The September 4 grand opening for Globe Apartments in Watertown celebrated a new resource for low-income families in the southeast Wisconsin community. The development consists of 48 two- and three-bedroom apartments, with 12 units set aside for people with disabilities who will receive long-term supportive services from a partnership between Care Wisconsin, Inc., and Movin’ Out.
IFF provided a $1.2 million loan to Globe Apartments, LLC, to build a multifamily affordable housing rental development and sponsored a successful application for a $345,000 affordable housing program grant from the Federal Home Loan Bank of Chicago. Globe Apartments, LLC, consists of Movin’ Out and two developers, Antach and Horizon Development and Construction. Other funding sources include a HOME loan, city tax increment financing funds, and Low Income Housing Tax Credit equity.
“This project is an excellent example of a strong joint venture between the nonprofit and for-profit world,” said Dave Porterfield, real estate developer for Movin’ Out. “The financing from IFF, along with its support in accessing Affordable Housing Program grant funds, was a key ingredient to the project’s success.”
Tags: : Capital Solutions, Housing