Section 538 loans in Alabama
USDA's public file lists 14 Section 538 guaranteed loans in Alabama, $15,630,745 in all, financing 727 apartments. 14 of them also used housing tax credits. The median loan covered 17% of total development cost.
Lenders on these loans
- BONNEVILLE MORTGAGE COMPANY, LLC7
- CHURCHILL MORTGAGE INVESTMENT LLC4
- KEYBANK NA2
- PNC BANK, N.A.1
Lender names as USDA records them. Open Country is not affiliated with any lender listed.
| Project | Closed | Loan | Loan to cost | Units | 1BR / 2BR / 3BR rent |
|---|---|---|---|---|---|
| Cornerstone Apartments Alexander City · Other · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2023 | $830,000 | 12% | 56 | $370 / $420 / $495 |
| South Pointe Apartments Luverne · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2023 | $525,000 | 12% | 32 | $361 / $400 / $466 |
| Sun Pointe Apartments Andalusia · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2023 | $745,000 | 10% | 56 | $350 / $410 / $490 |
| River Run Apts. Brewton · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2020 | $1,443,802 | 22% | 56 | $400 / $475 / $550 |
| Hidden Point Daleville · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2019 | $730,000 | 16% | 50 | $480 / $530 / - |
| Meadow Manor Eufaula · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2018 | $500,000 | 9% | 71 | $357 / $381 / $405 |
| Brentwood Park Apartments Talladega · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2017 | $1,729,000 | 24% | 50 | $617 / $689 / $758 |
| Arbor Gate Apartments Bridgeport · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2014 | $261,000 | 15% | 24 | $489 / $567 / - |
| Shadowbluff Apartments Stevenson · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2014 | $702,000 | 36% | 24 | $510 / $515 / - |
| Skyview Apartments Troy · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2014 | $1,139,000 | 41% | 36 | $460 / $510 / - |
| Spring Creek Apartments Cherokee · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2014 | $391,000 | 19% | 24 | $510 / - / - |
| Regency Pointe, Phase II Foley · New Construction · LIHTC · KEYBANK NA | 2009 | $789,943 | 17% | 48 | - / $402 / - |
| Shellbrooke Pointe Apartments Fairhope · New Construction · LIHTC · PNC BANK, N.A. | 2007 | $2,445,000 | 21% | 96 | $450 / $530 / $630 |
| Kensley Apartments Spanish Fort · New Construction · LIHTC · KEYBANK NA | 2006 | $3,400,000 | 38% | 104 | - / $543 / $624 |