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Article: GMAC Commercial Mortgage Affordable Housing Division Closes $47 Million Tax Exempt Financing of Los Angeles Multifamily Project.
- Article from:
- Business Wire
- Article date:
- January 24, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DENVER -- GMAC Commercial Mortgage Affordable Housing Division (AHD) closed $47 million in tax-exempt financing for the construction of Northwest Gateway Apartments. The 275-unit apartment project will be constructed on a 2.45-acre site located in downtown Los Angeles. The project will set aside 20 percent of its units for families earning no more than 50 percent of the area's median income. Construction is scheduled to begin in January 2005 and is expected to be completed in the summer of 2006.
The property will consist of one, four-level apartment building with a central courtyard. The plans call for studio, one-, two- and three-bedroom units built over a ...