Peoria Portfolio

Peoria 1

Property

The portfolio is comprised of four properties all located in Peoria, Illinois.   The four properties total 478 units and include Hurlburt House, Schlarman House, Reservoir Estates & Parkview Estates.

Financing

$18,500,000 fixed rate tax-exempt bond financing providing construction and permanent loan capital.  The bond financing was done under one facility for all four properties.

Description

Red Stone purchased $23,885,000 of tax-exempt bonds used to construct all three Riverport Landings communities.  The properties were located on adjacent sites in Louisville, Kentucky.  Each phase of the development was financed independently, but under the same program in order to Red Stone purchased $18,500,000 of fixed rate tax-exempt bonds used to acquire and preserve the four properties collectively referred to as the Peoria Portfolio.   The properties all benefit from Section 8 rental subsidy and the majority of the units are set aside for low income senior tenants.  As part of Red Stone’s bond financing, the properties received substantial upgrades and capital work totaling over $37,500 per unit in hard costs.