Evansville Housing Authority RAD Conversion – Evansville, Indiana

Closed - May 2016

Kuhl & Grant LLP served as counsel to the developer and the owner in connection with the acquisition and rehabilitation of Kennedy Towers, Buckner Towers, Schnute Towers, White Oak Manor and Caldwell Homes located in Evansville, Indiana, consisting of 559 affordable rental housing units.  Project financing included tax-exempt bond financing (City of Evansville), equity from the syndication of 4% Low-Income Housing Tax Credits (Alliant), FHA-insured construction and term financing (P/R Mortgage & Investment Corp.), equity bridge financing (Lake City Bank), seller financing (Evansville Housing Authority) and subordinate financing (Evansville Housing Authority and Indiana Housing and Community Development Authority).  The project, which also involved the conversion of public housing units under the Rental Assistance Demonstration (RAD) Program, is being developed by Advantix Development Corporation, an affiliate of the Evansville Housing Authority.