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CARMEL, IND—The Gene B. Glick Co. tapped into a Fannie Maemortgage-backed security and low income housing tax credits tofinance the preservation of Carriage House of Evansville, a Section8 housing development in Evansville, Ind. Mortgage banking firmMerchants Capital structured the $21.4 million in funding.

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The execution used publicly-issued tax exempt bonds and 4% taxcredit equity, provided by PNC Bank, to fund approximately $11million in repairs, renovations and upgrades to the community.Carriage House of Evansville dates back to 1978 and serves tenantsat 60% of the area median income or less.

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Fannie Mae's M.TEB solution uses mortgage-backed securities tosecure tax-exempt bonds, offering a lower interest rate and aloan-to-value (LTV) ratio of up to 90%. This execution can be usedto finance the construction, acquisition or rehabilitation ofmultifamily affordable housing properties.

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CRG Residential is the general contractor on the project. Allunits are being modernized using CRG's RAPID program, whichrenovates and modernizes units in days, limiting disturbance toexisting tenants. Updates include new solid surface flooring,cabinetry and countertops, energy efficient light fixtures,appliances, doors and trim, and complete bathroom renovations.

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Additional Carriage House of Evansville improvements includeentry signage, asphalt and storm drainage repairs, roofing,modernized elevators and playground equipment, as well as theaddition of a bark park, lakeside picnic area, fitness center andan internet cafe.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.