The loan was funded under Fannie Mae's Program for Multifamily Affordable Housing Properties. A PW Funding contact tells GlobeSt.com the borrowing entity is Victoria-160 Affordable Housing LP. The borrowers received a 7.2% interest rate, debt service coverage of 1.17x and a 90% LTV.
Creekstone Ranch Apartments has 160 units in 42 garden-style, two-story buildings. Of the units, 75% are eligible for low-income housing credits. According to deed restrictions, 53 units are set aside for tenants earning no more than 50% of the area median income and 67 units target tenants earning no more than 60% of the area average. The remaining units are leased at the market rate. The apartment complex was constructed in 1998.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
