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Avenue CDC used a $5,415,000 acquisition from NC to purchase the 94-apartment property in Houston. Avenue CDC was already part-owner, and purchased the property outright from the other partners to maintain long-term affordability.
| Uses | To purchase land and buildings planned for future development, preservation of affordability, or other redevelopment/reuse activities, for both residential and commercial development | |
|---|---|---|
| Loan Amount | Up to $10,000,000 | |
| Loan Term |
Generally up to 36 months May be longer for significant redevelopment programs with local agencies as development partners |
|
| Interest Rate |
From 6.00%, dependent on lien position, loan term, and duration and complexity of the process to move the project to construction or other start point Payments are generally interest-only |
|
| Collateral/security |
First or subordinate liens on the property being acquired LTV 85% maximum for undeveloped land |
|
| Repayment Source | Construction or permanent financing, depending on project type and timeline | |
| Fees |
Application fee - $1,000 |
|
| Third-party reports | Appraisal, Phase I/II environmental assessments, market study, capital needs assessment for operating property | |
