/two-bathroom units, each with its own one-car attached garage. One of the units will be fully wheelchair accessible and one unit will be constructed for tenants with audio or visual impairment.
Willow Estates zero-entry unit types, spacious two- or three-bedroom layouts, attached garages, and individual front and rear exterior entrances are likely to appeal to working family households. The property will also be visually appealing with generous landscaping and partial stone facades. Unit amenities will include dishwasher, microwave, refrigerator, stove/range, washer/dryer, extra storage, and rear patio. Along with attached garages, each unit will have its own driveway, offering ample parking space.
Click here for the full press release
Thursday, March 28, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Willow Estates – a 18-unit new construction affordable housing project located in Colby, Kansas. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Kansas Low Income Housing Tax Credits from the Kansas Housing Resources Corporation. Total development cost for Willow Estates was over $6.5 million. Willow Estates was developed by Excel Development Group, with Woofter Construction & Irrigation, Inc. serving as general contractor.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Willow Estates, LLC is located on a 3.33-acre parcel along Sewell Avenue, north of I-70, in Colby, Thomas County, Kansas. The project is the new construction of nine, general occupancy, one-story duplex buildings and one management building. Willow Estates will offer a total of ten two-bedroom/one-bathroom units and eight three-bedroom/two-bathroom units, each with its own one-car attached garage. One of the units will be fully wheelchair accessible and one unit will be constructed for tenants with audio or visual impairment.
Willow Estates zero-entry unit types, spacious two- or three-bedroom layouts, attached garages, and individual front and rear exterior entrances are likely to appeal to working family households. The property will also be visually appealing with generous landscaping and partial stone facades. Unit amenities will include dishwasher, microwave, refrigerator, stove/range, washer/dryer, extra storage, and rear patio. Along with attached garages, each unit will have its own driveway, offering ample parking space.
Click here for the full press release
Closing Announcement: DeVille Manor, Oswego, Illinois
PRESS RELEASE
March 27, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of DeVille Manor, 42-unit new construction building for seniors, located in Oswego, Illinois. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Illinois Housing Development Authority. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc. and Housing Services Alliance along with Woda Construction Inc. serving as general contractor.
Total development cost for DeVille Manor was about $14.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing include a construction loan from Midland States Bank, and a permanent soft loan provided by Illinois Housing Development Authority.
DeVille Manor is the proposed new construction of a senior (55+) development on a 2.72-acre site located at the corner of Wiesbrook Dr. & Fifth St. in the village of Oswego, Kendall County, Illinois. The 42-unit development will consist of one- and two-bedroom apartments in a single, four-story elevator building.
Oswego’s low crime rate, minimal traffic congestion and aging population will enhance the marketability of the senior development. Oswego, Ill. with a population of about 35,000 people is the largest municipality in Kendall County, which is part of the 15-county Chicago MSA. The DeVille Manor site is approximately 45 miles west of downtown Chicago, Ill., and just 5 miles south of Aurora, Ill., placing it close to amenities offered by the larger cities, but away from the crowds, noise and traffic. The site will offer an abundance of green space and senior-oriented amenities. The building will have an adjacent fenced dog park, bicycle rack, and surface parking for 68 cars. Mature trees will be preserved and approximately one acre of the site will offer a picnic area with BBQ grills, a tot lot, and a walking trail with a gazebo. Accessible concrete walkways will surround the building and will connect it with the various site amenities and to the sidewalks along the building’s frontage on both Wiesbrook Drive and Fifth Street. Building amenities include a community room with kitchen, clubhouse area, common area laundry facilities, in-unit storage, on-site management offices, a parcel and mail room, and intercom-controlled building access.
Click here for the full press release
March 27, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of DeVille Manor, 42-unit new construction building for seniors, located in Oswego, Illinois. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Illinois Housing Development Authority. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc. and Housing Services Alliance along with Woda Construction Inc. serving as general contractor.
Total development cost for DeVille Manor was about $14.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing include a construction loan from Midland States Bank, and a permanent soft loan provided by Illinois Housing Development Authority.
DeVille Manor is the proposed new construction of a senior (55+) development on a 2.72-acre site located at the corner of Wiesbrook Dr. & Fifth St. in the village of Oswego, Kendall County, Illinois. The 42-unit development will consist of one- and two-bedroom apartments in a single, four-story elevator building.
Oswego’s low crime rate, minimal traffic congestion and aging population will enhance the marketability of the senior development. Oswego, Ill. with a population of about 35,000 people is the largest municipality in Kendall County, which is part of the 15-county Chicago MSA. The DeVille Manor site is approximately 45 miles west of downtown Chicago, Ill., and just 5 miles south of Aurora, Ill., placing it close to amenities offered by the larger cities, but away from the crowds, noise and traffic. The site will offer an abundance of green space and senior-oriented amenities. The building will have an adjacent fenced dog park, bicycle rack, and surface parking for 68 cars. Mature trees will be preserved and approximately one acre of the site will offer a picnic area with BBQ grills, a tot lot, and a walking trail with a gazebo. Accessible concrete walkways will surround the building and will connect it with the various site amenities and to the sidewalks along the building’s frontage on both Wiesbrook Drive and Fifth Street. Building amenities include a community room with kitchen, clubhouse area, common area laundry facilities, in-unit storage, on-site management offices, a parcel and mail room, and intercom-controlled building access.
Click here for the full press release
Closing Announcement: Southlawn V, Grand Island, Nebraska
PRESS RELEASE
Tuesday, March 26, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Southlawn V – a 36-unit rehab affordable housing project for seniors 55 and over located in Grand Island, Nebraska. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Nebraska Low Income Housing Tax Credits from the Nebraska Investment Finance Authority. Total development cost for Southlawn V was almost $6 million. Southlawn V was developed by Excel Development Group, with Excel Construction Company. serving as general contractor.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Southlawn V is an existing affordable housing community in Grand Island, Hall County, Nebraska. The property, originally constructed in two phases in 1999 and 2000, sits on 3.67 acres and consists of one four-plex, four five-plexes, and two six-plexes. Altogether, the seven one-story buildings hold 36 two-bedroom units. 28 of the units are reserved for households with at least one senior (55+) resident and will be set aside at the 40%, 50%, and 60% AMI rent and income levels while the remaining eight units are senior-restricted, market-rate units. All 36 units will include an attached garage. Southlawn V offers two layouts, Type A (24 units) and Type B (12 units), both of which are zero-entry two-bedroom units with attached garages and individual front and rear entrances that appeal to senior households. The site will be visually attractive with partial stone facades, generous landscaping, and outdoor community space. Unit amenities include attached garage, central air conditioning, dishwasher, electric range/oven, garbage disposal, rear patio (Type A units only), and in-unit washer/dryer.
The Project will also offer a landscaped outdoor community area with a garden and exercise equipment designed specifically for seniors. Residents will also benefit from free renter's insurance (if desired) and up to 12 free round trips per year via Grand Island's CRANE Public Transit. Trips are available by appointment and the vehicles are handicap accessible.
Click here for the full press release
Tuesday, March 26, 2024
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Southlawn V – a 36-unit rehab affordable housing project for seniors 55 and over located in Grand Island, Nebraska. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Nebraska Low Income Housing Tax Credits from the Nebraska Investment Finance Authority. Total development cost for Southlawn V was almost $6 million. Southlawn V was developed by Excel Development Group, with Excel Construction Company. serving as general contractor.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 3. Southlawn V is an existing affordable housing community in Grand Island, Hall County, Nebraska. The property, originally constructed in two phases in 1999 and 2000, sits on 3.67 acres and consists of one four-plex, four five-plexes, and two six-plexes. Altogether, the seven one-story buildings hold 36 two-bedroom units. 28 of the units are reserved for households with at least one senior (55+) resident and will be set aside at the 40%, 50%, and 60% AMI rent and income levels while the remaining eight units are senior-restricted, market-rate units. All 36 units will include an attached garage. Southlawn V offers two layouts, Type A (24 units) and Type B (12 units), both of which are zero-entry two-bedroom units with attached garages and individual front and rear entrances that appeal to senior households. The site will be visually attractive with partial stone facades, generous landscaping, and outdoor community space. Unit amenities include attached garage, central air conditioning, dishwasher, electric range/oven, garbage disposal, rear patio (Type A units only), and in-unit washer/dryer.
The Project will also offer a landscaped outdoor community area with a garden and exercise equipment designed specifically for seniors. Residents will also benefit from free renter's insurance (if desired) and up to 12 free round trips per year via Grand Island's CRANE Public Transit. Trips are available by appointment and the vehicles are handicap accessible.
Click here for the full press release
Closing Announcement: Foxtail Pointe, Sellersburg, Indiana
PRESS RELEASE
December 20, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Foxtail Pointe, a 40-unit new construction, townhome-style complex located on a 5.9-acre site located in Sellersburg, Indiana. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Indiana Housing & Community Development Authority. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc and Hamilton County Area Neighborhood Development, Inc. (HAND), along with Smith Solutions, Inc. serving as general contractor.
Total development cost for Foxtail Pointe was over $12.9 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC FFB LIHTC Equity Fund 1. Other sources of financing include a construction loan from First Financial Bank, a permanent first mortgage from Security Bank and Trust, and permanent soft loans provided by the Indiana Housing & Community Development Authority, Erie Ohio Capital CDFI Fund, LLC.
