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$55M Snares, Updates Three Historic Properties

KANSAS CITY, MO-Portland, ME-based Eagle Point Enterprises obtains $55 million in financing to buy and rehabilitate three historic properties containing 303 affordable rental apartments.

By Dana Dubriwny | Updated on July 06, 2006

(To read more on the debt and equity markets, click here.)

KANSAS CITY, MO-An affiliate of Eagle Point Enterprises LLC has obtained $55 million in financing to buy and rehabilitate three historic properties containing 303 affordable rental apartments in the midtown area. Originally built in the 1920s, the properties stood as hotels until they were turned into multifamily rental properties known as Georgian Court, Bainbridge Apartments and Linda Vista Apartments. In the 1970s, they were converted into affordable housing units.

CharterMac Capital LLC provided $47.2 million in equity for federal and state tax credits generated by the rehabilitation, while CharterMac provided $29 million in short-term construction-period financing and $8.4 million in long-term debt financing through the purchase of both taxable and tax-exempt bonds issued by the Missouri Housing Development Commission.

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