Davis-Penn Mortgage Co. recently closed a HUD-221d(4) for the renovations of Anna Dupree Terrace Apartments. The 151-unit, seniors apartment community has an existing HAP contract, and the Developers pursued tax exempt bond financing with non-competitive 4% Low Income Housing Tax Credits.

The development was constructed in 1981 and was originally financed through the HUD Section 202 program with a non-profit owner.  The renovations will total $55,000 per unit and will provide residents with upgraded units, upgraded mechanicals, renovated common areas and a new amenity center.

The proposed renovations will reposition the property in the market and preserve the affordable housing. The 221(d)4 loan qualified for FHA’s affordable underwriting criteria and features non-recourse construction & permanent 40-year, fixed-rate, assumable debt. Ray Landry, Sr. Vice-President, and Kristin Welch, Vice-President, arranged the financing for Davis-Penn.