PRESS RELEASE – LAKEWOOD CROSSING – GRANBURY TEXAS

PRESS RELEASE

LAKEWOOD CROSSING

GRANBURY TEXAS

I am pleased to announce the closing on Lakewood Crossing in Granbury, TX.  Lakewood will be a 48 unit family development with a mix of 30%, 50%, 60% and market rate units.   Lakewood was structured with Granbury PFC and Albatross Development serving as the General Partner and JMZ Land Company as an SLP and Raymond James as the ILP.

Bank of Oklahoma provided construction and permanent financing.  Wilhoit Properties, Inc. will manage the asset and Zimmerman Properties Construction is the general contractor and has been already on-site making the public improvements.  I would like to thank everyone in the group that worked on this development!

Robert C Davidson | Chief Financial Officer | Chief Operating Officer

Wilhoit Properties | Zimmerman Properties | Zimmerman Properties Construction

PRESS RELEASE – FLATS AT SAM LANE – RINGGOLD GEORGIA

PRESS RELEASE

FLATS AT SAM LANE

RINGGOLD GEORGIA

I am proud to announce the closing on Flats at Sam Lane in Ringgold, GA.   The development is a 72 unit apartment complex with 50% , 60% and 70% AMI units and should be complete with construction in the early part of 2Q2022.  The property is being financed with federal and state tax credits which were acquired by Synovus Bank (federal) and Sugar Creek Capital (state).  Synovus Bank also provided construction financing and Georgia Housing Finance Agency provided HOME Funds.  The property is being built by BASE Construction and Management and will be managed by Wilhoit Properties.  The community was developed through the Atlanta office of Zimmerman Properties SE.

Robert C Davidson | Chief Financial Officer | Chief Operating Officer

Wilhoit Properties | Zimmerman Properties | Zimmerman Properties Construction

Religious Materials Policy

RELIGIOUS MATERIALS POLICY

The Company is committed to compliance with the Fair Housing Act, which prohibits housing discrimination because of race, color, religion, sex, national origin, disability, or familial status.  Discrimination because of religion includes treating people differently or less favorably because they practice or do not practice a religion.

Thus, with respect to religious materials and materials with religious themes, the Company shall allow residents to display religious materials of any faith on the same basis as they can display non-religious materials.  Pursuant to this policy, residents shall be permitted to display religious items or decorations (such as a Jewish mezuzah or a cross) on their doors or other areas that are exclusive to the residents’ use, such as inside their units or on patios or balconies, on the same basis as residents are permitted to display non-religious items or decorations.

Religious materials of any faith, including religious publications, shall also be permitted to the same extent as non-religious materials in common areas.  For example, residents shall be permitted to contribute religious materials of all faiths to a property’s library on the same basis as residents are permitted to contribute non-religious materials.  Similarly, to the extent that residents are permitted to contribute non-religious decorations to either the holiday tree or the clubhouse area, residents shall be permitted to contribute religious-themed decorations from any faith on the same basis.

In addition, residents shall be permitted to host or participate in religious activities (such as Bible studies) in common areas on the same basis as non-religious activities (such as parties or book studies). Furthermore, residents of all religions shall be provided an equal opportunity to host or participate in religious activities.  Residents shall be permitted to use or display religious materials in common areas in connection with such religious activities to the same extent residents may do so for non-religious activities.

Questions about this policy should be directed to:  Customer Service at 417-890-3243.

https://www.hud.gov/program_offices/fair_housing_equal_opp

PRESS RELEASE – WHITTIER HEIGHTS – TULSA, OKAHOMA

November 24, 2020

    PRESS RELEASE

RE:   Whittier Heights

Tulsa, Oklahoma

I am pleased to announce the closing of Whittier Heights in Tulsa, OK.  Whittier Heights will be a newly constructed 52 unit elderly facility developed under the low-income housing tax credit program as administered by Oklahoma Housing Finance Agency (OHFA).  Zimmerman Properties is developing this community in a partnership with Vintage Housing, Inc.  The community is being financed through a conventional construction / permanent loan from Bank of Oklahoma, an AHP Loan and a HOME Loan through the City of Tulsa as well as grant funds contributed as capital by Vintage Housing and tax credit equity provided by Raymond James Tax Credit Funds.  Zimmerman Properties Construction will serve as the general contractor and Wilhoit Properties, Inc. will be the Property Management Company.  We expect that construction will be complete in 1Q2022.

Robert C Davidson | Chief Financial Officer | Chief Operating Officer

Wilhoit Properties | Zimmerman Properties | Zimmerman Properties Construction

PRESS RELEASE – VILLAS AT MESA RIDGE – FOUNTAIN, COLORADO

October 16, 2020

PRESS RELEASE

RE:      Villas at Mesa Ridge

Fountain, Colorado

I am pleased to announce that we have closed our financing and commenced construction on Villas at Mesa Ridge, a 60 unit elderly tax credit community in Fountain, Colorado.  Villas at Mesa Ridge with have 30 one bedroom / one bath units and 30 two bedroom / two bath units and will have a mix of  30%, 40%, 50% and 60%  and 80% AMI set asides.  The development will feature 1 three-story residential building that will include a fitness center,  library,  game room and a clubhouse / activities area.  Residents must be age 62 or older and meet certain income requirements imposed under the federal tax credit program

Our financial partners on this community include Raymond James Tax Credit Funds, Bank of Oklahoma / Bank of Colorado,  The Colorado Housing Finance Agency, El Paso County Housing Authority and The Colorado Division of Housing.    The City of Fountain was instrumental in supporting this development and the Housing Authority of the City of Fountain is a partner in the development.

Villas at Mesa Ridge was developed by Zimmerman Properties, LLC and is our 1st development in the State of Colorado, and is being built by Bryan Construction, Inc.,and will be managed by Wilhoit Properties, Inc.  The design team included Buxton-Kubik- Dodd, Inc.  and  Kaw Valley Engineering.

We anticipate the initial lease-up to commence in the Fall 2021.  Zimmerman Properties has developed more than 100 affordable housing communities across the United States and is very happy to add the City of Fountain and the State of Colorado to our project list.

I would like to thank everyone who worked on this transaction and the patience and dedication that our team demonstrated in navigating this project through the delays created by COVID-19.

Robert C Davidson | Chief Financial Officer | Chief Operating Officer

Wilhoit Properties | Zimmerman Properties | Zimmerman Properties Construction