Virginia RAD Deal Closes Financing | Apartment Loan Depot Since 2005 – Fannie Mae and Freddie Mac Multifamily Loans Nationwide

(RECAP: Hunt Mortgage Partners announced it is providing financing for the acquisition and moderate rehabilitation of an affordable housing community in Portsmouth, Va. The total investment is $4.7 million. The property being bought is Dale Homes Phase I, a single parcel containing 146 units. The loan has an 18-year loan term, with two-year interest-only payments, and a 35-year amortization schedule beginning in year three. The overall development had been built in 1940 as a 296-unit public housing development by the Portsmouth Redevelopment & Housing Authority (PRHA). Phase I is comprised of 38 one-bedroom, 72 two-bedroom, 28-three bedroom, and eight four-bedroom units. Future renovations for the 150 additional units at the project, known as Phase II, are in the works, but they are not proposed collateral for this Freddie Mac loan. Alden Capital Partners, LLC, provided $7.4M in low-income housing tax credit (LIHTC) equity. In addition to the Freddie mod-rehab loan, Towne Bank of Chesapeake, Va., will provide a $6.3 million bridge loan to be advanced and then repaid by the receipt of LIHTC equity at construction completion.)