Loan Amount: $7,400,000
Developer: Artesian Springs Partners, LLC
Artesian Springs Apartments Phase I is a 118-unit multifamily development with 84 LIHTC units restricted to 25%, 39%, 45%, and 50% of AMI and 34 market units, designed to provide affordable housing in a suburban setting. The project includes set-asides for physically handicapped individuals, veterans, and the homeless, addressing critical needs for vulnerable populations. Interesting features include its focus on environmental compliance due to a prior EPA settlement, making it a unique redevelopment opportunity in the area.