The development will comprise 10 residential buildings, one community building, and 75 on-site surface parking spaces. The target population is general occupancy, with income and rent set-asides at 30%, 50%, and 80% of median income, using the LIHTC Income Averaging set-aside. The development is designed for tenant homeownership. The partnership will set aside funds from project revenue to provide down payment assistance for residents who want to purchase their townhomes at the end of the 15-year initial compliance period. The homeownership plan is a stabilizing influence for the project. Residents who would like to own their own homes are more likely to maintain the property and less likely to move out. This increases the sense of community and reduces expenses related to maintenance and tenant turnover. The property will consist of 16 two-bedroom/1.5-bath townhome units, 4 two-bedroom/one-bath flat units, and 20 three-bedroom/two bath townhome units. Each apartment will offer a modern, spacious floor plan with central air conditioning, dishwasher, garbage disposal, microwave, electric range, refrigerator, washer/dryer hookups, front and rear entrances with covered porch and patio, and exterior storage. Common area amenities include a separate community building with an on-site management office, maintenance room, laundry facility, and fitness center. Outdoor amenities include BBQ/picnic area, bike storage, community garden, open patio, playground, free surface parking, and free wi-fi in the residential units and common areas.
Click here for the full press release
December 20, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Foxtail Pointe, a 40-unit new construction, townhome-style complex located on a 5.9-acre site located in Sellersburg, Indiana. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Indiana Housing & Community Development Authority. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc and Hamilton County Area Neighborhood Development, Inc. (HAND), along with Smith Solutions, Inc. serving as general contractor.
Total development cost for Foxtail Pointe was over $12.9 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC FFB LIHTC Equity Fund 1. Other sources of financing include a construction loan from First Financial Bank, a permanent first mortgage from Security Bank and Trust, and permanent soft loans provided by the Indiana Housing & Community Development Authority, Erie Ohio Capital CDFI Fund, LLC.
The development will comprise 10 residential buildings, one community building, and 75 on-site surface parking spaces. The target population is general occupancy, with income and rent set-asides at 30%, 50%, and 80% of median income, using the LIHTC Income Averaging set-aside. The development is designed for tenant homeownership. The partnership will set aside funds from project revenue to provide down payment assistance for residents who want to purchase their townhomes at the end of the 15-year initial compliance period. The homeownership plan is a stabilizing influence for the project. Residents who would like to own their own homes are more likely to maintain the property and less likely to move out. This increases the sense of community and reduces expenses related to maintenance and tenant turnover. The property will consist of 16 two-bedroom/1.5-bath townhome units, 4 two-bedroom/one-bath flat units, and 20 three-bedroom/two bath townhome units. Each apartment will offer a modern, spacious floor plan with central air conditioning, dishwasher, garbage disposal, microwave, electric range, refrigerator, washer/dryer hookups, front and rear entrances with covered porch and patio, and exterior storage. Common area amenities include a separate community building with an on-site management office, maintenance room, laundry facility, and fitness center. Outdoor amenities include BBQ/picnic area, bike storage, community garden, open patio, playground, free surface parking, and free wi-fi in the residential units and common areas.
Click here for the full press release
Closing Announcement: Logan Commons, Cincinnati, Ohio
PRESS RELEASE
June 29, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Logan Commons, 42-unit new construction building for seniors, located in Cincinnati, Ohio. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Cincinnati Metropolitan Housing Authority, Inc. along with Triton Services Inc. serving as general contractor.
Total development cost for Logan Commons was about $14.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC FFB LIHTC Equity Fund 1. Other sources of financing include a construction loan from First Financial Bank, and a construction to permanent loan provided by Cincinnati Development Fund, a soft loan from Cincinnati Metropolitan Housing Authority, a loan from City of Cincinnati and Hamilton County ARPA funds.
Logan Commons is the new construction of a 42‐unit, single‐building apartment complex for seniors that will be developed by the Cincinnati Metropolitan Housing Authority ('CMHA' or 'the Authority'). It is located at 1750 Logan Street in the gentrifying Over-the‐Rhine neighborhood in the City of Cincinnati, Hamilton County, Ohio.
The 0.5‐acre site is located in a very walkable neighborhood that is rich with entertainment, shopping, services, and readily available public transportation. The property will offer 38 one-bedroom and four two‐bedroom units in an accessible, four‐story elevator building. All units will be LIHTC units and will be benefit from project‐based rent subsidy that will allow residents to pay 30% of household income for rent, and the subsidy will pay the balance. The rent subsidy will allow the property to serve extremely low and even zero‐income senior households by covering whatever rent the household is not able to pay, based on income level. The building will be secure, and all units will have interior hallway entrances with intercom access. The first floor of the building will contain a commercial space that is intended to be master‐leased to a service provider that provides services related to the senior‐resident tenant base. The property will have technology rooms where seniors can video chat with friends and relatives, as well as consultation rooms for health care screenings, and meetings with services providers. An approximately 700 SF fitness room will have equipment designed for seniors. A large outdoor courtyard will provide a covered gathering space, raised garden beds, and outdoor games will be provided.
Click here for the full press release
June 29, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Logan Commons, 42-unit new construction building for seniors, located in Cincinnati, Ohio. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Cincinnati Metropolitan Housing Authority, Inc. along with Triton Services Inc. serving as general contractor.
Total development cost for Logan Commons was about $14.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC FFB LIHTC Equity Fund 1. Other sources of financing include a construction loan from First Financial Bank, and a construction to permanent loan provided by Cincinnati Development Fund, a soft loan from Cincinnati Metropolitan Housing Authority, a loan from City of Cincinnati and Hamilton County ARPA funds.
Logan Commons is the new construction of a 42‐unit, single‐building apartment complex for seniors that will be developed by the Cincinnati Metropolitan Housing Authority ('CMHA' or 'the Authority'). It is located at 1750 Logan Street in the gentrifying Over-the‐Rhine neighborhood in the City of Cincinnati, Hamilton County, Ohio.
The 0.5‐acre site is located in a very walkable neighborhood that is rich with entertainment, shopping, services, and readily available public transportation. The property will offer 38 one-bedroom and four two‐bedroom units in an accessible, four‐story elevator building. All units will be LIHTC units and will be benefit from project‐based rent subsidy that will allow residents to pay 30% of household income for rent, and the subsidy will pay the balance. The rent subsidy will allow the property to serve extremely low and even zero‐income senior households by covering whatever rent the household is not able to pay, based on income level. The building will be secure, and all units will have interior hallway entrances with intercom access. The first floor of the building will contain a commercial space that is intended to be master‐leased to a service provider that provides services related to the senior‐resident tenant base. The property will have technology rooms where seniors can video chat with friends and relatives, as well as consultation rooms for health care screenings, and meetings with services providers. An approximately 700 SF fitness room will have equipment designed for seniors. A large outdoor courtyard will provide a covered gathering space, raised garden beds, and outdoor games will be provided.
Click here for the full press release
Closing Announcement: Nisbett-Fairman Residences, Big Rapids, Michigan
PRESS RELEASE
September 28, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Nisbett-Fairman Residences, 47-unit historic renovation of 2 buildings for seniors, located in Big Rapids, Michigan. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Michigan State Housing Development Authority (MSHDA). Marble Cliff Capital was pleased to partner with Big Rapids Housing Commission and Hollander Development Corporation.
Total development cost for Nisbett-Fairman Residences was about $8.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC LOSB Fund. Other sources of financing include a construction loan from Lake-Osceola State Bank, and a permanent loan provided by MSHDA, an assumed HOME Loan through MSHDA and a soft loan from MSHDA.
Nisbett-Fairman Residences is the redevelopment of two historic buildings of a senior (55+) LIHTC complex. The two- three-story elevator buildings, built in 1880 and 1885, are located across the street from one another at the southeast and southwest corners of Maple Street and Michigan Avenue in the City of Big Rapids, Mecosta County, Michigan. Prior to the creation of the Nisbett-Fairman Residences using Low Income Housing and Historic Tax Credits in 2003, these buildings operated with hotel rooms on the second and third floors over ground floor commercial and retail space. The buildings were segregated into four condominiums in 2002. The Big Rapids Housing Commission controls both the commercial and residential condominiums. All units benefit from intercom-controlled entries, on-site management, kitchen appliances (refrigerator, self-cleaning oven/range, dishwasher, garbage disposal, microwave), in-unit washer and dryer, central air conditioning, walk-in closet, emergency pull-cord, ceiling fan, and mini-blinds. Each unit also has access to ample community space in the form of a community room, computer center, exercise area, and library. All parking is off-site on adjacent, city-owned land under long term license agreements with the City of Big Rapids. Residents will continue to enjoy the central, downtown location of these buildings. The current Walk score is 84, reflecting ample availability of numerous local amenities, including grocery, multiple parks, doctors’ offices, a hospital with multiple clinics, and a full service neighborhood pharmacy.
Click here for the full press release
September 28, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Nisbett-Fairman Residences, 47-unit historic renovation of 2 buildings for seniors, located in Big Rapids, Michigan. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Michigan State Housing Development Authority (MSHDA). Marble Cliff Capital was pleased to partner with Big Rapids Housing Commission and Hollander Development Corporation.
Total development cost for Nisbett-Fairman Residences was about $8.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC LOSB Fund. Other sources of financing include a construction loan from Lake-Osceola State Bank, and a permanent loan provided by MSHDA, an assumed HOME Loan through MSHDA and a soft loan from MSHDA.
