Cleveland's Great Lakes Financial Group LP (GLFG) reports that it recently closed a preservation deal through the Michigan State Housing Development Authority's (MSHDA) tax-exempt direct loan program with Longfellow Apartments, a 149-unit residential, active-adult apartment building development consisting of one seven-story building located in Ludington, Mich., for approximately $3.87 million.
This development also closed on a Low Income Housing Tax Credit from Fifth Third Bank, which provided over $1.6 million of equity in addition to $5,2 million of stimulus money provided by the American Recovery and Reinvestment Act.
Built in 1978, the apartments will undergo a substantial rehabilitation, GLFG says. A $2.38 million renovation will include a new community center and common areas, along with extensive unit rehabilitation expenditures.
SOURCE: Great Lakes Financial Group LP
