Loan at a Glance:
Working with National Housing Trust, PCG provides a $375,000 pari passu participation in a $750,000 loan to fund the acquisition of a vacant textile mill with multiple dilapidated buildings.
Project Summary:
Utilizing LIHTC, Columbus Highland Terrace II will redevelop the site into a 132-unit affordable apartment building serving families and veterans. All units will be rent-restricted, targeting veteran tenants earning up to 50% AMI.
Borrower Summary:
Columbus Highland Terrace II, LP, a single-asset real estate holding company, was formed to purchase a 24-acre brownfield site and redevelop the site into Highland Terrace II. The development is in the second and final phase of a community-driven, affordable housing project.
Loan Result:
The development is in an area with a 20% poverty rate and an unemployment rate two times the national rate. Acquisition financing makes it possible to proceed with the planned LIHTC redevelopment.