NASHVILLE, Tenn. — Walker & Dunlop Inc. has arranged $19.5 million in financing for the acquisition and rehabilitation of Dandridge Towers, an affordable seniors housing community in Nashville.
The community features 153 units. The borrower was LHP Capital LLC, which developed and manages the property. The seller was not disclosed.
Rob Rotach of Walker & Dunlop secured the 40-year, fixed-rate, fully amortizing loan. The financing is insured through HUD’s Substantial Rehabilitation program, which insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily housing for moderate-income families, elderly and the handicapped.
The property was financed in conjunction with 4 percent Low Income Housing Tax Credits from the Tennessee Housing Development Agency, designated for affordable properties. In addition to unit upgrades and accessibility enhancements, the renovations will feature a number of water- and energy-related green improvements.
Originally constructed in 1983, Dandridge Towers has provided affordable housing to elderly residents for nearly four decades.