Class of Project: Straight Acquisition

Resident Profile: Family Designation

Subsidy / Use Restrictions: Section 42 - 100% @ 60%

Financing: Assumption of a HUD 223(f) Loan Originated by Greystone & Co, Inc.

Limited Partner(s): Private Investor(s)

Date Constructed / Year Major Rehab: 1997 / NA

This community for families includes 63 one-, two- and three-bedroom apartments serving households earning less than 60% of the area median income (AMI). The property was purchased from its Limited Partner SunAmerica by assuming thier HUD 223(f) loan and non-recourse 6.45% debt amortized over 30 years with a balloon in year 10. The development plan upon acquisition was to implement additional resident services and continue maintaining the asset for a period of at least 8 years, with a targeted refinance or re-syndication in year 9-10. Please contact RMDG to learn more about the acquisition of Waterford Apartments.