NAHT and National Church Residences Close Financing for Sister’s Court
Columbus, OH. Wednesday, April 20, 2016. - NAHT, in partnership with National Church Residences is pleased to announce the closing of $8.1 million in Low-Income Housing Tax Credit (LIHTC) equity and $1.0 million Federal Historic Tax Credit equity for Sister’s Court Apartments. Sister’s Court is an affordable housing community for seniors 62 years and older. It is located in the historic downtown area of Savannah, Georgia with 77 apartments consisting of one and two-bedroom rental units.
NAHT secured the LIHTC and Historic Credit equity investments for the Cornerstone/NAHT Enhanced Preservation Fund 2014-1 Limited Partnership. As the LIHTC syndicator, NAHT will work with National Church Residences and the equity investors to ensure the project meets development requirements and is completed on time. The deal was closed on Friday, February 26, 2016.
Marcus Vivona, VP, Director of Acquisitions had this to say about the recent closing, “NAHT is pleased to continue its 30-year partnership with National Church Residences by providing equity financing for Sister’s Court.” He added, “National Church Residence’s preservation of this historic property will help provide high-quality affordable senior housing in Savannah for many years to come.”
About National Church Residences
With 340 communities in 28 states and Puerto Rico, National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing. It also operates full-service retirement communities in Ohio and Florida, as well as supportive housing for the formerly homeless and disabled in Ohio and Georgia. For more information, visit www.nationalchurchresidences.org.
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Lauren B. Williams, Communication Associate