SIMS MORTGAGE FUNDING (SMF) CLOSES $26,172,500 LOAN FOR CONSTRUCTION OF MULTIFAMILY RENTAL HOUSING IN COVINGTON, LA
SIMS MORTGAGE FUNDING (SMF) CLOSES $26,172,500 LOAN FOR CONSTRUCTION OF MULTIFAMILY RENTAL HOUSING IN COVINGTON, LA
1 PagesELAN AT TERRA BELLA $26,172,500 | MAY 2018 | COVINGTON, LA CASE STUDY PARTNERED RIGHT Vintage Realty Company, a major regional developer and property manager headquartered in Shreveport, LA, purchased the development rights to Elan at Terra Bella, a proposed 178-unit market-rate multifamily project in a Traditional Neighborhood Development (TND) on the North Shore, one of the fastest-growing sections of the New Orleans metropolitan area. Given Vintage's preference for long-term, fixed-rate financing, they turned to SMF to obtain HUD-insured construction and permanent financing. STRUCTURED RIGHT Sims and Vintage were faced with two significant challenges: a temporary change in housing market conditions after HUD issued its preliminary appro
