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 15th 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.