DENVER – Thanks to a $1,550,000 bridge loan from Mercy Loan Fund to Trinity-TN, LP, 151 low-income residents will have their quality affordable housing preserved and benefit from a new Community Center that will enhance the provision of services at Algood Manor Apartments in Algood, Tenn. Algood Manor Apartments consists of 59 units restricted for families at or below 60 percent of the area median income, but in reality serves families well below the poverty line. The loan opportunity was brought to Mercy Loan Fund by Chesapeake Community Advisors, Inc. (“CCA”), a community development firm located in Baltimore, MD, and a long-term partner of the Mercy Loan Fund.
“Mercy Loan Fund is proud to help Trinity-TN, LP preserve Algood Manor Apartments for the 151 residents who call it home,” said Erika Lindholm, Senior Loan Officer for Mercy Loan Fund. “We are grateful for our partnership with Trinity-TN, LP and Chesapeake Community Advisors and for the work they do to benefit low-income people and the community.”
Mercy Loan Fund provides financing to hundreds of local nonprofit organizations, enabling them to build or preserve affordable housing in their communities. To date, Mercy Loan Fund has made 434 loans in 37 states totaling $212 million. Loans are made for both new development and preservation of housing for low-income people.
Trinity-TN, LP is an affiliate of CCA. CCA was formed to preserve and provide affordable housing for moderate, low- and very low-income residents, primarily concentrating in the preservation of HUD financed multi-family properties. CCA specializes in structuring, developing, and consulting on low-income, historic, new markets tax credit, and federally-financed projects. To date, CCA has participated in the development of 3,928 units of affordable housing with an aggregate value of approximately $554MM. This is the sixth loan that CCA and its partners have closed with the Mercy Loan Fund.
"Mercy Loan Fund has demonstrated tremendous creativity and flexibility with its loan products to meet our evolving needs,” said Ben Etheridge, Vice-President of Chesapeake Community Advisors, Inc. “We are very excited about the opportunity to add a new community center for the residents as a result of this re-financing. Mercy Loan Fund’s ability to adapt to our different needs, while maintaining their strong underwriting principles, has helped us to grow and achieve our mission to preserve and build healthy communities across the Country.”
For more information on Chesapeake Community Advisors, Inc., please visit www.ccadev.com.
About Mercy Loan Fund
Mercy Loan Fund, a subsidiary of the national affordable housing organization Mercy Housing, provides financing to hundreds of local nonprofit organizations, enabling them to build or preserve affordable housing in their communities. Since 1985, the organization has made 434 loans in 37 states totaling $212 million, resulting in 17,800 affordable homes for nearly 49,500 residents. These loans have leveraged more than $1.5 billion in total development funding. Mercy Loan Fund is certified by the U.S. Treasury Department as a Community Development Financial Institution (CDFI). Mercy Loan Fund was formed with the goal of supporting the mission of Mercy Housing by making loans for affordable housing developments when conventional financing is not possible or affordable. For information about Mercy Loan Fund, please visit www.mercyloanfund.org.
About Mercy Housing
Mercy Housing, a national not-for-profit affordable housing organization headquartered in Denver, has a presence in 43 states, serves more than 137,800 people on any given day and has participated in the development, financing or operation of more than 40,500 homes. Mercy Housing serves families, seniors and people with special needs (formerly homeless, people with HIV/AIDS and the developmentally disabled). For more information about Mercy Housing, please visit www.mercyhousing.org.
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