Southern Pines
Southern Pines includes seven three-story apartment buildings, offering central heating and cooling, a washer and dryer, and a private balcony/patio in each unit. The property is expected to support 1,000 residents.
Loan Purpose: Acquisition and predevelopment
Project: Affordable rental housing
Over three phases, all 240 units will provide affordable housing, with an affordability mix including units affordable at 30% and 50% AMI, as well as market-rate units.
Loan Details: Partners' work with Community Housing Capital (lead lender) and Housing Partnership Network provides a $500,000 pari passu participation in a $7,726,500 acquisition and predevelopment loan for the planned affordable apartment development in Las Vegas, NV by HAND Property Holding Company and Nevada H.A.N.D., Inc. (NVH).