Redland Arms
An Affordable Housing Community in Florida City, Florida
Redland Arms Apartments, located in Florida City, FL is a 10-building 66-unit, garden-style property featuring a mix of 1-, 2-, and 3-bedroom units. Built in 2002, Redland Arms was a year-15 property that is in its extended use period. Amenities at Redland Arms include a clubhouse (with leasing office, computer room, and exercise room), pool and pool house, covered BBQ area, playground, car-washing station, and basketball half court.
The opportunity was presented to NHPF by The Partnership Inc. (TPI), a non-profit affordable housing developer based in Florida, that NHPF has partnered with on multiple deals. NHPF and TPI jointly acquired the property in 2018 as an equal 50/50 partnership.
Total Cost
| $4,604,212 |
Description
All units at Redland Arms are restricted to either 60% AMI or 33% AMI.
Financing
| $6,779,500 | Richmac Funding Bridge Loan |
| $864,212 | Total Equity and Cash Advance split 50/50 between NHPF and TPI |