LDG Development Scores $40M for Louisville Affordable Community
Bellwether Enterprise Real Estate Capital originated the financing for the 312-unit project.
Lone Oak Meadows. Image courtesy of Bellwether Enterprise Real Estate Capital
LDG Development has closed a $40 million direct bond purchase for the financing of Lone Oak Meadows, a 312-unit affordable housing project in South Louisville, Ky.
Bellwether Enterprise Real Estate Capital originated the financing on behalf of the borrower. The company secured a $31.5 million tax-exempt permanent placement loan with an 18.5-year term, a 40-year amortization period, 8 years of interest-only financing, as well as a floating rate while the property is under construction. All units will be set aside for individuals earning between 30 percent and 60 percent of the area median income.
Additional financing came from Enterprise Community Partners, which secured $27.9 million in tax credit equity for the property, while the Louisville Metro Affordable Housing Trust Fund provided $1.5 million in low-income housing tax credit equity.
The community will offer 13 three-story buildings with a variety of floorplans, including 36 one-, 168 two- and 108 three-bedroom units. Community amenities will include a pool, playground, clubhouse and dog park.
Located at 10001 Oak Bridge Road, the property will be 19 miles southeast of downtown Louisville and 15 miles southeast of Louisville International Airport. Interstate 265 is some 3 miles north, while Interstate 65 is some 7 miles west.
According to Yardi Matrix data, LDG Development owns more than 6,000 units in the Louisville market, across 29 properties.
Active in other markets as well, BWE has recently secured $90 million for 1133 Hope, a Los Angeles luxury apartment community.
