Humanities Foundation has broken ground on Puddledock Place Apartments in Prince George County, VA. This affordable community for families is valued at more than $20,000,000 and will be developed in two phases. The apartments were financed utilizing Low Income Housing Tax Credits (LIHTC) administered by Virginia Housing and Development Authority, construction and permanent financing from Bank of America Merrill Lynch, permanent financing from the Federal Home Loan Bank of Atlanta and equity from the Richman Group. Connelly Builders has been selected as the contractor. The apartments are will be developed as a joint venture with James Doran Company and will be managed by JDC Management, an affiliate of James Doran Company.
Puddledock Place enjoys a prime location near South Park Mall and Fort Lee that will make the community a very desirable place to live. Residents will have a wide range of retail, entertainment and services to choose from in addition to being close to major area employers. “We are thrilled to start construction on Puddledock Place, “said Tracy Doran, President of Humanities Foundation. “The location and area amenities are simply excellent and we feel confident that the community will lease very well.” Development amenities include a clubhouse, laundry facility, fitness center, playground and a computer center. Unit amenities include a refrigerator, dishwasher, disposal, ceiling fans and washer/dryer hookups.
The first phase, Puddledock Place, will consist of 84 units that will be complete by Summer of 2014. The second phase, Puddledock Place II will consist of 72 units and should be complete by the end of 2014.
Posted on Wed, August 7, 2013
by Buff Ross