2013 Affordable Housing Preservation Transactions

In 2013, FCC and its affiliates completed 10 refinancing transactions comprised of ten properties containing 923 affordable apartment units in the greater Mid-Atlantic region.  These transactions provided new fixed rate fully amortizing long term mortgage loans in excess of $25,000,000.  These transactions provided proceeds for capital improvements and the establishment of long term reserves at each property.  Significant annual debt service savings were also obtained and many of these transactions also provided cash distributions to owners.  Over the past decade, FCC and its affiliates have participated in over $300 million in real estate transactions.