Arbor's Dallas lending office has arranged the loan, which will replace an Arbor-Fannie Mae-funded forward commitment to construct the complex. The 30-year loan carries an 18-year amortization with 8.4% interest. Staci Mankoff, regional director for the Arbor Dallas office tells GlobeSt.com the loan replaces financing for an 88-unit, phase II construction. Phase I consists of 168 units.
Swiss Village Community Ltd.'s phase I is not a tax-credit property like the second phase. The Texas Department of Housing and Community Affairs, which oversees affordable rent properties, issues the tax credits.
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