Funding to Preserve Fort Wayne HousingPosted: Updated:
Chicago-based Capital Fund Services says it has sourced $4 million in permanent financing for an Indiana housing project. The company says the funding will help preserve 138 apartment homes in Fort Wayne.
November 3, 2014
Fort Wayne, Ind. -- Chicago-based Capital Fund Services (CFS), a related company of Great Lakes Capital Fund, sourced permanent financing totaling near $4,000,000 on a Fort Wayne Indiana portfolio totaling 138 units.
"We were able to bring the needed debt capital to a very long term client of the firm which allowed them to enhance bottom line cash flow and position the assets to take advantage of the current market conditions," said Paul De Kruiff, a Loan Originator with Capital Fund Services.
The permanent financing CFS was able to source helps preserve the 138 apartment homes as quality, affordable places to live in the Fort Wayne community.
Great Lakes Capital Fund (GLCF) is a full service community development finance institution that has been in operation for 21 years and manages over $2.9 billion in the community redevelopment space. This includes successfully investing in over 575 affordable housing developments, representing 35,000 units, which have served over 70 thousand low to moderate income people. In addition to its housing investments, GLCF manages over $360 million of New Markets Tax Credits in economic development. GLCF also provides lending services through one of its companies, Capital Fund Services, as a Fannie Mae Affordable Housing lender and FHA affiliations. GLCF is a member of the National Association of State and Local Equity Funds. www.capfund.net
Source: Great Lakes Capital Fund