Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
PGIM Arranges FHA Loan for Senior Housing
PGIM Real Estate has provided fixed-rate FHA financing to Lincoln Avenue Capital for the acquisition and rehabilitation of the South Forty Apartments, an affordable senior housing asset located in Billings, Montana.
PGIM’s Executive Director, Alex Viorst, led the financing on behalf of the firm. The $16.14 million loan was arranged under the FHA section 223(f) loan program for the complex, which was originally constructed in 1987 and last renovated in 2007.
The property is a 101-unit and age-restricted apartment complex that is 100% subsidized by a Section 8 contract. The property also has a tax credit LURA on title restricting half of the units at 50% AMI and the other half at 60% AMI through 2069.
“We’re thrilled to have partnered with LAC — a mission-driven organization and one of the fastest-growing developers, investors, and operators of affordable housing in the country — on this transaction,” said Viorst.
