Regions Affordable Housing has teamed with Emerald Housing Partners and Hoosier Housing Group for the acquisition and rehabilitation of Sycamores Terrace, a 128-unit senior housing community approximately two miles from downtown Nashville, Tenn.
Regions is providing approximately $4.7 million in low-income housing and solar energy tax credit equity to help finance the deal.
Improvements to the site and services will include updated project amenities such as an exercise center, picnic areas, dining areas for residents, a barber/beauty shop, meal services, and shuttle transportation for residents.
Rehabilitation is expected to be completed by midsummer 2019.
Regions Bank provided the construction and equity bridge loans and also secured Fannie Mae M.TEB (mortgage-backed security as tax-exempt bond collateral) financing. In addition, Regions is serving as trustee on the bonds and participating in the Tennessee Community Investment Tax Credit program.
Emerald Housing Partners develops and provides property management services for affordable seniors and family housing communities across Tennessee as well as in Colorado, Georgia, Kansas, and South Carolina.
Regions Affordable Housing has partnered with the firm on eight previous transactions.
