Völker Development Secures $12.8M Loan From Fulton Bank For Annville Development Site

The asset involved in the transaction is a development site located at 580 Mount Pleasant Road in Annville, PA. This site is associated with a loan amount of $12,800,000. It is intended for the development of Carmany Place Apartments, an affordable housing project consisting of 48 units designated for households earning 20-80% of the area median income.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,800,000
• Lender: Fulton Bank
• Landlord: Völker Development
• Broker: Brian Blanchard - Berkadia

Berkadia facilitated the arrangement of the $12.8 million in LIHTC equity financing, supporting the initiative by Völker Development to create affordable housing in the region. The financing from Fulton Bank plays a crucial role in the realization of this community-focused project.