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8 Term Sheet for 2000 S. Delaware
Project 2000 Delaware
Sponsor MidPen Housing Corporation
Borrower MP 2000 Delaware LLC
Tenants Property is nearly fully occupied; existing residents are certified at 120% AMI or below. After closing, MidPen will lease all existing vacant units and any new units upon turn to households earning no more than 80% AMI. Existing tenants will not be displaced and will have the opportunity to continue renting until such time that they choose to vacate the unit.
Closing Timeframe Target for closing is end of November 2024 Loan Amount $500,000
Interest Rate 3% Simple
Loan Term 55 Years
Payments 50/50 split of Residual Receipts, after the MidPen Loan is fully repaid Recourse Non-Recourse
Restricted Rents Rents shall be restricted at 80% AMI rents or lower.
Ground Lease
Term
55 years from date of Assignment and First Amendment of the Ground Lease