Nisbett-Fairman Residences is the redevelopment of two historic buildings of a senior (55+) LIHTC complex. The two- three-story elevator buildings, built in 1880 and 1885, are located across the street from one another at the southeast and southwest corners of Maple Street and Michigan Avenue in the City of Big Rapids, Mecosta County, Michigan. Prior to the creation of the Nisbett-Fairman Residences using Low Income Housing and Historic Tax Credits in 2003, these buildings operated with hotel rooms on the second and third floors over ground floor commercial and retail space. The buildings were segregated into four condominiums in 2002. The Big Rapids Housing Commission controls both the commercial and residential condominiums. All units benefit from intercom-controlled entries, on-site management, kitchen appliances (refrigerator, self-cleaning oven/range, dishwasher, garbage disposal, microwave), in-unit washer and dryer, central air conditioning, walk-in closet, emergency pull-cord, ceiling fan, and mini-blinds. Each unit also has access to ample community space in the form of a community room, computer center, exercise area, and library. All parking is off-site on adjacent, city-owned land under long term license agreements with the City of Big Rapids. Residents will continue to enjoy the central, downtown location of these buildings. The current Walk score is 84, reflecting ample availability of numerous local amenities, including grocery, multiple parks, doctors’ offices, a hospital with multiple clinics, and a full service neighborhood pharmacy.
Click here for the full press release
Closing Announcement: Hemmings Crossing, Carrollton, Ohio
PRESS RELEASE
August 2, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Hemming Crossing, 42-unit new construction building for seniors, located in Carrolton, Ohio. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc, along with Coda Construction Inc. serving as general contractor.
Total development cost for Hemming Crossing was about $12.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing include a construction a permanent loan from Consumers National Bank, and permanent soft loan provided by Appalachian Growth Capital.
Hemming Crossing is the proposed new construction of a 42-unit, senior (55+) LIHTC apartment building to be located north of the intersection of Canton Rd NW & 12th St NW in the village of Carrollton, Carroll County, Ohio. Carroll County is a part of the larger Canton-Massillon, Ohio MSA. Hemming Crossing will offer 12 one-bedroom/one-bath and 30 two-bedroom/one-bath units in a single, three-story elevator building with 62 surface parking spaces (1.5 spaces per unit). The property's generous 4.23-acre parcel will be well-landscaped with trees and shrubs surrounding the building and along the entrance, parking area, and driveway. Curb appeal will be enhanced by a stormwater detention pond surrounded by a split-rail fence located along the road frontage, and there will be a picnic area located at the building's sunny south side. The property is designed to be accessible to those with disabilities. A picnic area and paved parking area will be connected to the building by accessible routes. The site's single, three-story building with common corridor and elevator will offer five fully accessible units, and the remaining units will be constructed so that they are easily modified into fully accessible units.
Click here for the full press release
August 2, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Hemming Crossing, 42-unit new construction building for seniors, located in Carrolton, Ohio. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc, along with Coda Construction Inc. serving as general contractor.
Total development cost for Hemming Crossing was about $12.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing include a construction a permanent loan from Consumers National Bank, and permanent soft loan provided by Appalachian Growth Capital.
Hemming Crossing is the proposed new construction of a 42-unit, senior (55+) LIHTC apartment building to be located north of the intersection of Canton Rd NW & 12th St NW in the village of Carrollton, Carroll County, Ohio. Carroll County is a part of the larger Canton-Massillon, Ohio MSA. Hemming Crossing will offer 12 one-bedroom/one-bath and 30 two-bedroom/one-bath units in a single, three-story elevator building with 62 surface parking spaces (1.5 spaces per unit). The property's generous 4.23-acre parcel will be well-landscaped with trees and shrubs surrounding the building and along the entrance, parking area, and driveway. Curb appeal will be enhanced by a stormwater detention pond surrounded by a split-rail fence located along the road frontage, and there will be a picnic area located at the building's sunny south side. The property is designed to be accessible to those with disabilities. A picnic area and paved parking area will be connected to the building by accessible routes. The site's single, three-story building with common corridor and elevator will offer five fully accessible units, and the remaining units will be constructed so that they are easily modified into fully accessible units.
Click here for the full press release
Closing Announcement: Wilderness Falls III, Falls City, Nebraska
PRESS RELEASE
Friday, July 25, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Wilderness Falls III– a 16-unit new construction affordable housing project located in Falls City, Nebraska. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Nebraska Low Income Housing Tax Credits from the Nebraska Investment Finance Authority. Total development cost for Wilderness Falls III was over $4 million. Wilderness Falls III was developed by Excel Development Group, with FORTEN Building Group serving as general contractor.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Nebraska Fund 1. Wilderness Falls III is located on a 1.89-acre parcel at W 31st Street and Cornhusker Court, Falls City, Richardson County, Nebraska. The project is the new construction of eight (8) one-story duplex buildings for seniors 55 and older. It will offer a total of 16 two-bedroom/one bathroom units, each with its own one-car attached garage. Wilderness Falls III is the third phase of an existing, 30-unit LIHTC project completed by the same developer. Both of the existing phases report ongoing high occupancy and are currently 100% occupied with a 60-household waiting list. The first phase, completed in 2012, is a 16-unit development restricted to seniors 55 and older and the second phase, completed in 2016, is a 14-unit development for general occupancy. The Subject apartments will be set aside at 40%, 50%, and 60% of AMI rent and income limits and it will not have project-based rental assistance.
The zero-entry unit types, with two bedrooms, attached garages, and individual front and rear exterior entrances, are likely to appeal to working senior households as well as to retirees. These attractive and marketable units will have exterior features such as partial brick facades, generous landscaping, and an outdoor exercise area with equipment tailored to seniors. Unit amenities include dishwasher, microwave, refrigerator, stove, single-car attached garage, securable exterior storage area, washer, dryer, and a rear patio. Each unit has an individual concrete driveway.
Click here for the full press release
Friday, July 25, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Wilderness Falls III– a 16-unit new construction affordable housing project located in Falls City, Nebraska. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Nebraska Low Income Housing Tax Credits from the Nebraska Investment Finance Authority. Total development cost for Wilderness Falls III was over $4 million. Wilderness Falls III was developed by Excel Development Group, with FORTEN Building Group serving as general contractor.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Nebraska Fund 1. Wilderness Falls III is located on a 1.89-acre parcel at W 31st Street and Cornhusker Court, Falls City, Richardson County, Nebraska. The project is the new construction of eight (8) one-story duplex buildings for seniors 55 and older. It will offer a total of 16 two-bedroom/one bathroom units, each with its own one-car attached garage. Wilderness Falls III is the third phase of an existing, 30-unit LIHTC project completed by the same developer. Both of the existing phases report ongoing high occupancy and are currently 100% occupied with a 60-household waiting list. The first phase, completed in 2012, is a 16-unit development restricted to seniors 55 and older and the second phase, completed in 2016, is a 14-unit development for general occupancy. The Subject apartments will be set aside at 40%, 50%, and 60% of AMI rent and income limits and it will not have project-based rental assistance.
The zero-entry unit types, with two bedrooms, attached garages, and individual front and rear exterior entrances, are likely to appeal to working senior households as well as to retirees. These attractive and marketable units will have exterior features such as partial brick facades, generous landscaping, and an outdoor exercise area with equipment tailored to seniors. Unit amenities include dishwasher, microwave, refrigerator, stove, single-car attached garage, securable exterior storage area, washer, dryer, and a rear patio. Each unit has an individual concrete driveway.
Click here for the full press release
Closing Announcement: Annie Lofts, Cincinnati, Ohio
PRESS RELEASE
July 25, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Annie Lofts, 29-unit historic renovation of 3 buildings located in Cincinnati, Ohio. This project was financed with federal and state historic credits. Marble Cliff Capital (MCC) was pleased to partner with Cincinnati Center City Development Corporation (3CDC).
Total development cost for Annie Lofts was about $12 million. MCC syndicated the federal and state historic credits through MCC FFB Historic Equity Fund 1. Other sources of financing include a construction loan from First Financial Bank, and a construction to permanent loan provided by Cincinnati Development Fund and a loan from the City of Cincinnati.
Annie Lofts is the historic rehab of a 29-unit family apartment property located on a 0.26-acre parcel at 210-218 West 12th Street, in the city of Cincinnati, Hamilton County, Ohio. The property includes three buildings that are certified historic structures that also qualify under the State of Ohio Historic Preservation Tax Credit Program eligibility requirements. The development will offer six efficiency, 15 one-, and eight two-bedroom apartments, as well as a 2,600 square-foot commercial space that will be made ready for future tenant build-out. Twenty-two of the project's residential units will be market-rate units without income or rent restrictions, six units will be restricted at or below 80% AMI, and three will be restricted at or below 60% of the AMI.
The site is attractive, with excellent curb appeal. The buildings are certified historic structures that were originally constructed between 1870 and 1910. The structures have solid brick exteriors, with limestone-accents. Units will offer unique individual styles. All apartments have high ceilings and large windows, some have bay windows, or access to second- and third-story covered porches. This substantial rehabilitation will bring the building up to modern occupancy standards, while maintaining its historic character and satisfying Federal and State Historic Preservation Office (SHPO) requirements. The buildings will be secure with intercom access. Unit amenities include Corian countertops, ceiling fans, dishwasher, garbage disposal, microwave, range, refrigerator, and in-unit washer and dryer. Ohio is a strong supporter of the use of historic tax credits to preserve buildings. In 2006, Over-the-Rhine was placed on the National Trust for Historic Preservation’s list of the “Eleven Most Endangered Historic Places in America."
