As our crews wrap up construction at River Flats in Janesville, WI, we want to take a moment to appreciate all the parts that come together to make these multifamily projects come to fruition. From development and design, through construction and lease-up, it is undeniable how many people play significant roles in the success of buildings of these capacities. Today, let’s look at what went into River Flats.
River Flats offers brand-new 2 & 3-bedroom apartments that promote high-quality, modern living. This beautiful community is located in the heart of downtown Janesville and is close to numerous retail shopping options, schools, medical facilities, and a park. Apartment features include spacious floor plans with oversized closets, energy-efficient appliances, in-unit washers & dryers, and balconies (select apartments). Additionally, residents have access to large community and exercise rooms, along with a business center and a conference room.
The 19.5M development will provide 92-units of workforce housing to individuals and families.
This project also epitomizes collaboration and complexity, with 11 different sources of funding. WHEDA generously allocated this project State and Federal housing tax credits, construction and permanent bond financing, National Housing Trust Funds, and Capital Magnet Funds. Equity proceeds came from our trusted partners at National Equity Fund. The FHLB of Chicago provided important gap funding via an AHP grant. Last but certainly not least, the City of Janesville exemplified municipal commitment by providing a package that included TIF and a plethora of other sources.
Additionally, this project wouldn’t be possible without the Wisconsin Partnership for Housing Development, Reinhart Boerner Van Deuren, First American Title, Excel Engineering, Apex Environmental, Terracon, and M+A Design.
We hope you enjoy this sneak peek of the construction and get a feel for the size and magnitude of this multifamily development. For leasing information, please visit https://www.riverflatsapartments.com/.
Video created by Commonwealth Construction Site Superintendent Tracer Freeman.