This was a ground-up development in partnership with the City of Austin utilizing a 221 (d)(4) HUD-insured loan through Berkadia. The project has maintained 94% physical occupancy since late 2011. In late 2016, the partnership executed on a 223 (f) HUD insured refinance loan through Berkley Point Capital with a full cash-out of all equity to the private equity investor group.
Going forward, we expect to see the exceptional financial performance of this asset. Currently, the partnership is planning to hold the asset long term due to the excellent debt structure that was recently secured through the refinancing.