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INDUSTRY NEWS
TODAY’S DEALS: Walker & Dunlop Closes LIHTC Loans Totaling Over $11M for Two Communities, and Other Transactions
July 02, 2009 New Orleans--Walker & Dunlop has provided two permanent Low-Income Housing Tax Credit (LIHTC) loans totaling $11,450,000 for Avalon Park Family (pictured) and Avalon Park Seniors located in Atlanta. The loans were structured with an 18-year term and a 30-year amortization. The Avalon Park Family loan was underwritten to a 66 percent loan-to-value with a 1.12x debt-service coverage ratio. Avalon Park Seniors was underwritten to a 62 percent loan-to-value with a 1.24x debt-service coverage ratio. Walker & Dunlop converted both loans to permanent LIHTC loans utilizing Freddie Mac's 24-month Forward Commitment. Avalon Park Family is a 175-unit apartment community built in 2007. The property features seven three and four-story, garden-style buildings and a clubhouse, which includes a fitness area, business center, laundry facilities and after-school rooms. Additional community amenities include gated access for vehicles and pedestrians, a tot-lot and picnic area. The property was 94 percent leased at closing. Avalon Park Seniors is a 136-unit age-restricted apartment community built in 2007. The property features one four-story building with a two-story atrium-style lobby and a spacious lounge/reception area. The community has a full sprinkler system, electronic access gates for vehicles and pedestrians and security alarms for the management office and all units. Amenities include a fitness center, a technology center with high speed internet, a theater, coffee bar, gazebo, community gardens and a picnic pavilion. The property was 98 percent leased at closing. Phase One of CPC Funded Nehemiah Spring Creek Homes is Now Complete New York--The first phase of the new Nehemiah Spring Creek Homes on a 227-acre site in East New York, which was recently completed, received a $30,154,215 construction-financing loan. Churches, including the Catholic Diocese and the Lutheran’s Missouri Synod, made available a $1,250,000 revolving loan. Phase One’s total development cost is $63,517,426. The City of New York committed more than $33 million to fund the infrastructure and prepare the site for development. Costs included design and installation of sewers, water mains, streets and sidewalks, soil amendments and trees, traffic signage, pile foundations, methane venting systems in each home and soil remediation. HPD is also providing a direct cash subsidy for the new homeowners. Almost 20 years in the making, Phase One of Nehemiah Spring Creek Homes forms part of Gateway Estates, a new community that will eventually include a total of 2,219 affordable homes, new streets, sewers and sidewalks, a public school and four parks. An existing 620,000-square foot retail center, Gateway Plaza, will be expanded. Phase One features 184 units of affordable housing. They are affordable to families earning up to 110 percent of Area Median Income ($61,600 for a family of four.). Of the 184 units, there are 117 homeownership units and 67 rental units. 88 percent homeowners in Phase One have closed on their homes and have been moving in since December 2008. |
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