TODAY’S DEALS: Hendricks & Partners Arranges Sale of 210-Unit Affordable Housing Portfolio for Over $8M, and Other Transactions

By Anuradha Kher, Online News EditorMadison, Wis.–Hendricks & Partners’ National Affordable Housing Group has arranged the sale of the 210-unit Wisconsin Affordable Housing Portfolio (pictured) for $8,068,000.The seller was Dunn County Realty Group (DCRG), Housing Development Services (HDS), and Housing Management Services (HMS) of New Richmond, Wis. and the buyer was WHPC- Dunn County, LLC, WHPC- Washburn County, LLC and WHPC- St. Croix County II, LLC of Madison, Wis.The 14-property portfolio was primarily developed as HUD Project-Based Section 8 housing for the benefit of qualified low-income elderly residents via Wisconsin Housing & Economic Development Authority (WHEDA) and USDA Section 515 Rural Development loan programs. A10 Capital Provides $4.6M to Finance a Distressed Debt PurchaseBoise, Idaho–A10 Capital’s Lending Group recently provided $4.6 million to finance a distressed debt purchase. A10’s customer is an opportunity fund that bought the defaulted loan, with a $22 million face amount, for approximately $10 million. The acquired note is secured by a very large multifamily complex with over 85 percent occupancy. The purchased note was in default because the property was over-leveraged by the current owner. The distressed debt financing provided by A10 Capital enabled the opportunity fund to leverage their returns and magnify their projected IRR on the purchase. The transaction was structured on a non-recourse basis to the general partners of the fund. A10’s financing also increased the opportunity fund’s purchasing power by providing a majority of the capital to the transaction.