Michaels Development Co. has secured a $17.6 Freddie Mac Targeted Affordable Housing loan for Belmont Hight Estates I and II, a 559-unit community in Tampa, Fla. Greystone originated the loan on behalf of the owner. The fixed-rate non-recourse financing carries an 18-year term and a 35-year amortization.
The community, which has LITHC, bond and SAIL land use restriction agreements in place, requires limits on tenant income and rent restrictions for all its 559 units.
Built in 2003 and 2005, Belmont Hight Estates I and II offers one- to four-bedroom floorplans. Community amenities include three clubhouses, a business center, community rooms, basketball courts, laundry rooms, a pool and a fitness center.
The property is located at 1607 E. 25th Ave., some 2 miles northeast of downtown Tampa and less than 1 mile northeast of Cuscaden Park.
Greystone Director Ryan Harkins originated the transaction on behalf of the Michaels Development Co. Last month, Greystone also secured $29.1 million for the refinancing of the affordable Kilani Village in Lompoc, Calif.