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Riverport Portfolio

Louisville, KY

Riverport Portfolio – Louisville, KY

Property

The Riverport Landings development encompasses three distinct communities as well as a 2.5-acre public park, commercial frontage and a future Community Service Facility.  Riverport Family Apartments is a 240-unit affordable, family property; Riverport Senior Apartments is a 108-unit senior property and Riverport Scholar House is a 64-unit community for low-income single parent families and youth aged out of foster care enrolled in the Family Scholar House educational program.  All properties are located on a 36-acre contiguous site in Louisville, Kentucky.  The owner and developer of all three communities is a joint venture between LDG Development and Marian Development.

Financing

$35,400,000 tax-exempt bond financing providing new construction and permanent loan capital.  The bonds were structured in three separate issuances.  $7,300,000 was issued for the Riverport Scholar House; $8,700,000 was issued for Riverport Senior Apartments and $19,400,000 was issued for Riverport Family Apartments.

Description

Red Stone purchased $23,885,000 of tax-exempt bonds used to construct all three Riverport Landings communities.  The properties were located on adjacent sites in Louisville, Kentucky.  Each phase of the development was financed independently, but under the same program in order to maximize flexibility and efficiency while minimizing transaction costs.