July 2018- NDC Corporate Equity Fund XIV announced a LIHTC closing for the $16.5M acquisition and rehabilitation of Keystone Landing in Memphis, TN. The project is financed with FHA insured 221(d)(4) permanent first mortgage loans originated by PNC Bank, tax exempt bonds issued by the Health, Educational and Housing Facility Board of the City of Memphis and underwritten by Stifel, Nicolaus & Company, 4% tax credits allocated by Tennessee Housing Development Agency and tax credit equity provided by NDC.
Built in 1973, Keystone Landing is a Project-Based Section 8 Family property consisting of 12, two-story buildings and 150 units with a mix of one, two and three-bedroom apartment homes sitting on 9.62 acres.
The scope of renovation encompasses both extensive exterior and interior work. The apartments will receive interior upgrades including new kitchens and bathrooms. Project amenities include an updated community center and leasing office with computer room, new playground and upgraded laundry room.