Click here for the full press release
July 25, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Annie Lofts, 29-unit historic renovation of 3 buildings located in Cincinnati, Ohio. This project was financed with federal and state historic credits. Marble Cliff Capital (MCC) was pleased to partner with Cincinnati Center City Development Corporation (3CDC).
Total development cost for Annie Lofts was about $12 million. MCC syndicated the federal and state historic credits through MCC FFB Historic Equity Fund 1. Other sources of financing include a construction loan from First Financial Bank, and a construction to permanent loan provided by Cincinnati Development Fund and a loan from the City of Cincinnati.
Annie Lofts is the historic rehab of a 29-unit family apartment property located on a 0.26-acre parcel at 210-218 West 12th Street, in the city of Cincinnati, Hamilton County, Ohio. The property includes three buildings that are certified historic structures that also qualify under the State of Ohio Historic Preservation Tax Credit Program eligibility requirements. The development will offer six efficiency, 15 one-, and eight two-bedroom apartments, as well as a 2,600 square-foot commercial space that will be made ready for future tenant build-out. Twenty-two of the project's residential units will be market-rate units without income or rent restrictions, six units will be restricted at or below 80% AMI, and three will be restricted at or below 60% of the AMI.
The site is attractive, with excellent curb appeal. The buildings are certified historic structures that were originally constructed between 1870 and 1910. The structures have solid brick exteriors, with limestone-accents. Units will offer unique individual styles. All apartments have high ceilings and large windows, some have bay windows, or access to second- and third-story covered porches. This substantial rehabilitation will bring the building up to modern occupancy standards, while maintaining its historic character and satisfying Federal and State Historic Preservation Office (SHPO) requirements. The buildings will be secure with intercom access. Unit amenities include Corian countertops, ceiling fans, dishwasher, garbage disposal, microwave, range, refrigerator, and in-unit washer and dryer. Ohio is a strong supporter of the use of historic tax credits to preserve buildings. In 2006, Over-the-Rhine was placed on the National Trust for Historic Preservation’s list of the “Eleven Most Endangered Historic Places in America."
Click here for the full press release
Closing Announcement: Starling Yard, Columbus, Ohio
PRESS RELEASE
April 27, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Starling Yard, 97-unit new construction and historic rehab building, located in Columbus, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc. and the Franklinton Development Association along with Woda Construction Inc. serving as general contractor.
Total development cost for Starling Yard was about $33.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2 and the Ohio State Historic Tax Credits through MCC Historic Preservation Fund 1. Other sources of financing include a construction loan from Huntington National Bank, a soft loan provided by Franklin County Board of Commissioners Office of Economic Development & Planning, a soft loan provided by the Affordable Housing Trust, a permanent loan provided by Cedar Rapids Bank & Trust and a permanent soft loan provided by Marble Cliff Capital Communities.
Starling Yard is the historic rehabilitation and new-construction project of 97 family LIHTC apartments to be located on a 3.1- acre parcel located at 120 S. Central Avenue, in the Franklinton neighborhood of the City of Columbus, Franklin County, Ohio. The property will be appealing to a variety of household sizes and incomes with 40 one-bedroom, 46 two-bedroom and 11 three-bedroom general occupancy units targeted at 30%, 50%, 60%, and 80% of the AMI. The project will consist of 45 units in a three-story converted school building and 52 units in two new-construction, three-story walk-up buildings. The former school building was built in 1908 in a neo-classical revival style that will provide an attractive appearance with strong curb appeal. The Site will offer bike racks and an outdoor activity area with bench seating and there is a well-landscaped public park directly across Brehl Avenue on the parcel's west side. The property will have a community room with kitchen, common area restrooms, common laundry, management office, and maintenance area. The property is all-electric. The units will be energy-efficient, with Energy Star appliances, including dishwasher, garbage disposal, microwave, refrigerator, and stove. The 52 new-construction units will offer washer/ dryer hook-ups in all units.
Click here for the full press release
April 27, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Starling Yard, 97-unit new construction and historic rehab building, located in Columbus, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc. and the Franklinton Development Association along with Woda Construction Inc. serving as general contractor.
Total development cost for Starling Yard was about $33.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2 and the Ohio State Historic Tax Credits through MCC Historic Preservation Fund 1. Other sources of financing include a construction loan from Huntington National Bank, a soft loan provided by Franklin County Board of Commissioners Office of Economic Development & Planning, a soft loan provided by the Affordable Housing Trust, a permanent loan provided by Cedar Rapids Bank & Trust and a permanent soft loan provided by Marble Cliff Capital Communities.
Starling Yard is the historic rehabilitation and new-construction project of 97 family LIHTC apartments to be located on a 3.1- acre parcel located at 120 S. Central Avenue, in the Franklinton neighborhood of the City of Columbus, Franklin County, Ohio. The property will be appealing to a variety of household sizes and incomes with 40 one-bedroom, 46 two-bedroom and 11 three-bedroom general occupancy units targeted at 30%, 50%, 60%, and 80% of the AMI. The project will consist of 45 units in a three-story converted school building and 52 units in two new-construction, three-story walk-up buildings. The former school building was built in 1908 in a neo-classical revival style that will provide an attractive appearance with strong curb appeal. The Site will offer bike racks and an outdoor activity area with bench seating and there is a well-landscaped public park directly across Brehl Avenue on the parcel's west side. The property will have a community room with kitchen, common area restrooms, common laundry, management office, and maintenance area. The property is all-electric. The units will be energy-efficient, with Energy Star appliances, including dishwasher, garbage disposal, microwave, refrigerator, and stove. The 52 new-construction units will offer washer/ dryer hook-ups in all units.
Click here for the full press release
Closing Announcement: $50 million single-investor Low Income Housing Tax Credit Fund
PRESS RELEASE
Wednesday, April 5, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura Brian Graney
[email protected] [email protected]
(614) 333-9484 (614) 333-9460
Tim Condron
First Financial Bank
[email protected]
Marble Cliff Capital Closes on Affordable Housing Investment Fund
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce that it has worked with Cincinnati-based First Financial Bank to close on a new $50 million Low Income Housing Tax Credit (LIHTC) equity investment fund.
This valued partnership will allow First Financial Bank to deploy Community Reinvestment Act (CRA) lending and investments strategically across its four-state banking footprint, with several LIHTC projects slated to close into the fund later this year.
"First Financial's mission is to be a positive influence to help our clients and communities thrive," said Roddell McCullough, chief corporate responsibility officer for First Financial Bank. "We are excited to provide an investment to this fund and look forward to helping improve the quality of life for so many through much-needed affordable lending options.”
This announcement also comes at a time when the affordable housing crisis in America remains dire. Last year, only 36 affordable and available rental home were available for every 100 extremely low-income renter households.
“First Financial’s commitment to affordable housing development could not have come at a more opportune time,” said Marble Cliff Capital President and Founder Jack Kukura. “Marble Cliff Capital’s investor base remains steadfast in its support of the LIHTC program and this $50 million commitment is a testament to that. The entire Marble Cliff Capital team is excited to get to work on this fund.”
Demand for affordable housing outpaces supply in every U.S. state. Marble Cliff Capital is committed to being a part of the solution by cultivating investor and developer relationships that lead to additional affordable housing in all communities.
Click here for the full press release.
Wednesday, April 5, 2023
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura Brian Graney
[email protected] [email protected]
(614) 333-9484 (614) 333-9460
Tim Condron
First Financial Bank
[email protected]
Marble Cliff Capital Closes on Affordable Housing Investment Fund
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce that it has worked with Cincinnati-based First Financial Bank to close on a new $50 million Low Income Housing Tax Credit (LIHTC) equity investment fund.
This valued partnership will allow First Financial Bank to deploy Community Reinvestment Act (CRA) lending and investments strategically across its four-state banking footprint, with several LIHTC projects slated to close into the fund later this year.
"First Financial's mission is to be a positive influence to help our clients and communities thrive," said Roddell McCullough, chief corporate responsibility officer for First Financial Bank. "We are excited to provide an investment to this fund and look forward to helping improve the quality of life for so many through much-needed affordable lending options.”
This announcement also comes at a time when the affordable housing crisis in America remains dire. Last year, only 36 affordable and available rental home were available for every 100 extremely low-income renter households.
“First Financial’s commitment to affordable housing development could not have come at a more opportune time,” said Marble Cliff Capital President and Founder Jack Kukura. “Marble Cliff Capital’s investor base remains steadfast in its support of the LIHTC program and this $50 million commitment is a testament to that. The entire Marble Cliff Capital team is excited to get to work on this fund.”
Demand for affordable housing outpaces supply in every U.S. state. Marble Cliff Capital is committed to being a part of the solution by cultivating investor and developer relationships that lead to additional affordable housing in all communities.
Click here for the full press release.
