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Inland Commercial Mortgage Corporation Arranges $16 Million Tax-Exempt Bond Credit Enhancement as Part of Hurricane Katrina Rebuild Effort.

OAK BROOK, Ill. -- Inland Commercial Mortgage Corporation recently arranged a $16 million forward/variable rate bond credit-enhancement to finance the construction of new and affordable rental housing in the east Baton Rouge parish of Louisiana, an area devastated by hurricanes Katrina and Rita. The bonds are being issued by the Louisiana Housing Finance Agency and the proceeds of the loan will finance the construction of a 216-unit apartment community.

Inland Commercial Mortgage Corporation arranged the $16 million credit enhancement through Column Guaranteed LLC, a Fannie Mae DUS (delegated underwriting and servicing) lender. The Louisiana Housing Finance Agency bonds are Variable Rate Demand Qualified Gulf Opportunity Zone Bonds (GO Zone bonds).

The Gulf Opportunity Zone Act of 2005 establishes tax incentives and bond provisions to rebuild the local and regional economies devastated by hurricanes Katrina and Rita. The act is commonly referred to as the "GO Zone Act." Under the terms of the GO Zone bonds, 20 percent of the subject units will be set aside for tenants earning no more than 60 percent of the area's median income. The remaining units will be rented at market rates.

The complex will be located in the eastern portion of Baton Rouge, just north of Interstate 12 and east of Highway 61. It will contain 78 one-bedroom, 74 two-bedroom and 54 three-bedroom units ranging in size from 794 square feet to 1,255 square feet. The community will also feature a community room, fitness center, sport court, swimming pool and a children's playground.

The financing was originated by Joel M. Kaplan, vice president and senior production officer of Inland Commercial Mortgage Corporation. "This development will provide high quality affordable rental housing in a market that so badly needs it," Kaplan said. "I look forward to the day that the units are ready for occupancy and hope to be a part of future financings in the GO Zone."

Inland Commercial Mortgage Corporation (www.inlandcmc.com), one of the Midwest's top 10 financial intermediaries according to Midwest Real Estate News in 2006, is part of The Inland Real Estate Group of Companies, Inc. With more than 30 years of experience specializing in mortgage lending, acquisition, commercial real estate brokerage, investments and land development, Inland is one of the nation's largest commercial real estate companies. Inland's national headquarters is in suburban Chicago. For more information on financing programs, interested borrowers can reach Mr. Kaplan at (630) 645-4386.
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Publication:Business Wire
Date:Apr 16, 2007
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