Willow Creek Apartments
The Willow Creek Apartments project preserves 25 affordable housing units in rural McCormick, South Carolina. With 100% rental assistance, the property will serve a diverse set of senior households making up to 50% AMI.
Loan Purpose: Rehabilitation
Project: Affordable, senior rental housing
Hallmark Companies, Inc. (Hallmark) will utilize LIHTC equity to acquire and rehabilitate this 28-year-old property. The property is located in a high-poverty census tract deemed an Area of Economic Distress. Twenty-four of the units are under an existing USDA Rural Development Section 515 structure with 100% rental assistance for seniors.
Borrower: Hallmark is a real estate company founded in 1997 and now employing more than 375 people. Their mission is to provide stable, safe, and dependable multi-family communities through real estate investment, property management, and development activities. They specialize in establishing housing for families, seniors, and other individuals in need of quality, affordable housing opportunities.
Loan Details: Partners participated with the Housing Assistance Council (HAC) to deliver a $1,467,000 total loan. Partners' participation in this loan reduced HAC’s future exposure to Hallmark, thus allowing them to close other deals with this group. This loan also allowed Partners to meet the strategic goal of increasing lending in the Southeast.