Ironwood, the developer and manager of Guam’s premier rental housing communities, has just broken ground on a new Ironwood community located on Saipan. Ironwood Saipan will be located on Middle Road in Gualo Rai, opposite Pizza Hut and Docomo Pacific.
Ironwood Saipan will feature 80 apartments and is expected to be completed by November 2015.
Ironwood brings their expertise as the most successful housing developer in Guam to Saipan with this project, improving the quality of life for both residents and neighbors of the property. The 2-, 3-, and 4-bedroom apartments will feature energy-efficient construction, including solar power, solar hot water heaters, insulated walls and ceilings, low-emissivity windows, and Energy Star light fixtures and appliances. Ironwood estimates that this construction will result in up to 70 percent utility savings for residents. The community amenities will include filtered water, a 3,000-square-foot community center, a playground, covered pavilions with barbecue grills, and a basketball court.
Once completed, the new community will be gated, similar to the Guam Ironwood properties, and residents and their guests will be able to enter the community via access card or the resident dial-up entrance system. In addition to limiting vehicular access to the property, security cameras at the entrance allow for monitoring of anybody passing.
“We are excited about the opportunity to introduce the people of Saipan to the type of quality communities we have established on Guam,” said Rick Inman, managing principal of Iron Bridge Capital, the parent company of Ironwood which has developed 434 units in Guam.
Ironwood has taken over the development of the Blue Water project from Triple J Enterprises. Setiadi Architects has designed the new community and Maeda Pacific will be the primary contractor. Ironwood will finance the project using Low Income Housing Tax Credits granted by the Northern Marianas Housing Corp. This will be the first project on Saipan supported by Low Income Housing Tax Credits with an outside investor. The equity financing is being provided by R4 Capital with a construction loan from Citi. (Ironwood)