Loan Amount: $1,500,000
Developer: Cedar Development, Inc.
The South Ridge Apartments is a proposed 40-unit multifamily development providing 39 affordable housing units (97.5% of total) restricted to tenants with household incomes not exceeding 45.8% of the area median income, featuring a mix of one, two, and three-bedroom units in four 3-story buildings. It targets low-income families, offering affordable rentals in a suburban neighborhood that is 90% built out. The property is unique for its new construction focus on family-oriented living with supportive features.