BILLINGS, MONT. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings.
The property features 101 units and is 100 percent subsidized by a Section 8 contract. The property also has a tax credit LURA on title restricting half of the units to residents earning up to 50 percent of area median income (AMI) and the other half at 60 percent AMI through 2069.
LAC plans to complete an extensive rehabilitation of the property that will address deferred maintenance at the property, revitalize the apartments and update site amenities.
The property was originally constructed in 1987 and was last renovated in 2007. LAC’s scope of work will include new kitchens and baths, new windows throughout, upgrades to the clubhouse, new solar panels and accessibility repairs.
Alex Viorst, executive director at PGIM Real Estate, led the financing on behalf of the firm.