The local housing authority has big dreams for improving their existing public housing so they brought in the expert team at ReCap Advisors Inc to assist with their RAD Conversion of all seven of their locations in to a stable, 20 year Project Based Rental Assistance Contract.
“This transaction was brought across the finish line because of the incredible legal work of the borrowers counsel Alex Samber at Bass, Berry & Sims and our counsel, David Barsky and Melony Baserap at Krooth & Altman LLP and Altman,” said project originator, Sunny Fitzgerald, “In addition, the U.S. Department of Housing and Urban Development Atlanta staff were great partners in this complicated transaction.”
CMI’s team, including Sunny Fitzgerald, Cindy Ross, Bill Arnold and Connor Danigelis worked through the intricate details to provide the 223(f) loan that funded 20 years of capital needs for all of the projects as well as returning equity funds to the housing authority to expand their affordable housing mission in the community.
- Project Name Brownsville Housing
- Project Location Brownsville, TN
- Loan Amount $4,480,000
- Originator Sunny Fitzgerald
- Client Brownsville Housing Authority