|Citigroup Center for Community Development Enterprise -- a business unit of Citigroup (NYSE: C) -- has announced that it has provided a $403,000, 10-year fixed-rate mortgage loan to Single Room Occupancy Housing Corporation, a non-profit housing development organization established in 1984 to provide affordable housing in Los Angeles' Central City East or Skid Row neighborhood. The financing will be used to create new affordable housing for homeless veterans at the Southern Hotel in downtown Los Angeles. Financing was also provided by the Los Angeles Homeless Services Authority, a construction / permanent loan from the Housing Authority of the City of Los Angeles, and a Federal Affordable Housing Program direct subsidiary of $299,400 through an application that was submitted by Citibank.
MuniMae Midland, LLC (MM), the operating company of Municipal Mortgage and Equity, LLC (NYSE: MMA), announced the recent funding of $52.5 million in acquisition financing for The Fairways, a 849-unit complex, located in Derry, New Hampshire. The financing package utilized a $45,000,000 Fannie Mae fixed rate bond credit enhancement with a $2.8 million taxable tail structured as an earn-out together with a subordinate loan in the amount of $4.7 million.
MM also funded a $21 million in second mortgage debt for CAPREIT Tera Venture, a multi-property portfolio of 2,942 apartment homes located in Iowa, Florida, Indiana, Georgia, Indiana and South Carolina. The loan package was combined with first mortgage tax-exempt bonds and subordinate mortgage(s) held by Merrill Lynch to provide a total financing package in excess of $140 million.
Venture West Funding, Inc. announced that it has arranged a loan for King Kalakaua Plaza, a 74,433 sq. ft. retail project located in Waikiki Beach, Honolulu, Hawaii. The total loan amount is $14,000,000 and is secured by the leased fee interest on the land on which the King Kalakaua Plaza resides. The loan is a 30-year loan due in 10 years.
|AMI Capital, Inc. closed a $5,028,000 refinance loan on Oak Park & The Landings Apartments, a 269-unit apartment community in Dallas, Texas. The Fannie Mae DUS loan had a rate of 7.05 percent, a 10-year term and a 30-year amortization with 9.5 year yield maintenance. The loan-to-value (LTV) was 80%, and debt service coverage (DSCR) was 1.34 times (x).
AMI also closed $4,268,000 refinance loan on Cypress Garden Apartments, a 109-unit apartment community in Redlands, California. The 7.245% Fannie Mae DUS loan had a 10-year term and a 30-year amortization with 9.5 year yield maintenance. The LTV was 80 percent, and the DSCR was 1.25x.