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Development Portfolio

Over the years Dalmark has taken on the development of some extremely high level construction projects spanning investment grade conventional assets and developing multi family properties in blighted areas. Below you can find examples of some of these projects:

The Villas of Autumn Bend

Meadow Ridge Townhouses was a troubled, 150 unit HUD Section 236 Cooperative. Dalmark prepared a redevelopment plan for the property that was approved by the cooperative's board of directors. Tax Exempt Bond financing under the Risk Share program and an allocation of 4% Low Income Housing Tax Credits from the Missouri Housing Development Commission were achieved in order to finance the acquisition and rehabilitation of Meadow Ridge Townhouses. In total, the project cost $12,860,000, with $6,050,000 going toward hard costs. The rehabilitated property is now known as The Villas of Autumn Bend. The property won the 2007 Governor's Award for Excellence in Rental Housing Production. MHDC won a national award for Program Excellence in the Rental Housing: Preservation and Rehabilitation category from the National Council of State Housing Agencies for their participation in the project.

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The Fairways

In early 2006, an opportunity arose regarding the purchase of 21 acres of land that included a 3 acre pond, which had previously been part of a golf course near an exclusive neighborhood in Lee's Summit, Missouri. Dalmark put together a plan to build a new 274 unit Class A conventional apartment community comprised of one, two and three bedroom apartments with beautiful landscaped grounds, giving the community wonderful curb appeal. The design features prairie style roof lines, the use of cultured stone, covered parking, walking paths, and a large community building with fitness center, business center, salt water pool, outdoor BBQ, and car wash.

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Bennington Townhomes

Bennington Townhomes is a conventionally financed family community comprised of 164 two and three bedroom townhomes with two and a half baths and large patios. The development consists of 41 total residential buildings with a 4,150 square foot office / community / maintenance building. Project amenities include a swimming pool, modular playground equipment, walking trails, fitness center, along with attached garages and in-unit washers and dryers. The location of the project is unique because it offers a suburban setting, with large new retail developments nearby, but it is also only 8 miles away from the downtown central business district.

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Basie Court Apartments

Basie Court was a troubled low income housing tax credit project in the jazz district of Kansas City, Missouri. Dalmark and the Black Economic Union of Greater Kansas City worked in partnership to close the financing for the acquisition and rehabilitation in September 2010. Financing for the project came from $1,500,000 in permanent tax exempt bond debt under the HUD / MHDC Risk Share program, equity from the sale of state and Federal 4% low income housing tax credits through CRA Investments, LLC and $4,800,000 in Tax Credit Replacement monies from the American Recovery and Reinvestment Act of 2009. Dalmark is also serving as project management agent for the deal. Construction is complete and the project reached 100% qualified occupancy several months before the scheduled conversion to permanent financing.

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Hyde Park Apartments

When Dalmark took over management of Hyde Park Apartments in 2003, the project was on the verge of collapse. The property was originally built in 1924 as the Hyde Park Hotel in Midtown Kansas City Missouri. The age of the building and deferred maintenance created a situation where the Section 8 rents had been greatly reduced with no corresponding restructure of the FHA Insured financing. In order to achieve long term feasibility, Dalmark again worked with The Fifth District Economic Development Fund, Inc. for the assignment of the HUD held debt, and the $1,150,000 in debt which was assigned and not prepaid, along with equity from the sale of State and Federal Low Income Housing and Historic Rehabilitation tax credits, allowed for a very substantial rehabilitation of the project. The development team put approximately $70,000 in construction dollars per unit into the project in order to revamp the unit interiors, add a much larger elevator and restore the historic significance of the grand old hotel. The project has achieved stabilized occupancy under Dalmark's management and produces positive cash flow.

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For more information on more of our projects, please contact the office at 816-861-4070.

 

Meet Jim Nichols, CEO
Mr. Nichols has over 30 years of experience in commercial development and property management. He formed the Dalmark Group, LLC in early 2003 and has built it into a significant regional property management...

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Specializing In:

  • Multi-family Housing Development
  • Property Management
  • Consulting Services
  • New Construction
  • Project Management

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Every project begins with a fully constructed layered financing plan; this is one of the key elements that allows our team to stay within budget while developing and building quality projects. We are committed to our customers.

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Dalmark Group  |  3540 NE Ralph Powell Rd  |  Lee’s Summit, MO 64064  |  BUS. (816) 861-4070  |  FAX  (816) 924-2245