Closing Announcement: Chapman Crossing, Corydon, Indiana
PRESS RELEASE
December 20, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Chapman Crossing, a 48-unit new construction, single-building, located in Corydon, Indiana. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Indiana Housing & Community Development Authority. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc and Hamilton County Area Neighborhood Development, Inc. (HAND), along with Smith Solutions, Inc. serving as general contractor.
Total development cost for Chapman Crossing was over $13.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing include a construction loan from First Savings Bank, a permanent first mortgage from First Savings Bank, and permanent soft loans provided by the Indiana Housing & Community Development Authority, Erie Ohio Capital CDFI Fund, LLC.
The development will comprise 12 residential buildings, one community building on a 7.7‐acre site in Corydon, Indiana. The target population is general occupancy, with income and rent set asides at 30%, 50%, and 80% of median income, using the LIHTC Income Averaging set aside. The project is designed for tenant homeownership at the end of the LIHTC Compliance period. One of the funds equity investor, First Savings Bank, in conjunction with Marble Cliff Capital Communities, Inc., will set aside funds to provide down payment assistance for residents who want to purchase their townhomes at the end of the 15‐year initial compliance period. The property will consist of 4 two‐bedroom/one‐bath flats, 20 two‐bedroom/1.5‐bath townhome units, and 24 three‐ bedroom/two‐bath townhome units. Each unit will offer a modern, open floor plan with ceiling fans, central air conditioning, dishwasher, garbage disposal, microwave, pantry, range, refrigerator, washer/dryer hookups, front and rear entrances with covered porch and patio, and exterior storage. Common area amenities include a separate community building with an on‐site management office, maintenance room, laundry facility, community room with kitchen, lounge area, fitness center, covered patio, outdoor terrace, playground, BBQ/picnic areas, and free surface parking. Residents will be able to enjoy several community amenities, including free wi‐fi throughout, an E‐tablet Lending Program, and 10 free passes per year to the May and Joe Rhoads public swimming pool (adjacent to the site).
Click here for the full press release.
December 20, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Chapman Crossing, a 48-unit new construction, single-building, located in Corydon, Indiana. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Indiana Housing & Community Development Authority. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc and Hamilton County Area Neighborhood Development, Inc. (HAND), along with Smith Solutions, Inc. serving as general contractor.
Total development cost for Chapman Crossing was over $13.5 million. Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing include a construction loan from First Savings Bank, a permanent first mortgage from First Savings Bank, and permanent soft loans provided by the Indiana Housing & Community Development Authority, Erie Ohio Capital CDFI Fund, LLC.
The development will comprise 12 residential buildings, one community building on a 7.7‐acre site in Corydon, Indiana. The target population is general occupancy, with income and rent set asides at 30%, 50%, and 80% of median income, using the LIHTC Income Averaging set aside. The project is designed for tenant homeownership at the end of the LIHTC Compliance period. One of the funds equity investor, First Savings Bank, in conjunction with Marble Cliff Capital Communities, Inc., will set aside funds to provide down payment assistance for residents who want to purchase their townhomes at the end of the 15‐year initial compliance period. The property will consist of 4 two‐bedroom/one‐bath flats, 20 two‐bedroom/1.5‐bath townhome units, and 24 three‐ bedroom/two‐bath townhome units. Each unit will offer a modern, open floor plan with ceiling fans, central air conditioning, dishwasher, garbage disposal, microwave, pantry, range, refrigerator, washer/dryer hookups, front and rear entrances with covered porch and patio, and exterior storage. Common area amenities include a separate community building with an on‐site management office, maintenance room, laundry facility, community room with kitchen, lounge area, fitness center, covered patio, outdoor terrace, playground, BBQ/picnic areas, and free surface parking. Residents will be able to enjoy several community amenities, including free wi‐fi throughout, an E‐tablet Lending Program, and 10 free passes per year to the May and Joe Rhoads public swimming pool (adjacent to the site).
Click here for the full press release.
Closing Announcement: Columbus Renaissance, Columbus, Ohio
PRESS RELEASE
December 15, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333‐9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Columbus Renaissance, a 46‐unit new construction, single‐building, located in Columbus, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc and Church and Community Development for all People, along with Woda Construction, Inc. serving as general contractor.
Total development cost for Columbus Renaissance was over $13.5 million. Marble Cliff Capital syndicated the federal Low‐Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing include a construction loan from S&T Bank, a permanent first mortgage from CF Bank, and permanent soft loans provided by the Affordable Housing Trust Fund of Columbus and Franklin County, Marble Cliff Capital Communities, the City of Columbus and Franklin County.
Columbus Renaissance is the new construction of 46 family LIHTC apartments to be constructed on a 2.77‐acre parcel located at 33 West Morrill Avenue, in the Merion Village neighborhood of Columbus, Franklin County, Ohio. The property will appeal to a variety of household sizes, offering 12 one‐bedroom/one‐bath, 28 two‐bedroom/one‐bath and six (6) three‐bedroom/two‐bath units. The property is designed to be accessible to those with disabilities. The site will contain a single, three‐story building with common corridor and elevator. A playground, picnic area, and paved parking lot with 69 spaces will be connected to the building by an accessible route. The property will be LEED‐certified with low‐flow water fixtures and Energy Star appliances, including dishwasher, garbage disposal, microwave, refrigerator, and stove. Units will have ceiling fans in living rooms and bedrooms, a wall‐mounted intercom, and washer/dryer hookups. Each unit will have electric split system HVAC and electric water heater. Co‐developer and co‐GP, Church and Community Development for All People
(CD4AP) will provide supportive services.
Click here for the full press release.
December 15, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333‐9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Columbus Renaissance, a 46‐unit new construction, single‐building, located in Columbus, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with Woda Cooper Development, Inc and Church and Community Development for all People, along with Woda Construction, Inc. serving as general contractor.
Total development cost for Columbus Renaissance was over $13.5 million. Marble Cliff Capital syndicated the federal Low‐Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing include a construction loan from S&T Bank, a permanent first mortgage from CF Bank, and permanent soft loans provided by the Affordable Housing Trust Fund of Columbus and Franklin County, Marble Cliff Capital Communities, the City of Columbus and Franklin County.
Columbus Renaissance is the new construction of 46 family LIHTC apartments to be constructed on a 2.77‐acre parcel located at 33 West Morrill Avenue, in the Merion Village neighborhood of Columbus, Franklin County, Ohio. The property will appeal to a variety of household sizes, offering 12 one‐bedroom/one‐bath, 28 two‐bedroom/one‐bath and six (6) three‐bedroom/two‐bath units. The property is designed to be accessible to those with disabilities. The site will contain a single, three‐story building with common corridor and elevator. A playground, picnic area, and paved parking lot with 69 spaces will be connected to the building by an accessible route. The property will be LEED‐certified with low‐flow water fixtures and Energy Star appliances, including dishwasher, garbage disposal, microwave, refrigerator, and stove. Units will have ceiling fans in living rooms and bedrooms, a wall‐mounted intercom, and washer/dryer hookups. Each unit will have electric split system HVAC and electric water heater. Co‐developer and co‐GP, Church and Community Development for All People
(CD4AP) will provide supportive services.
Click here for the full press release.
Closing Announcement: Johnston Crossing II, Johnston, Iowa
(Photo is Johnston Crossing I)
PRESS RELEASE
December 12, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333‐9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Johnston Crossing II – a 50‐unit new construction affordable housing project located in Johnston, Iowa. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Iowa Finance Authority.
Marble Cliff Capital syndicated the federal Low‐Income Housing Tax Credits. Johnston Crossing II is the proposed new construction of a well‐appointed, energy‐efficient senior (55+) apartment property located at 5509 NW Johnston Drive in the southeastern portion of the City of Johnston, County of Polk, State of Iowa. This location is 6.0 miles northwest of downtown Des Moines, Iowa.
Johnston Crossing II is the second phase of the Johnston Crossing development. It is adjacent to the single‐building, 50‐unit, Johnston Crossing I senior apartment development. The two properties will effectively function as one single apartment complex with a common access point from NW Johnston Drive. The second phase of the Johnston Crossing development will comprise a single, four‐story, 50‐unit elevator building situated on a well‐landscaped, 1.84‐acre parcel. It will offer 18 one‐bedroom/one‐bath and 32 two‐bedroom/one‐bath units.
Site and unit amenities are appropriate for the market and will be well‐received. Johnston II will offer secure intercom access from a locked vestibule entrance; the owner will provide a video security system that covers the exterior of the building, including parking areas, as well as interior stairwells, elevators, halls, and non‐tenant spaces. Common area amenities will include a community room with kitchen that opens to an outdoor patio; lockable storage units; an elevator; offices for site staff and maintenance; and bike racks. The apartments will be well‐appointed, with two ceiling fans per unit, a dishwasher, electric range, garbage disposal, microwave, refrigerator, and washer and dryer.
Click here for the full press release.
December 12, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333‐9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Johnston Crossing II – a 50‐unit new construction affordable housing project located in Johnston, Iowa. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Iowa Finance Authority.
Marble Cliff Capital syndicated the federal Low‐Income Housing Tax Credits. Johnston Crossing II is the proposed new construction of a well‐appointed, energy‐efficient senior (55+) apartment property located at 5509 NW Johnston Drive in the southeastern portion of the City of Johnston, County of Polk, State of Iowa. This location is 6.0 miles northwest of downtown Des Moines, Iowa.
