Press Release – North Grand Villas – Amarillo, Texas

I am proud to announce the acquisition and renovation closing of North Grand Villas in Amarillo, Texas.  North Grand Villas is a 144 unit apartment complex originally built in 2004 under the tax credit program. Zimmerman Properties structured an acquisition / renovation utilizing 4% tax credits via the issuance of tax exempt bonds that were issued by TDHCA.  Regions Bank provided debt and equity and also underwrote the HUD 221(d)(4) loan.  Zimmerman formed a partnership with Village Community Development Corporation, a Texas public facility corporation which makes the asset exempt from real estate taxes. 

BASE Construction and Management was engaged as the general contractor, Wilhoit Properties will serve as management agent and Zimmerman / VCDC will jointly serve as the Developer.   The property will have 2 bedroom, 3 bedroom and 4 bedroom units and will have 40%, 50% and 60%b AMI set asides.

Robert C Davidson CFO/COO

Wilhoit Properties | Zimmerman Properties | Zimmerman Properties Construction