CEDAR RAPIDS, IOWA — Woda Cooper Cos. has broken ground on Anderson Greene, a 44-unit, mixed-income apartment community in Cedar Rapids. The $8.7 million first phase will include 39 units for residents at or below 60 percent of the area median income, with five units offered at market rate. Woda Cooper also plans to develop a $9.2 million second phase with 48 units that will be built approximately one year after the first phase. A community center with a clubroom as well as outdoor spaces and a playground will be part of Phase I. Funding for the first phase of development was made possible through the allocation of housing tax credits by the Iowa Finance Authority, with primary investment by Wells Fargo, permanent and construction loans by Merchants Capital and additional loans from the Housing Fund for Linn County and Monticello Structured Products LLC. The city of Cedar Rapids also provided funding. Woda Construction Inc. is the general contractor. Other project partners include architect Hooker DeJong Inc., engineer Hall & Hall Engineers Inc. and sustainability consultant Sol Design + Consulting.
Woda Cooper Breaks Ground on Mixed-Income Apartment Community in Cedar Rapids, Iowa