The Woodhaven Park Apartments property consists of 304 units comprised of 21 apartment buildings and 1 clubhouse. The Crystal Bay property consists of 432 housing units contained within 66 buildings, plus a one-story leasing office. Both locations have always served low to moderate income families that call these communities home. The financing will allow for the continued employment of existing on-site employees and generate several construction jobs over the course of the renovations.
The projects are being developed by FAHR West Affordable Housing, Inc. and FAHR South Affordable Housing, Inc. (the “Borrower”) whose sole member is Affordable Rental Housing, Inc., an Indiana not-for-profit corporation. Affordable Rental Housing, Inc. is a subordinate entity of JPC Charities, a nonprofit corporation. The Borrower’s focus is to foster, support, provide, develop, acquire, construct, rehabilitate and/or operate qualified affordable housing for low-income persons and families, elderly persons and/or mentally or physically disabled persons.
PFA partnered with Dinsmoore and Shohl, LLP and Stifel, and Nicolaus & Company to provide financing to FAHR West and South in order to acquire the properties and rehabilitate the housing developments to benefit those in need of affordable housing.