Residents of Bowling Green, Kentucky will soon have access to newly constructed affordable housing, courtesy of a development led by developer LDG Development and financed by PNC Bank, National Association.
Construction is underway on the Echo Trail Apartments, a 256-unit apartment complex. When completed, the property will include 48 one-bedroom units, 80 two-bedroom units, and 128 three-bedroom units, along with amenities such as a clubhouse, yoga/multipurpose room, business center, and a fitness center. All apartment units will be reserved for tenants who earn 70% or less of the area median income (AMI). The property is expected to be constructed within 18 months of closing and achieve stabilized occupancy by 2028.
“We look forward to bringing this development to Bowling Green, because it’s an area that’s growing rapidly but that’s facing a significant affordable housing shortage,” said Mark Ragsdale, agency senior originator in PNC Multifamily Capital. “Being able to help address this need aligns directly with our mission in PNC Multifamily Capital, as well as with the goal of our PNC Direct Bond Select financing solution, which is specifically designed for LIHTC affordable multifamily housing properties.”
PNC is scheduled to directly invest nearly $30,463,000 in LIHTC (low income housing tax credit) equity to make the project possible, as well as nearly $23 million though a private placement construction-to-permanent loan.
“We are thrilled to partner with LDG Multifamily on another new affordable housing development in Kentucky,” said Andrea Kinser, tax credit senior originator in PNC Multifamily Capital. “Echo Trail Apartments was awarded LIHTCs as a part of a special disaster relief allocation geared towards western Kentucky counties impacted by tornadoes in December 2021. PNC is proud that this equity investment will help replenish Bowling Green’s housing supply in a time and place that needs it most.”
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PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, seniors housing and conventional products. Each year, PNC Multifamily Capital finances or invests in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more or contact your relationship manager.
