Recap closes Davis Heights/Asbury Howard RAD FHA Transaction
Recap closes Davis Heights/Asbury Howard RAD FHA Transaction|News|
Recap Real Estate Advisors (Recap) announces the closing of a Rental Assistance Demonstration (RAD) deal on behalf of the Housing Authority of the City of Bessemer, Alabama. The transaction was for the Davis Heights/Asbury Howard former public housing properties totaling 198 units, and is the first RAD transaction to close in the State of Alabama.
The two properties were combined in one Asset Management Project (AMP) and operated as one site. The Housing Authority utilized FHA-insured 221(d)(4) first mortgage financing, along with public housing operating reserves, to finance a $6 million renovation of the properties. Working with the Housing Authority, FHA Lender, and the rest of the development team, Recap helped guide this conversion through both the RAD and FHA regulatory requirements towards a successful closing.