Maple Court Apartments

Maple Court Apartments was originally built in 1971-1972 and financed through the HUD Section 236 mortgage program. The property is comprised of 92-units serving families, with a mix of (7) studio, (55) one, (22) two, and (8) three bedroom apartments. All of the units at the property are covered by a 20-year project-based Section 8 rental subsidy contract. Evergreen Partners acquired Maple Court in May 2015 using a combination of 4% Federal Low Income Housing Tax Credits, SONYMA 1st mortgage financing, subordinate financing from the Development Authority of North Country (DANC) and the City of Watertown CDBG Program, and the NY State Energy Research & Development Authority Multifamily Performance Program (NYSERDA MPP).

The property will be undergoing substantial renovations that will update virtually all aspects of the interior and exterior of the buildings. The rehab was focused on modernizing the unit interiors and replacing the buildings’ major systems including the roofing, HVAC, windows and physical/structural improvements to the exteriors and the construction of a new community building.

Maple Court Apartments
540 Kief Drive
Watertown, NY 13601
Phone: (315)782-2060

Preservation Transaction Description

First Mortgage Financing: State of New York Mortgage Agency (SONMYA) Permanent First Mortgage Financing and Tax-Exempt Bonds made available by New York State Housing Finance Agency.

Other Key Financing: In addition to the new First Mortgage Financing, the project utilized financial resources from the City of Watertown, DANC and the NYSERDA MPP.

Equity Financing: PNC Bank N/A provided equity to the project from the sale of 4% Federal Low Income Housing Tax Credits.

Section 8 Contract Renewal: Yes

Property Rehabilitation Scope

Over $5.9 million in total rehabilitation is planned for Maple Court, including:

  • New kitchen cabinets, countertops, fixtures and appliances
  • New bathroom vanities, fixtures and lavatory
  • New flooring throughout the units and common space
  • New hot air heating system with central air conditioning
  • Exterior façade repair and physical improvements
  • New security cameras and site lighting
  • New Community Building

Development Partners

Tax Credit Allocating Agency
New York Housing Finance Agency

Local HUD Office
HUD Buffalo

Local City/Municipality
City of Watertown

Tax Exempt Bond Issuer
New York Housing Finance Agency

HUD Lender/First Mortgage Lender
New York State Mortgage Agency

Construction Lender Letter of Credit
JP Morgan Chase

Subordinate Financing Lender
Development Authority of the North Country

Energy Efficiency Grant
NY State Energy Research & Development Authority

Federal Equity Investor/Partner

Legal Counsel
Honigman, Miller, Schwartz & Cohn

The Architectural Team

General Contractor
Lecesse Construction