Ironwood Saipan is an affordable Housing Credit property built in 2016 on 5.1 acres in the Gualo Rai neighborhood on the island of Saipan, in the Northern Mariana archipelago, a U.S. territory. Of the 80 affordable homes, 26 are two-bedroom units, 30 are three-bedroom units and 24 are four-bedroom garden-style units in eight, two-story, walk-up residential buildings and one single-story community building. All homes serve families earning up to 60 percent of area median income. Each has an electric range, refrigerator, mini split-system air conditioning, washer and dryer hook-ups, a walk-in closet, window blinds, tile flooring, two full bathrooms and a patio or balcony.
Property amenities include on-site management, the community building with a leasing office, kitchen, meeting room and an activity room, a playground, basketball court, four barbeque/pavilion areas throughout the site, secured perimeter fencing and typhoon shutters. Ironwood includes photovoltaic panels and a solar water heater system installed on the roofs of all eight residential buildings, as well as the south facing roof of the community building, which help defray in-unit energy costs for the residents and common area energy costs for the property owner. Included on the property is a generator building for the photovoltaic system and a 42,000-gallon water tank to supplement the island water system
The property is located on one of Saipan’s main thoroughfares which serves as the largest retail and commercial artery on the island. Ironwood Saipan is approximately 3 miles southwest of Capitol Hill, the capital of the Northern Mariana Islands and the center of government of the Commonwealth of the Northern Mariana Islands.
Ironwood Saipan’s permanent financing includes approximately $38.5 million of Housing Credit equity provided by R4 Capital and $4.7 Million of deferred developer fee. Since foreign ownership of land is not allowed in the Commonwealth there is a ground lease with a term of 55 years.