Buyer gets $35.6M loan for affordable Delray rentals

Miami /
Apr.April 09, 2017 11:00 AM

Walker & Dunlop structured a $35.8 million Freddie Mac tax-exempt loan for the acquisition and renovation of an age-restricted affordable housing property in Delray Beach with 404 units.

Walker & Dunlop arranged the $35.8 million loan for Smith & Henzy Advisory Group to acquire the Lake Delray Apartments and to invest $14.3 million in property improvements.

The Palm Beach Housing Finance Authority issued the 17-year loan, which features two years of interest-only payments followed by a 35-year amortization schedule.

The renovation work at Lake Delray Apartments will include replacement of all kitchens, baths, windows, flooring and mechanical systems. The loan proceeds also will pay for the addition of a 1,200-square-foot gym, a yoga room, a library with computer rooms, a barbecue area and outdoor LED lighting, plus renovations to the clubhouse and to two existing pools.

Units at Lake Delray Apartments are reserved for residents 62 and older. The manager of the property, the Delray Beach  Housing Authority, has provided housing assistance payment contracts for 193 of the 404 units. The rest of the units are available to people whose income is 60 percent of the area’s median income. [Affordable Housing Finance] – Mike Seemuth


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Randal Perkins and the Delray Beach house (AshBritt, Douglas Elliman via Getty)
AshBritt founder flips oceanfront Delray Beach mansion for $22M
AshBritt founder flips oceanfront Delray Beach mansion for $22M
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Alta Congress apartments at 250 Congress Park Road in Delray Beach and Crow Holdings CEO Michael Levy (Alta Congress, Crown Holdings)
Crow Holdings buys Delray Beach apartments for $112M
Crow Holdings buys Delray Beach apartments for $112M
AshBritt's Randal Perkins and 111 South Ocean Boulevard in Delray Beach (Google Maps)
AshBritt founder drops $21M on oceanfront Delray Beach mansion
AshBritt founder drops $21M on oceanfront Delray Beach mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...