Eagles Trace Apartments

eagles_trace
The Eagles Trace Apartments project consists of a 383-unit multifamily rental housing project located at 2001 Torch Hill Road Columbus, Muscogee County, Georgia 31903. Eagles Trace GA LLC, a single asset entity whose sole member is the Sole Member, acquired Eagles Trace Apartments on December 15, 2015, in connection with the issuance of $9,355,000 in original aggregate principal amount of the Housing Authority of Columbus, Georgia Multifamily Housing Revenue Bonds (Eagles Trace Apartments Project), Series 2015. Standard & Poor’s (“S&P”) rated these bonds and these bonds currently have a credit rating of “A-”. Eagles Trace Apartments is currently managed by Miracle Mile Realty Group. As of August 1, 2016, the units in Eagles Trace Apartments are currently 92% occupied. The Borrower explains that the management company at this community has worked to remove problematic tenants from the properties and they are working to fill the resulting vacancies with a better quality tenant.  The Borrower and its management company do not anticipate an ongoing deficiency in occupancy. The project has made all debt service payments when due, and is in material compliance with its financial and operating covenants.