Pinebrook Manor
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.
Pinebrook Manor
2529 South Waverly Road
Lansing, Michigan 48911
Phone: (517) 882-3518
Office Hours: M-F 9:00 am-5:00 pm
Preservation Transaction Description
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.
Property Rehabilitation Scope
Over $3.4 million in total rehabilitation expenditures including:
- Kitchen cabinets, countertop, appliances and flooring replacement
- Bathroom vanity, lavatory & flooring replacement
- Furnace replacement and air conditioning installation
- Facade improvements
- New community building and management office construction
Other Benefits for Residents and the Community
A new playground, a computer center, and a new exercise room in addition to supportive services tailored to the resident population.
Development Partners
Allocating Agency
Michigan State Housing Development Authority
Local HUD Office
HUD Grand Rapids
Municipality
City of Lansing, Michigan
First Mortgage Lender
MSHDA
Tax Credit Investor
Paramount Financial Group
Legal Counsel
Loomis, Ewert, Parsley, Davis & Gotting, PC
Nixon Peabody LLP
Architect
The Architectural Team, Inc.
General Contractor
O'Brien Waterford Construction
Due Diligence Contractors
Appraisal: Oetzel-Williams Group
Capital Needs: On-Site Insight
Environmental: McDowell & Associates
Surveyor: Wilcox Engineering
