Funding Supports Purchase and Rehabilitation of Targeted Affordable Housing in Northern California
Marin City, California
|Loan/Deal Type:||Freddie Mac Bond Credit Enhancement – 4% LIHTC|
|Number of Units:||225 units|
|Loan Amount:||$28.6 million|
Freddie Mac has purchased from Prudential Mortgage Capital Company (PMCC) a $28.6 million loan allowing its project sponsor, St. Anton Partners, to acquire the Ridgeway Apartments, in Marin City, California. The property, comprising 225 targeted affordable units, will also undergo moderate rehabilitation with the funding.
The transaction benefited from the Freddie Mac Bond Credit Enhancement - 4% LIHTC.
The Ridgeway Apartments transaction highlights many of the best aspects of Freddie Mac's Targeted Affordable Housing platform.
managing director, Prudential Mortgage Capital Company
"The Ridgeway Apartments transaction highlights many of the best aspects of Freddie Mac's Targeted Affordable Housing platform," says Paige Warren, PMCC managing director. "Prudential proposed a creative structure for this transaction which Freddie Mac supported from the very beginning. The borrower received great pricing and loan terms, as well as terrific responsiveness from the Freddie Mac team as issues came up during the underwriting and closing process."
Designed to provide the best financing solution for customers doing their part to preserve affordable housing, the Freddie Mac Bond Credit Enhancement - 4% LIHTC product can help finance new construction or moderate rehabilitation of affordable LIHTC multifamily properties that are funded entirely or in part by the sale of fixed- or variable-rate tax-exempt bonds.
- Read More Examples of Multifamily Financing