The 14-acre development consists of one- to three-bedroom apartments in 24 two-story buildings. Located at 100 S. Meyers Dr., the property was constructed in 1985 and is 97% occupied.
CharterMac subsidiary PW Funding provided the financing. PW vice president Timothy Leonhard tells GlobeSt.com the bond refunding was completed because the existing credit enhancement through GE was expiring. The owner of the property is listed as Emberwood Ltd. Partners.
The deal was comprised of refunding bonds and new money bonds as follows: an A piece totaling $7 million of tax-exempt, variable-rate refunding bonds, and $4.2 million of new money, variable-rate taxable bonds. The combined loans have a debt coverage ratio of 1.30% and a combined LTV of 78%.
According to PW Funding, Lafayette benefits from a growing population, strong economy, and low unemployment, ranking it 1st among the top 200 metropolitan areas in the nation for growth in wages and salary. The city demonstrated a 3.3% decline in apartment vacancies over the past year.
"Lafayette's multifamily market continues to appreciate, with a notable increase in occupancy rates at a time when many other markets are experiencing the opposite," says Leonhard.
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