The Annex Group Begins Work on Affordable Development in Indiana
- Jul 01, 2019
Local authorities and The Annex Group have broken ground on a 51-unit affordable housing property in Kokomo, Ind., according to the Kokomo Tribune. T&H Investment Properties is the co-developer and co-owner of the community, which will be known as Union at Washington.
Located at 918 N. Washington St., the development will be within a 10-minute walk of downtown Kokomo. Plans call for amenities such as a fitness center, playground, computer center and outdoor grilling area. Union at Washington is expected to be delivered next summer.
River Hills Bank provided construction and permanent financing of more than $6.5 million for the project, while Cinnaire, who was the syndicator on the transaction, provided $7 million in tax credit equity. The Kokomo Community Development Corp. and the Indiana Housing and Community Development Authority—which provided a tax credit award and a development fund loan—also contributed to the development.
Upon completion, Union at Washington will join Annex’s Kingston Square and The Annex of Kokomo, the company’s two other multifamily projects in the city. The Annex Group is also active in the student housing market, with the firm breaking ground in March on its first project in the state of Louisiana.