Property Type: Project Based Section 8 Multi-Family
Located in east Memphis, this urban community is conveniently located close to Highway 78, schools, dining, churches and shopping. Pendleton Place features a collection of 18, two-story buildings on 7.88 acres.
This property features garden-style two-bedroom apartments. Upgraded amenities include a renovated community center and leasing office, updated laundry room and new playground.
Pendleton Place will receive approximately $47,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of renovation encompasses both extensive exterior and interior work. Important health and safety improvements include new sewer lines and plumbing, as well as upgraded security gates. Building upgrades include new roofs, new windows, new siding, HVAC systems, plumbing and electrical upgrades, as well as energy efficiency improvements. Interior renovations include new kitchens and bathrooms, new flooring and interior paint. Project amenities include a new community center and leasing office, new playground, and new pavilion with picnic area.
This project is financed with FHA insured 221(d)(4) permanent first mortgage loans originated by PNC Bank, tax exempt bonds issued by the Health, Educational and Housing Facility Board of the City of Memphis and underwritten by Stifel, Nicolaus & Company, 4% tax credits allocated by Tennessee Housing Development Agency and tax credit equity provided by NDC.
Age: 1950/2006; under renovation in 2018 to be completed in 2019.