Overcoming Challenges

• Challenges in Tax Credit Financing

• Challenges in Bond Volume Cap Financing

• Challenges in Senior Housing

• Challenges in Wetland Management

• Environmental Challenges

Clinton Circle – Defiance, Ohio (while employed by the Levin Group, Inc.)
Clinton Circle is an 80 unit apartment campus, located in rural Defiance County, Ohio. The principals of Salus Development were involved in all aspects of the acquisition and financing of the property. To acquire and renovate the property, the owners applied for and were awarded 9% tax credits from the Ohio Housing Finance Agency in a competitive bid process. Permanent funding came from a USDA Rural Development Multi-Family Direct Loan from Lancaster Pollard, “soft” debt from the Ohio Housing Trust Fund, and equity participation from Ohio Capital Corporation for Housing. Salus Development’s principals obtained approvals from the City of Defiance and Defiance County for the planned renovation.

Magnolia on Detroit – Cleveland, Ohio (while employed by the Levin Group, Inc.)
Magnolia on Detroit is a 126 unit apartment campus serving families, elderly and disabled. The building is located on Cleveland’s West Side, in the Gordon Square Arts District, near the Cleveland Public Library, and St. Augustine Health Campus. Magnolia on Detroit was developed using a combination of competitively awarded 9% low-income housing tax credits administered through the Ohio Housing Finance Agency (“OHFA”), Ohio HOME Funds awarded by OHFA, funding from the City of Cleveland’s Housing Trust Fund, a new FHA 221d4 construction to permanent mortgage through Red Mortgage Capital, LLC, and an Equity Bridge Loan through the Ohio Capital Finance Corporation. Equity investment was provided by Ohio Capital Corporation for Housing. The property has been tax abated by the City of Cleveland.

Hampton Valley Apartments – Newark, New Jersey (while employed by the Levin Group, Inc.)
Hampton Valley Apartments is an affordable apartment community located in Newark, New Jersey. Principals of Salus Development obtained 4% tax credits from the New Jersey Housing and Mortgage Finance Agency for the acquisition and renovation of the 89 unit apartment campus, secured a new FHA 221d4 construction to permanent mortgage through Bellwether Enterprise Capital, obtained “soft” debt in the form of HOME Funds from the City of Newark and Essex County HOME, secured a Payment in Lieu of Taxes agreement from the City of Newark, and secured equity funding from Enterprise Community Partners.

Auburn Lakes – Auburn, Ohio
Auburn Lakes is a 300 unit senior condominium development located in a pastoral setting in Aurora, Ohio. Principals of Salus Development oversaw, construction, financing, local and county zoning and plan approvals, homeowners’ association management, and operation of the water plant serving the development.

Vineyard Estates – Avon, Ohio
Vineyard Estates is a 150 home development located in the Cleveland west side suburb of Avon, Ohio. After assembling the land and obtaining new zoning for the property, principals of Salus Development oversaw the restoration of two acres of wetlands, including the reconfiguration of 1000 feet of wetland stream located on site.

Tinkers Green Subdivision – Streetsboro, Ohio
Tinkers Green is a single family development of 161 homes, located on a former industrial site in Streetsboro, Ohio. In order to develop Tinkers Green, the principals of Salus Development assembled the property, secured financing, and obtained rezoning for the site. The project also required environmental remediation of twenty acres of the site.