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Posted September 1, 2011
Coleman Talley Represented the Developer and Owner in a Closing Associated with the Acquisition and Rehabilitation of a 126-unit Residential Housing Development
Coleman Talley represented the developer and owner in a complex finance closing associated with the acquisition and rehabilitation of a 126-unit residential housing development located in Raleigh, North Carolina. Construction and permanent financing for the project was provided by Oppenheimer Multifamily Housing & Healthcare Finance, Inc., with US Dept. of Housing and Urban Development insurance under provisions of Section 221(d)(4) of the National Housing Act. In addition, the project received permanent financing from the City of Raleigh through the City’s taxable mortgage bond financing program, as well as a permanent loan from the North Carolina Housing Finance Agency as an election of the loan method of North Carolina state tax credits. Equity for project financing was raised through the federal low income housing tax credit program, with syndication of limited partnership interests to an investment fund of Raymond James Tax Credit Funds.
The firm regularly closes affordable housing projects utilizing the federal low income housing credit. Clay Powell represented the client on this transaction.
