Class of Project: Straight Acquisition

Resident Profile: Family Designation

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

Financing: Fannie DUS Loan Originated by Oak Grove Capital

Limited Partner(s): Equity Resource Investments (ERI)

Joint Venture Partner(s):The Wischamper Companies, Inc (TWC)

Date Constructed / Year Major Rehab: 1994 / NA

Website: Waterford Apartments

This community for families includes 450 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 using a Fannie DUS loan and non-recourse 4.67% debt amortized over 30 years with a balloon in year 10.  At closing, the property was in its 15^th year of compliance with extended rental restrictions in place. 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.