TODAY’S DEALS: Michaels Military Housing’s Bond Sale Raises More than $80M for Construction of 200 Military Homes, and Other Transactions
- Apr 29, 2009
By Anuradha Kher, Online News EditorFort Huachuca and Fort Yuma, Ariz.–Michaels Military Housing has secured all necessary financing to move forward with the development of family housing community projects at two military installations in Arizona. The Michaels Organization, the U.S. Army, and Raymond James Financial Services completed an $82 million public bond sale to fund a $103 million, five-year development plan that includes the construction of more than 200 homes and a variety of community amenities at Fort Huachuca and the Yuma Proving Ground. A historic post founded in 1877, Fort Huachuca is now home to the U.S. Army Intelligence Center and School, U.S. Army Network Enterprise Technology Command/9th Signal Command (Army) and other Department of Defense organizations. Located at the base of the Huachuca Mountains in Sierra Vista, the post covers more than 70,000 acres and an estimated 16,000 people living and working there. The Yuma Proving Ground, originally established in 1943, is one of the largest military installations in the world and is an essential part of the Army’s Test and Evaluation Command. Fort Huachuca and the Yuma Proving Ground are two of the last privatization projects for the Army, which began partnering with private sector development and management companies to upgrade, operate and maintain family housing on military bases after Congress authorized such partnerships in 1996. Arbor Closes $4,555,000 Fannie Mae DUS Small LoanLos Angeles–Arbor Commercial Funding recently completed funding of a $4,555,000 loan under the Fannie Mae DUS Small Loan product for the 86-unit complex known as 8th Street/S. Westlake in Los Angeles.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.21 percent.