Meeting an Urgent Need
Nationwide, affordable and workforce rental housing is at serious risk. An increasing number of developments are being converted to higher market rates or are falling into a state of disrepair. This threatens the stability of hard-working families and surrounding communities.
In response to this challenge, Enterprise has created a conventional equity product to finance the acquisition and preservation of existing affordable and workforce rental housing communities by responsible operators.
This conventional equity product can be used to acquire affordable or unrestricted “B” and “C” class apartment communities on a joint venture basis with local real estate operators. Under this program, the majority of the acquisition cost will be financed by conventional debt (up to 80 percent LTV) and this product will provide 80 to 90 percent of the resulting equity gap. The joint venture partner will be responsible for co-investing the balance of the equity gap.
Under this program, Enterprise can make equity investments of between $3 million and $15 million. For more information about Enterprise’s Conventional Equity program, please contact Chris Herrmann and see our term sheet.