Alden Capital Partners to Renovate Two Apartment Complexes in El Paso

EL PASO, TEXAS — Alden Capital Partners, in partnership with the Housing Authority of the City of El Paso (HACEP), has closed on $6 million in low-income housing tax credit equity financing for the rehabilitation of George W. Baines and Charles R. Morehead Apartments. The financing will be used to renovate 58 units at Baines and 62 units at Morehead for families and seniors. Baines and Morehead were built in 1982 and 1984. Rehabilitation for the properties is underway and is scheduled for completion by August 2017. Upgrades will include Energy Star appliances, central heating and air conditioning and outdoor picnic areas. Community amenities will include central laundry facilities, on-site management and a clubhouse. Units at both locations will be restricted to households at or below 60 percent of the area median income. Alden Capital Partners facilitated the investment of federal tax credit equity through its multi-investor fund, Alden Capital Partners Tax Credit Fund 20. Alden Capital Partners also provided equity bridge financing via the purchase of unsecured, tax-exempt Series B bonds. This allowed the transaction to take advantage of a Freddie Mac tax-exempt loan bond structure, which lowered the long-term financing costs.