Leonard Apartments will be the new construction of 48 one bedroom and 7 two bedroom units for seniors at affordable rents. The development is a joint venture between Genesis Nonprofit Housing Corporation, Dwelling Place of Grand Rapids, and Little River Band of Ottawa Indians. Both the Grand Rapids and Wyoming Housing Commissions are providing rental assistance to the development so it will be very affordable our senior households Several of the units will be reserved for Tribal members of any federally recognized tribe.
The building will be four stories in height and have eight barrier free type A units. All the units will be visitable. The property will meet Green energy standards. Our experienced development team consists of DeStigter Architecture, Pinnacle Construction General Contractor, Tim Orlebeke Attorney, Beene Garter Accountant and Real Estate Consultants: Tom Caldwell and Kara Harrison-Gates with Mosaic Community Advisors and George Larimore with Turnstone Services.
Our financing partners include the Kent County through IFF for a first mortgage of $3,280,000, the City of Grand Rapids with a loan of $1.2 million of Housing Trust funds, equity of $12.2 million from our partners at Cinnaire, and an $8.2 million construction loan from Huntington Bank.
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