The $17,592,000 Freddie Mac loan carries a 10-year term and 30-year amortization at a variable interest rate, with interest-only payments for the first five years. The property has LITHC, Bond and SAIL land use restriction agreements (LURAs) in place that require limits on tenant income and rent restrictions for all units.
Constructed in 2004, Heather Glenn Apartments is a seven building, garden-style apartment complex in Okaloosa County, Florida, that offers one-, two-, three- and four-bedroom units with open kitchens, walk-in closets and in-unit washer/dryer connections. Residents enjoy access to the property’s pool, sundeck and clubhouse, business center, fitness center and outdoor recreational facilities. The gated entry community is located near major roadways and Interstate 10, with easy access to Fort Walton Beach and Northwest Regional Airport, as well as dining, entertainment and shopping at Santa Rosa Mall.