Infinity Capital Partners Lands Financing for 741-Unit Portfolio
- Feb 26, 2020
Infinity Capital Partners has secured $44.8 million for its Ambling Portfolio, a grouping of eight apartment communities in the Southeast U.S. This portfolio is being financed through the firm’s Infinity RE Impact fund. Walker & Dunlop Inc. structured the financing on behalf of Infinity. South Carolina is the setting for five of the properties, while two are in North Carolina and one is in Alabama.
The portfolio includes a total of 741 apartments. All are subject to Land Use Restrictive Agreements (LURA). These agreements stipulate 40 percent of units are occupied by low-income residents earning no more than 60 percent of Area Median Income (AMI).
Housing Assistant Payment (HAP) contracts also support the properties. These contracts stipulate contractual rents be subsidized by the local housing authorities.
The Infinity RE Impact fund strategy is based on investment in affordable multifamily properties, which are seen as providing dependable income in an economic downturn.
Walker & Dunlop maneuvered LURA and HAP stipulations linked to the communities, structuring financing at 90 percent loan to cost. Loan proceeds will cover acquisition costs and be used to complete $8.5 million in renovations. Infinity RE Impact has contracted with Atlanta Financial Group to execute the portfolio renovations, featuring interior unit and common-area upgrades as well as building and site enhancements.
Leading the Walker & Dunlop team in structuring the financing on behalf of Infinity Real Estate Advisors and Infinity Capital Partners were Jeff Lawrence, Matt Baptiste and Greg Krafcik. The team worked with Walker & Dunlop’s specialty high-yield first mortgage and mezzanine lending platform, Commercial Property Funding, LLC, featuring Geoff Smith and Kimberly Schmitz. Earlier this month, Walker & Dunlop provided financing for senior housing communities in Texas and Arkansas.