Smith & Henzy is working with an institutional investor and an affiliate of the Delray Beach Housing Authority to acquire and rehabilitate 404 apartments for seniors in Delray Beach. The project is being funded through a Freddie Mac tax exempt loan (“TEL Program”) issued by the Housing Finance Authority of Palm Beach County (“HFA”). Total development costs are estimated at $69.6 million. It is anticipated that the project will result in renovations of $15.7 million. The project is anticipated to close in the fourth quarter of 2016 and will be the largest bond issuance for a tax credit property in Palm Beach County history.