(InEDC) BY REW 07/17/23 7:47 PM ET
Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County, CA, and one in Sonoma County, CA. Jon Killough, Executive Vice President in BWE’s Alabama, AL, office, and John Roberts, Vice President in the firm’s, Dallas, TX, office, originated the loans on behalf of the borrower. “California remains a center of the country’s housing crisis, so it’s critical that low-income housing developments like these have the financing they need to thrive and serve their residents,” said Killough. “BWE will continue to work with owners and developers across the country to help them build, preserve, and operate the affordable homes that the nation desperately needs.” The five properties are:
Cottonwood Senior Apartments (Placerville, CA)
a $1,280,000 loan to refinance an 81-unit affordable housing community for adults aged 55 years or older. All units in the building are restricted to residents earning at or below 40% of the area median income (AMI). The fixed-rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to pay off an existing line of credit.
Cottonwood Park Apartments (Placerville, CA)
a $2,574,000 loan to refinance a 78-unit, “large family” apartment complex. The complex consists of two-, three-, and four-bedroom apartments spread across a mix of 21 two-story apartment buildings, townhomes, and garden-style apartments. All units across the property will be affordable to residents earning at or below 46% AMI. The fixed-rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to help pay off an existing Freddie Mac loan.
Shingle Terrace Apartments (Shingle Springs, CA),
a $2,050,000 loan to refinance a 72-unit apartment complex. The community consists of 21 two-story apartment buildings with a mix of two-, three-, and four-bedroom units. All units across the complex will be affordable to residents earning at or below 40% AMI. The fixed rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to pay off an existing line of credit.
Diamond Terrace Apartments (Diamond Springs, CA),
a $1,750,000 loan to refinance a 62-unit apartment community. The complex includes a mix of two-, three-, and four-bedroom apartments spread across 17 two-story residential buildings. All apartments will be affordable to residents earning at or below 40% AMI. The fixed rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to cash neutralize upcoming refinances.
