Walker & Dunlop Secures $20M Loan for Affordable TN Asset
- Aug 31, 2018
Walker & Dunlop Vice President Rob Rotach has structured $19.5 million in financing for the rehabilitation of Dandridge Towers, a 153-unit affordable, senior living community in Nashville, Tenn. Through a non-arm’s length transaction, developer, owner and manager LHP Capital secured the 40-year, fixed rate HUD loan. The Tennessee Housing Development Agency also contributed with four percent Low-Income Housing Tax Credits to finance the property.
Located at 431 Ocala Drive, Dandridge Towers has been providing affordable housing to the elderly for nearly four decades. The rehabilitation process is set to include unit upgrades and accessibility enhancements as well as water- and energy-related green improvements. According to Yardi Matrix data, the nine-story property features 850 square feet of retail space, a clubhouse, laundry facilities and 88 parking spaces.
“With Nashville’s continued growth, it is more important than ever to ensure affordable housing remains an option for long-time residents of the city. The rehabilitation done on Dandridge Towers will provide Nashville’s senior residents with an updated, environmentally friendly place to call home,” said Rotach, in a prepared statement.
Image courtesy of Yardi Matrix
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