Berkadia Secures $13.8M in Financing for Affordable Housing Community in South Annville Township, Pennsylvania
PHILDEALPHIA, PA – July 8, 2024 – Berkadia announced today the financing of Carmany Place Apartments, a 48-unit affordable housing property to be constructed in Annville, Pennsylvania. Senior Director Brian Blanchard of Berkadia Affordable Housing secured the $12.8 million Low-Income Housing Tax Credit (LIHTC) and $1.0 million Pennsylvania Housing Tax Credit (PHTC) equity investment on behalf of the sponsor, Völker Development.
Carmany Place Apartments will consist of 48 units within three two-story residential buildings. The 48 units include 30 two-bedroom and 18 three-bedroom units which will be restricted to households earning income ranging from 20 percent to 80 percent of AMI.
“Berkadia is proud to close its first transaction with Völker Development and looks forward to building a valued partnership,” said Blanchard. We’re honored to play a role in the creation of much needed affordable housing in Lebanon County.”
The property’s units will include Energy Star appliances, central air conditioning, balconies or patios, ceiling fans, composite flooring, and an exterior storage closet. Community amenities will include a clubhouse featuring an onsite community room with kitchenette, on-site property management and supportive services offices, a maintenance office, and small fitness center with exercise equipment. On-site professional property management, on-call 24/7/365 maintenance, and supportive services coordination will also be provided. Site amenities will include on-site surface parking at no cost to residents, a playground, and picnic area.
“We are thrilled to begin construction on Carmany Place Apartments and look forward to serving the people of South Annville Township and Lebanon County,” said Matthew Padron, Managing Director of Development, Völker Development. “Without partners like Berkadia, Fulton Bank, PHFA, Arthur Funk & Sons, Architectural Concepts, and many others, this important development effort would not be possible, and we are truly grateful for their support.”
Financing for the project includes a construction loan from Fulton Bank, permanent debt from PHFA, Gap financing from PHFA, Lebanon County Soft Debt, and equity proceeds from 9 percent Low-Income Housing Tax Credits and Pennsylvania State Tax Credit, purchased by the tax credit investor, Fulton Bank, in partnership with Berkadia.