Johnston Crossing II is the second phase of the Johnston Crossing development. It is adjacent to the single‐building, 50‐unit, Johnston Crossing I senior apartment development. The two properties will effectively function as one single apartment complex with a common access point from NW Johnston Drive. The second phase of the Johnston Crossing development will comprise a single, four‐story, 50‐unit elevator building situated on a well‐landscaped, 1.84‐acre parcel. It will offer 18 one‐bedroom/one‐bath and 32 two‐bedroom/one‐bath units.
Site and unit amenities are appropriate for the market and will be well‐received. Johnston II will offer secure intercom access from a locked vestibule entrance; the owner will provide a video security system that covers the exterior of the building, including parking areas, as well as interior stairwells, elevators, halls, and non‐tenant spaces. Common area amenities will include a community room with kitchen that opens to an outdoor patio; lockable storage units; an elevator; offices for site staff and maintenance; and bike racks. The apartments will be well‐appointed, with two ceiling fans per unit, a dishwasher, electric range, garbage disposal, microwave, refrigerator, and washer and dryer.
Click here for the full press release.
Closing Announcement: Logan Village, Logan, Ohio
PRESS RELEASE
September 28, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Logan Village – a 48-unit rehab affordable housing project located in Logan, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits. Logan Village Apartments is the rehab of a 48-unit, family property located at 1810 Linton Road in Logan, Hocking County, Ohio.
The property's 9.15-acre site offers eight two-story residential buildings, one single-story leasing office-community building, and on-site surface parking for 108 cars. There are 38 two-bedroom/one-bath and ten three-bedroom/1.5 bath apartments, all of which will be set aside for families at 50% and 60% of AMI rent and income limits. All of the apartments benefit from HUD-provided project-based rent subsidy provided through a Housing Assistance Payment (HAP) contract. This rent subsidy allows residents to pay 30% of household income toward rent, with the remainder paid by the subsidy.
The property will include enhanced accessible and adaptable features, on-site management, a community activity room, a common-area laundry, walking trails, a basketball court, and a newly renovated playground. Apartments have front and rear entrances with rear concrete patios. Units have large windows, and each apartment has an enclosed storage area next to its patio. The property has central air conditioning and gas heat and hot water.
Click here for the full press release.
September 28, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Logan Village – a 48-unit rehab affordable housing project located in Logan, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits. Logan Village Apartments is the rehab of a 48-unit, family property located at 1810 Linton Road in Logan, Hocking County, Ohio.
The property's 9.15-acre site offers eight two-story residential buildings, one single-story leasing office-community building, and on-site surface parking for 108 cars. There are 38 two-bedroom/one-bath and ten three-bedroom/1.5 bath apartments, all of which will be set aside for families at 50% and 60% of AMI rent and income limits. All of the apartments benefit from HUD-provided project-based rent subsidy provided through a Housing Assistance Payment (HAP) contract. This rent subsidy allows residents to pay 30% of household income toward rent, with the remainder paid by the subsidy.
The property will include enhanced accessible and adaptable features, on-site management, a community activity room, a common-area laundry, walking trails, a basketball court, and a newly renovated playground. Apartments have front and rear entrances with rear concrete patios. Units have large windows, and each apartment has an enclosed storage area next to its patio. The property has central air conditioning and gas heat and hot water.
Click here for the full press release.
Closing Announcement: McKinley Manor, Columbus, Ohio
PRESS RELEASE
August 26, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of McKinley Manor – a 44-unit new construction, single-building, permanent supportive housing development for seniors 55 and over located in Columbus, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with the Columbus Metropolitan Housing Authority on this development.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing included a construction loan from Park National Bank, a permanent first mortgage and a permanent soft loan provided by the Affordable Housing Trust Fund of Columbus and Franklin County, a permanent soft loan from Marble Cliff Capital Communities, a permanent soft loan from the Ohio Housing Finance Agency, a grant from the City of Columbus and a grant from Franklin County.
All units will be set aside to serve people with serious mental illness or co-occurring mental illness and substance abuse who are homeless or at-risk of homelessness or institutionalization. Columbus Metropolitan Housing Authority will offer supportive services with funding through the Community Shelter Board and will contract with LifeCare Alliance to administer the services needed for the population. All units will be subsidized by a project-based Housing Assistance Payment (HAP) contract that will allow residents to pay 30% of household income for rent, and the HAP will pay the balance. The Community Shelter Board will oversee the relocation of the 44 residents from the old YMCA building to McKinley Manor, which will provide support services, management offices, community rooms and a health and wellness clinic.
Click here for the full press release.
August 26, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of McKinley Manor – a 44-unit new construction, single-building, permanent supportive housing development for seniors 55 and over located in Columbus, Ohio. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Ohio Housing Finance Agency. Marble Cliff Capital was pleased to partner with the Columbus Metropolitan Housing Authority on this development.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 2. Other sources of financing included a construction loan from Park National Bank, a permanent first mortgage and a permanent soft loan provided by the Affordable Housing Trust Fund of Columbus and Franklin County, a permanent soft loan from Marble Cliff Capital Communities, a permanent soft loan from the Ohio Housing Finance Agency, a grant from the City of Columbus and a grant from Franklin County.
All units will be set aside to serve people with serious mental illness or co-occurring mental illness and substance abuse who are homeless or at-risk of homelessness or institutionalization. Columbus Metropolitan Housing Authority will offer supportive services with funding through the Community Shelter Board and will contract with LifeCare Alliance to administer the services needed for the population. All units will be subsidized by a project-based Housing Assistance Payment (HAP) contract that will allow residents to pay 30% of household income for rent, and the HAP will pay the balance. The Community Shelter Board will oversee the relocation of the 44 residents from the old YMCA building to McKinley Manor, which will provide support services, management offices, community rooms and a health and wellness clinic.
Click here for the full press release.
Closing Announcement: Claremore Flats, Claremore, Oklahoma
PRESS RELEASE
June 9, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura [email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Claremore Flats – a 72-unit new construction affordable housing project located in Claremore, Oklahoma. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Oklahoma Low Income Housing Tax Credits from the Oklahoma Housing Finance Agency.
Marble Cliff Capital syndicated both the federal Low-Income Housing Tax Credits and the state Low Income Housing Tax Credits through a proprietary fund. The apartments that will be constructed will be in three 3-story walk-up buildings on a 6.97-acre parcel. The property will be appealing to a
variety of household sizes, offering 36 two bedroom / one-bath and 36 three-bedroom / two-bath general occupancy units. The development will also have a 2,361 square foot community building that will offer a lobby, a common room, a fitness center, handicap accessible restrooms, and a maintenance room. The Community building will also do double-duty as a storm shelter.
The site will be attractive, with excellent curb appeal and significant green space with on-site surface parking for 147 cars, which exceeds the minimum requirement of two spaces per unit. The property is all-electric. Tenants pay electricity and the owner provides water, sewer, and trash removal. Units will be energy-efficient, with low-flow water fixtures and Energy Star appliances, including ceiling fans in living rooms and bedrooms, dishwasher, garbage disposal, refrigerator, stove, and washer and dryer in all units.
Click here for the full press release.
June 9, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura [email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Claremore Flats – a 72-unit new construction affordable housing project located in Claremore, Oklahoma. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Oklahoma Low Income Housing Tax Credits from the Oklahoma Housing Finance Agency.
Marble Cliff Capital syndicated both the federal Low-Income Housing Tax Credits and the state Low Income Housing Tax Credits through a proprietary fund. The apartments that will be constructed will be in three 3-story walk-up buildings on a 6.97-acre parcel. The property will be appealing to a
variety of household sizes, offering 36 two bedroom / one-bath and 36 three-bedroom / two-bath general occupancy units. The development will also have a 2,361 square foot community building that will offer a lobby, a common room, a fitness center, handicap accessible restrooms, and a maintenance room. The Community building will also do double-duty as a storm shelter.
The site will be attractive, with excellent curb appeal and significant green space with on-site surface parking for 147 cars, which exceeds the minimum requirement of two spaces per unit. The property is all-electric. Tenants pay electricity and the owner provides water, sewer, and trash removal. Units will be energy-efficient, with low-flow water fixtures and Energy Star appliances, including ceiling fans in living rooms and bedrooms, dishwasher, garbage disposal, refrigerator, stove, and washer and dryer in all units.
Click here for the full press release.
Closing Announcement: Maplewood Apartments II, McCook, Nebraska
PRESS RELEASE
May 2, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura [email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Maplewood Apartments II– a 24- unit rehab affordable housing project located in McCook, Nebraska. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Nebraska Low
Income Housing Tax Credits from the Nebraska Investment Finance Authority.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Nebraska Fund 1. Maplewood Apartments II, LLC project is located at 1400 West H Street, McCook, Red Willow County, Nebraska, and consists of the acquisition and rehabilitation of the24-unit existing LIHTC development.
The property was originally constructed in 1997 and comprises six buildings containing 16 two-bedroom / one-bath units and 8 three-bedroom / one-bath units, all with one-car attached garages. The project is restricted to senior households 55 and older and units are set aside at 40%, 50%, and 60% of AMI rent and income limits. The unit types, with two- and three-bedrooms, attached garages, and individual exterior entrances, will appeal to working senior households as well as to retirees. In addition, the ability to serve residents across a wide span of incomes allows both working and retired seniors to income-qualify.
Click here for the full press release.
