The Curve rises from for­mer mo­bile home park

The Oklahoman - - BUSINESS - By Richard Mize Real es­tate edi­tor [email protected]­la­homan.com

MOORE — A nearly 50-year-old mo­bile home park wiped out by the May 20, 2013, tor­nado, in one of Moore's poor­est neigh­bor­hoods, is fi­nally be­ing re­placed with the city's first low­in­come hous­ing devel­op­ment.

Con­struc­tion on The Curve Apart­ments, with 244 units, started last month at the for­mer site of Royal Park at SW 17 and Janeway Av­enue, where nearly 200mo­bile homes were de­stroyed.

The city bought the 14-acre prop­erty nearly 2½ years af­ter the EF5 tor­nado flat­tened an es­ti­mated 1,150 homes and killed 24 peo­ple in­clud­ing seven chil­dren at Plaza Tow­ers El­e­men­tary School, lessthan a half-mile north­west of Royal Park.

Fi­nanc­ing for the $50 mil­lion apart­ment com­plex in­cludes a $15.96 mil­lion sub­sidy from the U.S. De­part­ment of Hous­ing & Ur­ban Devel­op­ment Com­mu­nity Devel­op­ment Block Grant Dis­as­ter Re­cov­ery fund, and a $19 mil­lion loan from Fred­die Mac, ar­ranged by Bell­wether En­ter­prise Real Es­tate Cap­i­tal LLC, the com­mer­cial and mul­ti­fam­ily mort­gage bank­ing sub­sidiary of En­ter­prise Com­mu­nity In­vest­ment Inc., Columbia, Mary­land.

Bell­wether En­ter­prise said the loan, with a 15-year term and 35-year amor­ti­za­tion, with one year of in­ter­est only, closed this week.

“The city of Moore is ad­mirably re­build­ing af­ter such a de­struc­tive event, and Bell­wether En­ter­prise is very proud to sup­port the com­mu­nity and its res­i­dents in this process,” Bell­wether En­ter­prise Pres­i­dent Ned Huff­man said. “We are al­ways driven by our mis­sion to pro­vide flex­i­ble fi­nanc­ing to our

clients and pos­i­tively im­pact lo­cal com­mu­ni­ties, and when we can do this for clients who are do­ing great work for their com­mu­nity, it's a win-win.”

The Curve will have three build­ings to­tal­ing 244 units — 219 af­ford­able and 25 mar­ket-rate units — plus 4,650 square feet of com­mer­cial­re­tail space in one of the build­ings. Ameni­ties will in­clude green space, a busi­ness cen­ter, fit­ness cen­ter, swim­ming pool and com­mon out­door grilling area.

Kahley Gil­bert, grants man­ager for the city of Moore, said Moore has some HUD Sec­tion 8 hous­ing by voucher in dif­fer­ent rental projects, but The Curve is its first low in­come hous­ing tax credit project. Moore has no pub­lic hous­ing or hous­ing au­thor­ity, she said.

At pub­lic hear­ings where some res­i­dents ob­jected to low-in­come” hous­ing re­plac­ing the mo­bile home park, a spokesman for TAP-ar­chi­tec­ture, which de­signed the mas­ter plan for The Curve, said no one would be able to tell by look­ing that it was low-in­come. BGO Ar­chi­tects, based in Ad­di­son, Texas, de­signed the apart­ment build­ings.

“There is crit­i­cal need for af­ford­able and work­force hous­ing across the coun­try, and it is par­tic­u­larly dev­as­tat­ing when a dis­as­ter de­pletes the ex­ist­ing hous­ing stock,” said Jon Kil­lough, se­nior vice pres­i­dent of Bell­wether En­ter­prise. “It was im­por­tant to our team to as­sist the devel­op­ment team and the city of Moore to fi­nance this project, and we're thrilled to see it all in mo­tion.”

Kil­lough, vice pres­i­dent in Bell­wether En­ter­prise's Mont­gomery, Alabama, of­fice, and John Roberts, vice pres­i­dent in the Dal­las of­fice, ar­ranged the loan for the bor­rower, The Curve Apart­ments LP, us­ing Fred­die Mac as the lender. The Curve Apart­ments LP is an as­set-spe­cific af­fil­i­ate of a joint ven­ture be­tween Bel­mont Devel­op­ment Co. and Rise Res­i­den­tial Con­struc­tion, with 42 Eq­uity Part­ners LLC as the low-in­come hous­ing tax credit in­vestor.

[JIM BECKEL/THE OK­LA­HOMAN]

Dirt work is un­der way for The Curve Apart­ments, which are be­ing built where Royal Park, a mo­bile home park at SW 17 and Janeway Av­enue in Moore, was de­stroyed by the May 20, 2013, tor­nado.

[CITY OF MOORE]

This draw­ing shows a view of The Curve Apart­ments, which are be­ing con­structed in Moore where Royal Park, a mo­bile home park, was de­stroyed in 2013.

[CITY OF MOORE]

The EF5 tor­nado on May 20, 2013, de­stroyed Royal Park, a mo­bile home park in Moore. Six years later, The Curve, Moore's first low­in­come hous­ing tax credit devel­op­ment, is go­ing in at the site at SW 17 and Janeway Av­enue.

[CITY OF MOORE]

This draw­ing shows an aerial view of The Curve Apart­ments in Moore.

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