New York, NY. Nixon Peabody advised SP Investment Fund LLC in a deal to rehabilitate two Upstate New York affordable housing communities in Saratoga Springs and the Village of Ilion. Both complexes, Raymond Watkin Apartments and John Guy Prindle Apartments, are subsidized by Section 8 Housing Assistance Payment (HAP) contracts.
SP Investment Fund LLC, together with Nixon Peabody, secured $3.3 million in substantial renovations for Raymond Watkin Apartments and $3 million for John Guy Prindle Apartments. Tenants can continue to live in their units during the renovation. The debt was facilitated through Hunt Mortgage using the U.S. Department of Housing and Urban Development’s 223(f) loan program. The loans were funded by the proceeds of a tax-exempt bond issuance through local issuers and 4% LIHTC equity was also syndicated by CREA.
SP Investment Fund LLC principal Gil Seton worked closely with Nixon Peabody Affordable Housing partners Richard Price and Tatiana Gutierrez, based in Washington DC and New York City, respectively.