INDIANAPOLIS-The Department of Housing and Urban Development has awarded RCM Phoenix Partners, LLC a 20-year renewal on its Section 8 Housing Assistance Payments contract for the 328-unit Phoenix Apartments at 4004 Meadows Dr. The owners, a Belfonti Associates entity, have also secured a Housing Choice Voucher Program contract with the Indianapolis Housing Agency for 10 years, covering an additional 27 units.
Paul Morris, director of special projects for MCR Property Management, says the long-term commitments allowed the company to obtain $7 million in financing for physical improvements to the 53-year-old property to development. Epstein Canarick Corp. of Jericho, NY brokered the refinancing.
Consisting of nine brick buildings on 12 acres of land, the community contains 224 one-bedroom and 104 two-bedroom apartments of approximately 600 sf. The property is located at the intersection of Keystone and 38th streets, approximately two miles north of Interstate 70 and five miles northeast of Downtown Indianapolis.
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