Walker & Dunlop client, Dominion Development Group, approached us for assistance financing their 100-unit Affordable housing property in South Carolina. They needed both debt and equity financing for this property which has 60% AMI income restrictions and Section 8 contracts.
Suraj Mistry, John Gilmore, Rob Rotach, Keith Melton, and David Strange led our team in financing this development. By partnering with our affordable housing practice group, Dominion was able to have debt and LIHTC equity financing arranged all in one place, allowing for seamless integration among the financing teams.
The combined debt and equity financing led to the moderate rehabilitation of 100 affordable housing units in South Carolina. These units are especially needed as there is a high demand for quality Affordable housing in the community. Community amenities include a new 2,300-square-foot community building with a fitness room, business center, community room, and a community kitchen. Even though the development is not required to provide resident services, it has partnered with Mission 15:13 to hire a full-time Community Life Director who will focus on creating coordinating services and activities for the residents, including, a full-time onsite learning coach. Programs include monthly community gatherings, holiday events, partnerships with local food pantries, after school activities, adult education programs, and elderly care. The children's programs include after-school activities, homework assistance, and summer camps.