Class of Project: Straight Acquisition
Resident Profile: Family Designation
Use Restrictions: Section 42 - 100% @ 60%
Financing: Fannie DUS Loan Originated by CW Capital
Limited Partner(s): Equity Resource Investments (ERI)
Joint Venture Partner(s): Wishrock, LLC.
This community for families includes 430 one-, two- and three-bedroom apartments serving households earning less than 60% of the area median income (AMI). The property was purchased from its general partner and SunAmerica using non-recourse Fannie DUS debt featuring a 4.17% rate amortized over 30 years with a balloon in year 10. The development plan was to improve and maintain the asset’s physical, operational and resident service components for 8 years, with a targeted refinance or re-syndication in year 9-10. Please contact RMDG to learn more about the acquisition of Oak & Pine Ridge Apartments.