Edison Terraces I & Edison Terraces II

S & H and Tacolcy Economic Development Corporation (“Tacolcy”) closed on construction financing in December of 2015 on the re-syndication of two former Low Income Tax Credit projects, Edison Terrace I & II, totaling 120 apartments.  S & H developed a financial plan that allowed both projects to secure new tax exempt debt issued by Miami-Dade County Housing Finance Authority, restructure its existing subordinate financing and raise approximately $6.4 million in new tax credit equity.  The new financing plan developed by S & H allowed Tacolcy to complete a $6 million renovation of the project. The debt structure consisted of an unfunded forward tax-exempt loan (“TEL”) from Freddie Mac for the permanent financing and a variable rate tax-exempt construction loan.  This was the first Freddie Mac TEL deal in Florida.