Substantial Completion

On Friday I went to Greensboro for the grand opening ribbon cutting ceremony for my first project. Even though I wasn't the developer it was very satisfying seeing the fruition of our labors turn into the best place some of the tenants have ever lived. My part of the project involved the underwriting of the equity based off the tax credit syndication for a total of about $3.6 million out of total project cost of $8 million or so. The development is a second phase of project we financed about six years ago and features 64 one and two bedroom units and are affordable to those making less than 60% of the area median income. Additionally, the developer is a nonprofit organization which is pretty cool. Here are a few pics and the rest can be seen here.

The developer