July 2018- NDC Corporate Equity Fund XIV announced a LIHTC closing for the $15.9M acquisition and rehabilitation of Pendleton Place Apartments Memphis, TN. The project is financed with FHA insured 221(d)(4) permanent first mortgage loans originated by PNC Bank, tax exempt bonds issued by the Health, Educational and Housing Facility Board of the City of Memphis and underwritten by Stifel, Nicolaus & Company, 4% tax credits allocated by Tennessee Housing Development Agency and tax credit equity provided by NDC.
Built in 1950, Pendleton Place is a Project-Based Section 8 Family property consisting of 18, two-story buildings and 120 units of two-bedroom apartment homes. Pendleton Place is located in south central Memphis in close proximity to the Central Business District and Memphis International Airport.
Building upgrades include new roofs, new windows, new siding, HVAC systems, plumbing and electrical upgrades, as well as energy efficiency improvements. Interior renovations include new kitchens and bathrooms, new flooring and interior paint. Project amenities include a new community center and leasing office, new playground, and new pavilion with picnic area.