Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

Croft Place – New Richmond, WI

The Landings at Belle Meadows exterior
Image Source: Cinnaire

Through the Positive Social Purpose Lending Program and in partnership with Cinnaire, participation was purchased in a loan providing financing for a 52-unit Low Income Housing Tax Credit project. Forty-eight units target households earning up to 60% of area median income. Additionally, nine units are restricted and designated for individuals with hearing, vision or other physical impairments, with priority given to veterans. The remaining units are leased at market rates. Common area amenities include an elevator, fitness center, business center, raised gardens, laundry facilities, community room/clubhouse, wellness center, picnic area, playground, and on-site management office.

Transaction Summary:
 

Property Name: Croft Place
Location: 233 Croft, New Richmond, WI 54017
Units: 52
Loan Amount: $1,550,000
Term: 18 years
Purchase Date: February 17, 2017

 

For more information about Cinnaire: http://cinnaire.com

 

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