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LEDG Converting Dallas Apartments to Affordable Housing
LEDG Capital closed financing for a 113-apartment mixed-income property in Dallas. The company plans to convert the community into 100 percent affordable housing and renovate the property.
Under the plan, the 90 market-rate units at Paradise Gardens Apartments will be converted to affordable housing for 30 years under a Low-Income Housing Tax Credit Land Use Restrictive Agreement. Under the new rent and income restrictions, apartments will be affordable to households earning between 30 and 80 percent Area Median Income (AMI).
LEDG will oversee a 10-month renovation of $5.2 million to modernize the property.
The Dallas Housing Finance Corporation (DHFC) issued tax-exempt bonds to support the project conversion and renovation. River City Affordable Housing facilitated equity bridge financing. Walker & Dunlop served as the equity partner in the transaction. CBRE Group served as the lender.
Langerman Construction is serving as the general contractor for the work, using plans from Benton Design Group.
- ◦Sale/Acquisition
