Pinebrook Manor was built in 1970 and was originally financed through HUD under Section 236 of the National Housing Act. The community includes 136 two and three bedroom townhouses, all of which benefit from Section 8 project-based subsidy. The property is located on the South side of Lansing, is convenient to public transportation and shopping, and is just a short distance to major highways.
2529 South Waverly Road
Lansing, Michigan 48911
Phone: (517) 882-3518
Office Hours: M-F 9:00 am-5:00 pm
First Mortgage Financing: Tax-exempt financing using MSHDA's Section 236 Preservation Program.
Equity Financing: Equity raised through sale of 4% low income housing tax credits.
Additional Financing: Additional loan proceeds were raised by working with HUD to securitize interest reduction payments associated with the original project mortgage.
Section 8 Contract Renewal: Yes - rents increased to market rents.
Over $3.4 million in total rehabilitation expenditures including:
A new playground, a computer center, and a new exercise room in addition to supportive services tailored to the resident population.
Michigan State Housing Development Authority
Local HUD Office
HUD Grand Rapids
City of Lansing, Michigan
First Mortgage Lender
Tax Credit Investor
Paramount Financial Group
Loomis, Ewert, Parsley, Davis & Gotting, PC
Nixon Peabody LLP
The Architectural Team, Inc.
O'Brien Waterford Construction
Due Diligence Contractors
Appraisal: Oetzel-Williams Group
Capital Needs: On-Site Insight
Environmental: McDowell & Associates
Surveyor: Wilcox Engineering