Details
Type: Family Acq/Rehab
Location: 691 Pinecrest Ave, Bedford, VA 24523
Year Developed: 2018/2019
Status: Development
Units: 64
TDC: $6.9 Million
LIHTC Equity: $4.69 Million
Sources of Funds:
LIHTC Equity, USDA RD Section 515 Loan, VHDA Taxable Loan, and VHDA SPARC Loan
Description
Pinecrest Apartments is an existing 64 unit apartment complex in Bedford, VA. The project will be redeveloped using LIHTC proceeds, VHDA loan funds, and recapitalizing a USDA RD Section 515 loan. The project is expected to close in June 2019 and construction will be completed in March 2020.