May 2, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura [email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Maplewood Apartments II– a 24- unit rehab affordable housing project located in McCook, Nebraska. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) and State of Nebraska Low
Income Housing Tax Credits from the Nebraska Investment Finance Authority.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Nebraska Fund 1. Maplewood Apartments II, LLC project is located at 1400 West H Street, McCook, Red Willow County, Nebraska, and consists of the acquisition and rehabilitation of the24-unit existing LIHTC development.
The property was originally constructed in 1997 and comprises six buildings containing 16 two-bedroom / one-bath units and 8 three-bedroom / one-bath units, all with one-car attached garages. The project is restricted to senior households 55 and older and units are set aside at 40%, 50%, and 60% of AMI rent and income limits. The unit types, with two- and three-bedrooms, attached garages, and individual exterior entrances, will appeal to working senior households as well as to retirees. In addition, the ability to serve residents across a wide span of incomes allows both working and retired seniors to income-qualify.
Click here for the full press release.
Closing Announcement: Woodward Way, East Lansing , Michigan
PRESS RELEASE
January 14, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Woodward Way – a 49-unit new construction affordable housing project located in East Lansing, Michigan. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Michigan State Housing Development Authority.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 1. The 4.37‐ acre site will be well‐landscaped, with excellent curb appeal. The property will be attractive to a variety of household sizes, offering eight (8) one‐bedroom/one‐bath, 36 two‐bedroom/1.5‐bath, and five (5) three‐bedroom/two‐bath units. The development will offer a variety of flat and townhome‐units that will be constructed in two, two‐story walk‐up buildings.
Site amenities include a community room with kitchen, a common area‐laundry, offices for site staff, a patio/picnic area, a playground, 25 bicycle parking spaces, and on‐site surface parking for 98 cars (two spaces per unit). The property will be energy‐efficient and is expected to qualify for LEED Silver. Units will have low‐flow water fixtures and Energy Star appliances, including ceiling fans in living room and bedrooms, dishwasher, garbage disposal, microwave, refrigerator, and stove. All units will have a laundry closet with washer/dryer hookups. All units will have central air conditioning, individual electric water heaters, and gas furnaces. Water and sewer is sub metered. Tenants pay all utilities except for trash removal, which is provided by the owner.
Click here for the full press release.
January 14, 2022
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Woodward Way – a 49-unit new construction affordable housing project located in East Lansing, Michigan. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Michigan State Housing Development Authority.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 1. The 4.37‐ acre site will be well‐landscaped, with excellent curb appeal. The property will be attractive to a variety of household sizes, offering eight (8) one‐bedroom/one‐bath, 36 two‐bedroom/1.5‐bath, and five (5) three‐bedroom/two‐bath units. The development will offer a variety of flat and townhome‐units that will be constructed in two, two‐story walk‐up buildings.
Site amenities include a community room with kitchen, a common area‐laundry, offices for site staff, a patio/picnic area, a playground, 25 bicycle parking spaces, and on‐site surface parking for 98 cars (two spaces per unit). The property will be energy‐efficient and is expected to qualify for LEED Silver. Units will have low‐flow water fixtures and Energy Star appliances, including ceiling fans in living room and bedrooms, dishwasher, garbage disposal, microwave, refrigerator, and stove. All units will have a laundry closet with washer/dryer hookups. All units will have central air conditioning, individual electric water heaters, and gas furnaces. Water and sewer is sub metered. Tenants pay all utilities except for trash removal, which is provided by the owner.
Click here for the full press release.
Closing Announcement: Ruth Park, Traverse City, Michigan
PRESS RELEASE
December 29, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Ruth Park– a 58-unit new construction affordable housing project located in Traverse City, Michigan. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Michigan State Housing Development Authority.
Marble Cliff Capital syndicated the federal Low Income Housing Tax Credits through MCC Community Equity Fund 1. Future residents will enjoy well-appointed 1, 2 and 3 bedroom units located in downtown Traverse City by Lake Boardman. The building is within in walking distance from Lake Boardman and the local public library. The building will offer secure, intercom access with more than 13,000 square feet of community space. The first floor will contain two secure entry vestibules (front and back), an elevator, a management office, a community room with kitchen, a patio, two common area restrooms, a mail area, and a lobby; the second floor will provide an exercise room and storage area; the third floor will have a common laundry and storage area; and the fourth floor will have another community room with kitchen, an outdoor terrace with views of the river, two common area restrooms, and a maintenance office and storage area. The property is designed to be accessible to those with disabilities. All 58 units will have visitability design features, and six units will be barrier free or fully adaptable to barrier free standards.
Click here for the full press release.
December 29, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Ruth Park– a 58-unit new construction affordable housing project located in Traverse City, Michigan. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Michigan State Housing Development Authority.
Marble Cliff Capital syndicated the federal Low Income Housing Tax Credits through MCC Community Equity Fund 1. Future residents will enjoy well-appointed 1, 2 and 3 bedroom units located in downtown Traverse City by Lake Boardman. The building is within in walking distance from Lake Boardman and the local public library. The building will offer secure, intercom access with more than 13,000 square feet of community space. The first floor will contain two secure entry vestibules (front and back), an elevator, a management office, a community room with kitchen, a patio, two common area restrooms, a mail area, and a lobby; the second floor will provide an exercise room and storage area; the third floor will have a common laundry and storage area; and the fourth floor will have another community room with kitchen, an outdoor terrace with views of the river, two common area restrooms, and a maintenance office and storage area. The property is designed to be accessible to those with disabilities. All 58 units will have visitability design features, and six units will be barrier free or fully adaptable to barrier free standards.
Click here for the full press release.
Closing Announcement: Havens Crossing, Walton, Kentucky
PRESS RELEASE
December 21, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Havens Crossing – a 57-unit new construction affordable housing project located in Walton, Kentucky. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Kentucky Housing Corporation.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 1. The site is approximately 22 miles south of downtown Cincinnati, Ohio and 63 miles north of Lexington, Kentucky.
The development will consist of 1- and 2-bedroom units in a three‐story, elevator building. Unit amenities include washer/dryer hook‐ups, microwave, dishwasher, garbage disposal, stove, and refrigerator. All appliances will be Energy Star rated. Each unit will include its own central heating and cooling system, energy efficient windows, and additional insulation. Six units will be accessible to mobility impaired households and two units will be constructed for visually or hearing-impaired households.
The development will offer a variety of senior‐oriented amenities including a bocce court, a community room with kitchen, a common area laundry, a computer room, a craft room, a fitness room, a gazebo, a picnic area, a covered outdoor patio, outdoor community garden plots, offices for site staff and maintenance, and on‐site surface parking for 118 cars, which exceeds the local zoning requirement. The property is all‐electric and water and sewer is sub metered. Tenants pay all utilities except for trash removal, which is provided by the owner. All units have a help/call system.
Click here for the full press release.
December 21, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Havens Crossing – a 57-unit new construction affordable housing project located in Walton, Kentucky. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Kentucky Housing Corporation.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 1. The site is approximately 22 miles south of downtown Cincinnati, Ohio and 63 miles north of Lexington, Kentucky.
The development will consist of 1- and 2-bedroom units in a three‐story, elevator building. Unit amenities include washer/dryer hook‐ups, microwave, dishwasher, garbage disposal, stove, and refrigerator. All appliances will be Energy Star rated. Each unit will include its own central heating and cooling system, energy efficient windows, and additional insulation. Six units will be accessible to mobility impaired households and two units will be constructed for visually or hearing-impaired households.
The development will offer a variety of senior‐oriented amenities including a bocce court, a community room with kitchen, a common area laundry, a computer room, a craft room, a fitness room, a gazebo, a picnic area, a covered outdoor patio, outdoor community garden plots, offices for site staff and maintenance, and on‐site surface parking for 118 cars, which exceeds the local zoning requirement. The property is all‐electric and water and sewer is sub metered. Tenants pay all utilities except for trash removal, which is provided by the owner. All units have a help/call system.
Click here for the full press release.
Addition to our Team!
PRESS RELEASE
November 22, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura [email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC (MCC) is pleased to announce the hiring of Cameron Stanley as a Development Analyst. Cameron was hired to assist in underwriting LIHTC transactions for MCC’s tax credit investment portfolio and to assist in tax credit investment closings.
“We are very fortunate and excited to have Cameron as part of our team at Marble Cliff Capital. Cameron brings a wealth of overall knowledge to MCC including technical computer skills and a financial and accounting background,” said Marble Cliff Capital President and Founder Jack Kukura.
Cameron was most recently with the Central Ohio Urology Group in their accounting department. Prior to joining Central Ohio Urology Group, Cameron spent 9 years with Cameron Mitchel Organizations including a spending some time in the accounting department.
Click here for the full press release.
November 22, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura [email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC (MCC) is pleased to announce the hiring of Cameron Stanley as a Development Analyst. Cameron was hired to assist in underwriting LIHTC transactions for MCC’s tax credit investment portfolio and to assist in tax credit investment closings.
“We are very fortunate and excited to have Cameron as part of our team at Marble Cliff Capital. Cameron brings a wealth of overall knowledge to MCC including technical computer skills and a financial and accounting background,” said Marble Cliff Capital President and Founder Jack Kukura.
Cameron was most recently with the Central Ohio Urology Group in their accounting department. Prior to joining Central Ohio Urology Group, Cameron spent 9 years with Cameron Mitchel Organizations including a spending some time in the accounting department.
