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PFA Closes $11.3M Financing for Gable Oaks Apartments

The Public Finance Authority (“PFA”) has provided $11.3 million of revenue bonds for the purpose of financing the costs of acquiring, renovating and equipping a multifamily residential rental facility located in Columbia, South Carolina.

Gable Oaks Affordable Housing, LLC (the “Borrower”) is a South Carolina subsidiary of the Banyan Foundation, a 501(c)(3) nonprofit corporation.  The PFA has financed four previous transactions with the Banyan Foundation.

The Borrower used bond proceeds to acquire and renovate a multifamily residential rental facility located in Columbia, South Carolina known as the Gable Oaks Apartments. The property consists of 192 affordable housing units and the financing will allow for the construction of an additional 8 apartment units. 60 of the apartment units will be set aside for Section 8 assisted housing. The financing will allow Gable Oaks to continue to serve low to moderate income families and will generate several construction jobs over the course of the renovations.

PFA partnered with Jones Walker LLP and Stifel, Nicolaus & Company to provide financing to Gable Oaks in order to acquire the property and preserve the unique apartment complex to benefit those in need of affordable housing.