Larios Arms Phase II - New Construction
Winnemucca, NV – Now Leasing
Larios Arms Senior Residence is a 55+ residential community. It is a three-story building which includes an elevator and offers comfortable, energy-efficient one- and two-bedroom units. Phase I, featuring 30, non-smoking residences and the community clubhouse, was completed in 2012. Construction of Phase II added another 30, non-smoking residences, a total of 28,700 square feet, and was completed in June 2016. The development is located on West Minor Street in downtown Winnemucca, NV adjacent to the Pleasant Senior Center and Winnemucca Manor, a 20-unit, USDA-RD Section 515 senior/disabled apartment building. The three adjoining properties now make up what is commonly referred to as the “senior campus”.
Financing of this property included the use of 2014 Low Income Housing Tax Credits through the Nevada Housing Division with Enterprise Community Investment and American Express-Utah Equity Fund Limited Partnership; US Department of Housing and Urban Development HOME Program funds through the Nevada Housing Division, and Affordable Housing Program funds through the Federal Home Loan Bank of San Francisco and Charles Schwab Bank. We are working with Rural Community Assistance Corporation to provide the construction loan and Idaho-Nevada CDFI for permanent financing.
Other partners in this project are Praxis Consulting Group, LLC, our development consultant, Steven E. Harriman, Architect on design, and Ascent Construction, Inc. as our general contractor for construction.