Apache Manor/Sandy Park Apartments

Apache Manor and Sandy Park Apartments are two low-rise multifamily housing properties with a combined 318-multifamily housing units owned by HUD and managed by the Housing Authority of the City of Tulsa (aka Tulsa Housing Authority “THA”). The two housing properties have units ranging from one to five bedrooms and are located on an aggregate of 37 acres in downtown Tulsa….

As the Municipal Advisor to THA, InnoVative Capital assessed the potential and reasonableness of RAD, assisted THA through the conversion process, as well as, structured two capital stacks. The entire transaction totaled $71.2 million which its capital components included: 4% low-income housing tax credits (LIHTC), tax-exempt collateralized revenue bonds, two 221(d)(4) substantial rehab loans, seller notes, deferred developer fees, general partner contribution, and THA reserve loans.