Canterbury House

Property

Canterbury House is a 230-unit family affordable property located in Southgate, Kentucky.

Financing

$12,565,000 fixed rate tax-exempt bond refinancing and $6,935,000 of newly issued supplemental loan financing used to refinance Canterbury House. 

Description

Red Stone provided $12,565,000 of fixed rate tax-exempt bond refinancing proceeds and $6,935,000 of newly issued supplemental taxable bond financing proceeds used to refinance Canterbury House, which was in 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.