PGIM Real Estate has provided fixed-rate FHA financing to Lincoln Avenue Capital for the acquisition and rehabilitation of South Forty Apartments, an affordable senior housing asset located in Billings, Montana. Executive Director Alex Viorst led the $16.14 million loan arranged under the FHA section 223(f) loan program on behalf of PGIM.
The 101-unit age-restricted apartment complex is 100% subsidized by a Section 8 contract and features a tax credit LURA restricting half of its units at 50% AMI and other half at 60% AMI through 2069.
Viorst commented “We’re thrilled to have partnered with mission driven organization Lincoln Avenue Capital — one of the fastest growing developers, investors, and operators in affordable housing across America — on this transaction.”
