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November 28, 2005 Winston-Salem Developer Enters Florida Market with $20 Million Project; WINSTON-SALEM—The Landmark Group of Winston-Salem has entered the Florida market with a $20 million project to replace housing lost last year to Hurricane Ivan. Johnson Lake Apartments will feature 160 units of affordable senior housing on about eight acres in the Florida panhandle city of Pensacola. Keys to the financing were a $6.1 million award under Florida’s Rental Recovery Loan Program, $9 million in bonds approved by the Escambia County Housing Finance Authority and $4.8 million in tax-credit equity. “It’s something we need,” said Gordon Jernigan, executive director of Escambia County Housing Finance Authority. “We’re looking forward to its completion.” The one-, two- and three-bedroom garden apartments will be near a grocery store, medical facility and pharmacy. Amenities for residents will include exercise room with equipment, community center or clubhouse, swimming pool and an on-site computer lab. In addition, there will be daily programs for elderly residents, health and nutrition classes, swimming lessons and life-safety training. Three-quarters of the apartments will be set aside for seniors with incomes at or below 60 percent of the county’s average median income, with the rest set aside for seniors with incomes at or below 35 percent of the county’s average median income.
The Landmark Group (www.landmarkdevelopment.biz) is a team of more than 150 people with expertise in architectural design, city planning, layered financing, construction and property management. It has partnered with local governments, housing authorities and private investors on more than $250 million worth of community development projects in the Carolinas, Virginia, Tennessee, Georgia and Florida.
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