Tax Credits / Bond Financing
San Jose, CA
Arranged 100% of costs to purchase, rehabilitate and convert to affordable housing this 350-unit project in very poor condition. Total costs including a $7 million rehab and bond transaction costs were over $45 million. We arranged almost $12 million in equity through the sale of Section 42 tax credits, an interim construction loan of $33.7 million and a forward take-out comprised of $25.5 million in a low floater 7-day tax-exempt bonds and a $8.2 million in taxable floating rate bonds.