Acquisitions/Preservations/Rehabilitations
Exchange Place Tower Apartments
Flanders West Apartments NHPF was able to preserve Flanders West Apartments via funding from PNC Bank and the National Housing Preservation fund totaling $18M. Constructed in 1978, the Flanders West Apartments are situated in a rural setting in Southington, CT. The 145 units contained in two mid-rise elevator buildings are a mix of studio and one-bedroom apartments. This service-enriched senior property has community rooms in each building. One building’s community room has a fitness center, while the other has a computer lab with library and lounge area. Both community rooms provide resident programming and have small kitchens and adjoining outdoor patios Flanders West is comprised of 51 studio and 94 one- bedroom units. All Flanders West households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.
With financing from PNC Bank and the National Housing Preservation Fund, NHPF acquired Exchange Place Tower Apartments for $13M. Originally constructed in 1983, Exchange Place is comprised of 150 units in an urban setting in downtown Waterbury, CT. Its 11-story, elevator high-rise building contains primarily one bedroom apartments and features ground floor retail and underground parking. This service-enriched senior property has a community area on its top floor that offers a wellness center, a computer area, a resident lunch program, an on-site resident services coordinator, a shared use balcony, and space for ongoing educational programming for all residents. Exchange Place is comprised of 145 one-bedroom units and five two-bedroom units. All Exchange Place Tower households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.
6 NHPF Fiscal Year 2017 Annual Report
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