Ponderosa Acres

Property

Ponderosa Acres is a 120-unit family affordable property located in Billings, Montana.

Financing

$11,500,000 fixed rate bridge financing used to acquire the Property and fixed rate financing commitment for the “4% LIHTC” tax exempt bond takeout. 

Description

Red Stone provided $11,500,000 of fixed rate bridge financing used to acquire Ponderosa Acres. Red Stone also provided pre-committed fixed rate tax-exempt financing for the “4% LIHTC” tax-exempt bond preservation execution within 90 days following the acquisition.