The Mackey Terrace Apartments project, located at 625 Owens Drive in Novato, involved the rehabilitation of a 50-unit, three-story wood framed structure constructed in 1994 as an affordable, multi-family Employer Assisted Housing (EAH) complex for low-income families, adults age 62 and over and persons with disabilities.
Nonprofit EAH Housing has been creating community by developing, managing and promoting quality affordable housing since 1968.
“What is noteworthy about this rehab project is the exceptional way that all of those involved, from the owner, architect, contractor and subcontractors and coordinated their activities while working collaboratively with each other from the initial planning stages through construction to make this project a success,” said Eric Bostrom with Midstate Construction Company.
Unit improvements include the replacement of flooring, kitchen cabinets/ countertops, appliances, plumbing fixtures, lighting, HVAC units, and adding new Americans with Disabilities Act (ADA) upgrades where applicable.
Common area improvements include new flooring, trim, handrails, lighting, paint, a 99-square foot building addition for a lounge area, the remodeling of offices, an ADA restroom, HVAC upgrades, and a new coffee bar kitchenette.
Improvements to the building envelope include the complete replacement of siding, windows, shingle roof, gutters, and exterior paint.
The site was also upgraded with ADA-accessible pathways, landscaping, and additional handicapped parking. The garden area was completely rebuilt to include new raised planter beds, fencing, and trellis, along with a new entry patio including bollard lighting, trellis, and decorative brick veneer retaining wall.
This project was financed with a $15,933,000 tax-exempt construction and permanent loan from Union Bank of California, a low-income housing tax credit investor loan of $9,196,953 from Merritt Community Capital, and a seller carryback loan of $5,382,880 from the North Marin Senior Housing Corporation.
Primary financing programs included 4% low-income housing tax credits (and a California debt limit allocation from the state’s tax-exempt bond authority).
Mackey Terrace Apartments also has an on-site manager’s office, a community room with a kitchen, resident gardens and elevators. Weekly food pantry distributions are conducted onsite by a resource coordinator who is also available to help tenants find the essential services they need.
Mackey Terrace Apartments
Owner/ceveloper: EAH Housing
Contractor: Midstate Construction
Architect: TWM Architects
Cost: $30.5 million
Funding: Union Bank, Merritt Community Capital and Northern Marin Senior Housing Corporation