**LEDG Capital Converts Dallas Apartment Community to Fully Affordable Housing**
LEDG Capital has secured financing for the redevelopment of Paradise Gardens Apartments, a 113-unit mixed-income property in Dallas. The firm plans to transform the community into a 100% affordable housing development and undertake significant property renovations.
Currently, 90 of the units at Paradise Gardens operate at market rate. Under the new plan, all units will be converted to affordable housing for a period of 30 years through a Low-Income Housing Tax Credit Land Use Restrictive Agreement. The apartments will be designated for households earning between 30% and 80% of the Area Median Income (AMI).
The renovation will include extensive modernization, with a projected cost of $5.2 million and an anticipated timeline of 10 months.
Financing support for the project came through multiple channels. The Dallas Housing Finance Corporation (DHFC) issued tax-exempt bonds to aid in the conversion and renovation process. River City Affordable Housing provided equity bridge financing, while Walker & Dunlop participated as the equity partner. CBRE Group acted as the lender for the deal.
Langerman Construction has been selected as the general contractor for the redevelopment, utilizing designs from Benton Design Group.
