Towne Square Apartments

Rose Community Capital is pleased to announce the closing of our first Construction/Bridge Loan: Towne Square Apartments in Tulsa, OK. Towne Square consists of 145 units of PBRA housing available to households that income qualify at 50% of AMI. The RCC provided bridge loan facilitated a transfer in ownership to an experienced affordable housing development team and a structured phasing of the project that will bring it up to modern standards and make a positive impact on the community. Phase I of the project will stabilize the property by bringing on line 35 unoccupied units and provide for upgrades to common areas and the security system. Phase II is a planned substantial rehab using a RCC provided 221(d)(4) and LIHTCs that should close by the end of 2023.