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Monticello Purchases $5.8MM in Bonds for Acquisition of Multifamily Rental Housing Development

April 09, 2018, 07:23 AM
Filed Under: Real Estate

Monticello Asset Management, LLC announced that one of Monticello’s investment vehicles purchased $5.8 million in new issue subordinate multifamily housing revenue bonds issued by a tax- exempt bond issuing authority.

In connection with this transaction, the Authority issued an additional $22.5 million in senior secured revenue bonds, which were acquired by an unrelated purchaser.

The proceeds of the senior and subordinate bonds were used by the Authority to finance a loan for the acquisition, renovation, furnishing and equipping of a residential affordable multifamily housing facility in Indiana.

It is anticipated that the loan and corresponding bonds will be repaid through either the U.S. Department of Housing and Urban Development (HUD) 223(f) program or through Fannie Mae or Freddie Mac programs.

The facility was built in 1964 and contains 58 two- and three-story walk-up townhouse buildings consisting of 544 units. The property has a total land area of 38.16 acres and the buildings comprise 577,820 rentable square-feet. The property also contains two accessory buildings, a community room, swimming pool, fitness center, playground, tennis court, volleyball court, computer room, laundry facilities, office, maintenance area and video surveillance


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