El Milagro Apartments
|Client & Transactional Partners||SYRINGA PROPERTY MANAGEMENT||Our Role||
The Campus was originally developed in 1939 by the Farm Security Administration as housing, recreation facilities and a community center for farm laborers. Today, the campus consists of a 76-unit market rate development with a laundry center and community building. The Campus is owned and operated by the Community Council of Idaho (CCI). CCI donated the land to Syringa for the development of El Milagro Apartments.
The Project will consist of 60 newly constructed townhomes and will be the first phase of a 4-phase redevelopment of the entire 39-acre campus. CCI plans to redevelop the campus to create a community that will provide quality sustainable affordable housing and social services.
KeyBank Community Development Lending & Investment provided a $4.79 million construction loan. Additional financing includes LIHTC equity from The Richmond Group and a permanent loan from Rocky Mountain Community Reinvestment Corporation.