AED Portfolio

Property

Argonaut & El Tovar Apartments and Drehmoor Apartments are a portfolio of three Section 8 affordable multifamily properties located in Denver, Colorado, collectively known as the AED Portfolio.  

Financing

$8,950,000 fixed rate tax-exempt bond refinancing and $6,750,000 of newly issued supplemental loan financing used to refinance the AED Portfolio. 

Description

Red Stone provided $8,950,000 of fixed rate tax-exempt bond refinancing proceeds and $6,750,000 of newly issued supplemental taxable bond financing proceeds used to refinance the AED Portfolio, which was past year 10 of the tax credit compliance period.  The proceeds were used to buy out the limited partner investor and provide cash out proceeds to the Borrower.