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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
