Evergreen Partners in partnership with Senior Housing Group (SHG) constructed a new 143-unit affordable housing building in downtown Tucson. The property will serves elderly and disabled residents and was completed and ready for occupancy in the fall of 2012. Sentinel Plaza was built to replace an existing, physically obsolete building located a mile away. The residents of that building, along with the Section 8 contract that assists each of the residents were moved to Sentinel once construction was completed. Evergreen and SHG are working with the local HUD office to transfer the existing project-based Section 8 rental assistance contract, ensuring the long term affordability for our residents. The development of Sentinel Plaza was primarily funded from investor equity raised by the sale of 9% Low Income Housing Tax Credits to Wells Fargo Affordable Housing Community Development Corporation, and a new first mortgage provided by Bank of America. Sentinel was certified LEED Gold and incorporates a wide variety of energy conservation measures including a 150,000 kWh photovoltaic solar array. The building will include a substantial number of new amenities for the residents such as a new community room with a common kitchen, food pantry, computer learning center, fitness center, roof deck and is built adjacent to the largest tree in Tucson - a defining landmark for the community.
115 S. Linda Ave
Tucson, Arizona 85701
Phone: (520) 884-7184
First Mortgage Financing: Construction and permanent debt financing was provided by Bank of America.
Equity Financing: Equity raised through the sale of 9% low income housing tax credits credit to Wells Fargo Affordable Housing Community Development Corporation.
Section 8 Contract Renewal: The Section 8 contract was transferred from an aging property to the newly constructed Sentinel Plaza.
The construction budget for Sentinel was approximately $17m:
Senior Housing Group
Arizona Department of Housing
Local HUD Office
City of Tucson
First Mortgage Lender
Bank of America
Wells Fargo Affordable Community Development Corporation
Lizard Rock Designs
W. E. O'Neil Construction