ARCADIA, RENSSELAER AND FOWLER, IND. — BWE has arranged $19.7 million in financing for the acquisition and rehabilitation of three affordable housing properties in rural Indiana. Lundat Kassa and Bob Morton of BWE arranged the financing on behalf of Vita Investment Holdings LLC, an Indiana-based developer of affordable and seniors housing communities. Vita acquired the properties to preserve their long-term affordability for residents. The financing consisted of two loans, including a construction loan from Fifth Third Bank. BWE also secured a $17.1 million loan through the USDA 538 Forward Permanent Loan program. The nonrecourse loan features a 40-year amortization schedule. Vita also utilized 4 percent Low-Income Housing Tax Credits to finance the project.
The three properties include: Hamilton Place, which totals 54 units in Arcadia; Madison Cottage of Rensselaer, which includes 71 units in Rensselaer; and Madison Cottage of Benton County, a 51-unit building in Fowler. The developments will be preserved as affordable to residents who earn up to 60 percent of the area median income. All three properties will receive improvements to mechanical systems and the unit interiors will be enhanced. Community amenities will also be upgraded.