MARINETTE – Hunt Capital Partners announced the closing of $6.27 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Trolley Station Terrace. Based in Marinette, the new mixed-income development will offer 45 affordable apartments, featuring 38 income-restricted and seven unrestricted market-rate units. The LIHTC homes will be reserved for income-qualified families who earn up to 30, 50 and 60% of the area median income.
Existing Marinette residents as well as workers drawn into town by jobs created through the new shipbuilding contract at Fincantieri Marinette Marine will not only benefit from new employment opportunities, but also from new housing via the Trolley Station Terrace development.
“We are pleased to invest in Trolley Station Terrace in Marinette, where there is a strong demand for modern and affordable workforce housing,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “We utilized a variety of financing sources, including USDA Rural Housing Services funding. Newcap is already actively providing services in Marinette and is well acquainted with the community’s needs. Newcap has been a great partner and champion for this deal, garnering strong local support and capital for this development, including a long-term land lease from the City of Marinette.”
Newcap Inc. put together a development team that includes: Crown Court Properties Ltd. as a co-developer; McGann Construction Inc. as general contractor; Dimension IV Madison Design Group as project architect; and Lutheran Social Services as the property manager. Construction began in late August 2020 and is scheduled for completion in August 2021.
When completed, Trolley Station Terrace will feature a single three-story elevator-serviced residential building situated on 2.4 acres of land. Trolley Station Terrace’s LIHTC unit mix includes one-, two-, and three-bedroom units. Nine units will be set aside as Supportive Housing units, targeting veterans and those with disabilities or impairments that make them eligible for long-term care services.
Unit amenities will include standard kitchen appliances, in-unit washer and dryer, a patio or balcony, and forced-air HVAC. Community amenities will include a community room, computer lab, reading room, storage units, off-street parking, and on-site management. Empowerment services will be provided at no charge to residents, aimed to increase the economic self-sufficiency of a household. Proposed services include employment counseling, job training, financial literacy programs and assistance with benefits and/or entitlements that provide income or reduce the cost of living.
The total development cost for Trolley Station Terrace is $10.21 million.