The following statement was issued Wednesday by Great Lakes Capital Fund:
Fort Wayne – Chicago-based Capital Fund Services (CFS), a related company of Great Lakes Capital Fund, closed on an acquisition loan that will be used to finance the purchase of a 44-unit multi-family housing development in North Webster, Indiana in the amount of $ 1,240,000. Justus Property Management secured the bridge loan from CFS.
Mitch Walters, Vice President of Justus Property Management, Inc. commented, "During the transaction, everyone was thrown a few curve balls, but Capital Fund Services did a fantastic job of keeping the focus on finding a way to get the deal done. The residents, the Town of North Webster and the new owners are ecstatic with how things turned out."
"Justus needed a quicker close, and CFS responded with an interim balance sheet loan to help them achieve their goals, which included preserving this needed housing," said CFS Loan Originator, Paul DeKruiff. "CFS has already started the funding process for a permanent loan to complete the transaction."
Culver Hill is a 44-unit senior multi-family affordable housing community in North Webster, Indiana. CFS also recently funded a permanent mortgage for an affordable housing community in Fort Wayne, Indiana.
About Great Lakes Capital Fund:
Great Lakes Capital Fund (GLCF) is a full service community development finance institution that has been in operation for 21 years and manages over $2.7 billion in the community redevelopment space. This includes successfully investing in over 500 affordable housing developments, representing 35,000 units, which have served over 60 thousand low to moderate income people. In addition to its housing investments, GLCF manages over $300 million of New Markets Tax Credits in economic development. GLCF also provides lending services through one of its companies, Capital Fund Services, as a Fannie Mae Affordable Housing lender and FHA affiliations. A member of the National Association of State and Local Equity Funds. www.capfund.net.