In November 2012, SAA|EVI purchased Beckett Gardens Apartments, located in Philadelphia, PA. Beckett Gardens was an existing 132-unit affordable garden style apartment complex with an expiring Section 8 project-based contract. SAA|EVI obtained a commitment for a 20-year HAP renewal under the Mark-Up-To-Market Program from HUD. SAA|EVI financed the acquisition, renovation and construction of a new 8,500 square foot community center utilizing tax exempt bonds issued by Philadelphia Authority for Industrial Development (PAID), 4% LIHTC issued by the Pennsylvania Housing Finance Agency (PHFA), as well as a soft seller note. SAA|EVI utilized energy efficient and green construction standards including the construction of solar panels, as well as the use of wind powered electricity. Construction was completed in October of 2013 and is now being managed by Community Reality Management (CRM).
For more information on the Beckett Life Center please visit our website: Beckett Life Center