Project:

SAG Portfolio

Completed:

In rehab; to be completed in 2020

Project Type:

Acquisition/Rehabilitation

Location: 

Various locations in WA

The SAG Portfolio consists of 6 existing USDA-RD 515 financed rural apartment communities containing a total of 299 units. All of the communities will undergo moderate rehabilitation. Of the  299 units, 195 benefit from Section 521 rental assistance whereby the tenant rent contribution is limited to 30% of their household income.

Churchill Financing:

USDA-RD 538 Construction Advance Loans – $19,595,000

Tax Exempt Bond Issuance – $22,100,000

 

In addition to the Churchill financing shown above, USDA-RD approved 20-year debt deferral on the existing $7.8 million 515 loan program debt assumed by the new owner and $11.7 million of LIHTC equity was invested.