Click here for the full press release.
Closing Announcement: Stockton Greene, Charleston, West Virginia
PRESS RELEASE
October 14, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Stockton Greene – a 43-unit new construction affordable housing project located in Charleston, West Virginia. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Kentucky Housing Corporation.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 1. The building will be situated on a 1.33‐acre parcel located at 1625 Seventh Avenue, in the City of Charleston, Kanawha County, West Virginia. The property will offer 13 one‐bedroom/one‐bath and 30 two‐bedroom/one‐bath apartments. Eleven units will be set aside at or below 50%, and 32 units will be set aside at or below the 60% AMI rent and income limits.
The project will be financed using hard debt provided by WVHDF and soft debt provided by CDBG‐DR funds, along with Tax Exempt Bonds and related 4% Federal LIHTCs. It will offer a community room with kitchen, a computer room, an elevator, an exercise area, two common area restrooms, offices for site staff and maintenance, a playroom area, and a hallway trash chute on each floor. The building will offer secure access with a locked vestibule entrance and intercom. Individual units will be accessed from interior hallways.
The property will be energy‐efficient and low utility costs will be beneficial to residents and project operations. Each unit will provide Energy Star appliances including in‐unit washer and dryer, range, refrigerator, garbage disposal, dishwasher, and LED lighting fixtures and ceiling fans. Interior storage units will be available at no charge to residents.
Click here for the full press release.
October 14, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 333-9528
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Stockton Greene – a 43-unit new construction affordable housing project located in Charleston, West Virginia. This project was financed with 4% Low Income Housing Tax Credits (“LIHTCs”) from the Kentucky Housing Corporation.
Marble Cliff Capital syndicated the federal Low-Income Housing Tax Credits through MCC Community Equity Fund 1. The building will be situated on a 1.33‐acre parcel located at 1625 Seventh Avenue, in the City of Charleston, Kanawha County, West Virginia. The property will offer 13 one‐bedroom/one‐bath and 30 two‐bedroom/one‐bath apartments. Eleven units will be set aside at or below 50%, and 32 units will be set aside at or below the 60% AMI rent and income limits.
The project will be financed using hard debt provided by WVHDF and soft debt provided by CDBG‐DR funds, along with Tax Exempt Bonds and related 4% Federal LIHTCs. It will offer a community room with kitchen, a computer room, an elevator, an exercise area, two common area restrooms, offices for site staff and maintenance, a playroom area, and a hallway trash chute on each floor. The building will offer secure access with a locked vestibule entrance and intercom. Individual units will be accessed from interior hallways.
The property will be energy‐efficient and low utility costs will be beneficial to residents and project operations. Each unit will provide Energy Star appliances including in‐unit washer and dryer, range, refrigerator, garbage disposal, dishwasher, and LED lighting fixtures and ceiling fans. Interior storage units will be available at no charge to residents.
Click here for the full press release.
Closing Announcement: Johnston Crossing, Johnston Iowa
PRESS RELEASE
July 14, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Johnston Crossing – a 50-unit new construction affordable housing project located in Johnston, Iowa. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Iowa Finance Authority.
Marble Cliff Capital syndicated the federal Low Income Housing Tax Credits through MCC Community Equity Fund 1. Future senior residents will enjoy well-appointed 1 and 2 bedroom units located just 6 miles north of downtown Des Moines. The building will offer secure intercom access from a locked vestibule entrance; a video security system covering the outside, including parking areas, and all levels of stairways, elevators, halls, and non-tenant spaces will be provided. Individual units are accessed from interior hallways, which improves energy efficiency, lowers heating costs, and makes the property more desirable to its senior-resident target market. Common area amenities will include a community room with kitchen; centrally-located, lockable storage units; an elevator; offices for site staff and maintenance; and bike racks.
Click here for the full press release.
July 14, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Johnston Crossing – a 50-unit new construction affordable housing project located in Johnston, Iowa. This project was financed with 9% Low Income Housing Tax Credits (“LIHTCs”) from the Iowa Finance Authority.
Marble Cliff Capital syndicated the federal Low Income Housing Tax Credits through MCC Community Equity Fund 1. Future senior residents will enjoy well-appointed 1 and 2 bedroom units located just 6 miles north of downtown Des Moines. The building will offer secure intercom access from a locked vestibule entrance; a video security system covering the outside, including parking areas, and all levels of stairways, elevators, halls, and non-tenant spaces will be provided. Individual units are accessed from interior hallways, which improves energy efficiency, lowers heating costs, and makes the property more desirable to its senior-resident target market. Common area amenities will include a community room with kitchen; centrally-located, lockable storage units; an elevator; offices for site staff and maintenance; and bike racks.
Click here for the full press release.
Closing Announcement: The Moreland House, Cleveland, Ohio
PRESS RELEASE
July 9, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of The Moreland House. Originally constructed in 1923 in the renowned Shaker Square neighborhood of Cleveland, this project will create 23 units of multifamily housing in a walkable area with convenient access to public transit. Congratulations to the entire development team including
Marble Cliff Capital syndicated the federal historic housing tax credits in a single investor tax credit equity fund with CFBank, N.A., and the state historic tax credits with a private investor. Development partner Rakefet Landes will rehab the building consisting of a variety of household sizes, offering nine studio/one-bath, nine one-bedroom/one-bath, and five two-bedroom/one-bath general occupancy units in a single four-story walk-up building. At least 40% of the 23 units will be dedicated to low-income households at no more than 60% of Area Median Gross Income (“AMGI”) and eight units will be floating HOME units, one at 50% of AMI and seven at 80% of AMI.
Click here for the full press release.
July 9, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of The Moreland House. Originally constructed in 1923 in the renowned Shaker Square neighborhood of Cleveland, this project will create 23 units of multifamily housing in a walkable area with convenient access to public transit. Congratulations to the entire development team including
Marble Cliff Capital syndicated the federal historic housing tax credits in a single investor tax credit equity fund with CFBank, N.A., and the state historic tax credits with a private investor. Development partner Rakefet Landes will rehab the building consisting of a variety of household sizes, offering nine studio/one-bath, nine one-bedroom/one-bath, and five two-bedroom/one-bath general occupancy units in a single four-story walk-up building. At least 40% of the 23 units will be dedicated to low-income households at no more than 60% of Area Median Gross Income (“AMGI”) and eight units will be floating HOME units, one at 50% of AMI and seven at 80% of AMI.
Click here for the full press release.
MCC Inaugural multi-investor fund closes at $53.5 million!!
PRESS RELEASE
June 17, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC announced the closing of Marble Cliff Capital Community Equity Fund 1 L.P. (“Fund 1”) – a $53.5 million multi-investor Low Income Housing Tax Credit (“LIHTC”) equity investment fund that will facilitate 419 units of affordable housing across five different states in seven tax credit multifamily housing projects.
In partnership with ten institutional investors, Marble Cliff Capital was able to close its inaugural multi-investor tax credit fund within its first year of operations despite the unique challenges posed by the COVID-19 pandemic and its rippling effects on the LIHTC equity market.
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Closing Announcement: Summer Tree Terrace, Jeffersonville, Ohio
PRESS RELEASE
May 28, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Summer Tree Terrace – a 24-unit rehabilitation of a U.S. Department of Agriculture (“USDA”) – Rural Development (“RD”) subsidized affordable housing project located in Jeffersonville, Ohio. This re-syndication of Summer Tree Terrace with 4% Low Income Housing Tax Credits (“LIHTCs”) will ensure the preservation of critical subsidized housing for years to come in the rural community of Jeffersonville.
Marble Cliff Capital syndicated the federal Low Income Housing Tax Credits in a single investor tax credit equity fund with CFBank, N.A., and development partner Woda Cooper Communities. Summer Tree Terrace consists of 24 two-bedroom units. The rehabilitation’s scope of work includes energy efficient upgrades throughout the units, new roofing, new flooring, replacement of cabinetry, site lighting, and handicap accessibility upgrades.
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Closing Announcement: Allegany Junction: Cumberland, Maryland
PRESS RELEASE
April 5, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Alleghany Junction – a 40-unit new construction affordable housing project in Cumberland, Maryland. This investment in the Cumberland community will provide families with critical affordable housing as the effects of the global COVID-19 pandemic persist.
Marble Cliff Capital syndicated the federal Low Income Housing Tax Credits with construction lender First United Bank & Trust and development partner Woda Cooper Communities. Once completed, Alleghany Junction will consist of 34 two-bedroom units and 6 three-bedroom units for families with six units dedicated to individuals with disabilities.
Click here for full press release
April 5, 2021
FOR IMMEDIATE RELEASE
CONTACT:
Jack Kukura
[email protected]
(614) 353-5353
COLUMBUS, OHIO – Marble Cliff Capital, LLC is pleased to announce the closing of Alleghany Junction – a 40-unit new construction affordable housing project in Cumberland, Maryland. This investment in the Cumberland community will provide families with critical affordable housing as the effects of the global COVID-19 pandemic persist.
Marble Cliff Capital syndicated the federal Low Income Housing Tax Credits with construction lender First United Bank & Trust and development partner Woda Cooper Communities. Once completed, Alleghany Junction will consist of 34 two-bedroom units and 6 three-bedroom units for families with six units dedicated to individuals with disabilities.
Click here for full press release