The Michaels Organization, a national leader in residential real estate with full-service capabilities in development, property management, construction, and investment, and Tulsa Housing Authority have completed the rehabilitation and preservation of an affordable housing community in Tulsa, OK, and achieved a financial closing converting the construction loan to permanent financing.
Country Club Gardens, which Michaels co-developed with the Tulsa Housing Authority over six phases starting in 1998 using HUD’s HOPE VI program, was a major neighborhood revitalization of a former public housing neighborhood. The recently completed renovations, which benefited from HUD’s Rental Assistance Demonstration (RAD) program, ensures the preservation of this important affordable housing resource for both families and senior citizens on the city’s Northwest side.
“For more than 20 years, Michaels has lifted the lives of residents at Country Club Gardens,” said Jonathan Lubonski, Managing Vice President of Development for The Michaels Organization. “We are delighted to continue to preserve the long-term affordability of this important community.”
Michaels co-developed the property with the Tulsa Housing Authority on this recent renovation.
“Tulsa, like many communities, has a significant need for affordable housing,” said Aaron Darden, president & CEO of Tulsa Housing Authority. “The renovations at our Country Club Gardens property will extend the usable life of the site for years to come and will preserve affordable housing access for Tulsans who need it.”
Country Club Gardens community comprises 353 units and offers apartments in one-, two-, and three-bedroom layouts as well as three-bedroom townhouses. There are two properties within the community that are designed for seniors 62 years and older. All six phases of the community were part of this recent rehabilitation effort.
Completed renovations include sustainability modernization, such as upgrading all HVAC and water heaters and installing energy-efficiency lighting, two new storm shelters for enhanced resident safety, and playground and community center upgrades for enhanced recreational opportunities. Interior renovations included new kitchens, baths, flooring, and paint for all units, as well as other improvements.
Financing for the acquisition and rehabilitation was achieved with a 4% LIHTC commitment from the Oklahoma Housing Finance Agency, a $12 million investment from RBC Community Investments, and $30 million in tax-exempt bonds financed by Citi Community Capital, which also provided permanent debt of $18 million.
Existing residents were given first priority to return upon the completion of unit rehabilitation.
Shared July 24, 2024.