Bulls Capital Partners Completes Conversion of a Forward Commitment on a $3.4M HOPE VI Development in Atlanta

VIENNA, VA, Oct. 6, 2009 -- Bulls Capital Partners, LLC, a multifamily financial services provider and Fannie Mae Delegated Underwriting & Servicing (DUS®) lender, today announced it has completed a transaction in the amount of $3,425,000 for the financing of Villages at Carver Phase V (top left photo)  in Atlanta.

Fannie Mae provided a credit enhancement for bonds through SunTrust Bank during the construction phase of the project. The development team is a joint venture of The Integral Group, LLC and H.J. Russell New Urban Development, LLC.

Villages at Carver Phase V, a 165-unit apartment development implemented by The Integral Group partnership, is part of a master-planned community designed to reflect the concepts of "new urbanism." The community, once fully developed, will include both rental and homeownership units as well as a YMCA and the Atlanta Braves Baseball Academy to create a community where people can live, work and play.

The property includes public housing units made available through the U.S. Department of Housing and Urban Development's HOPE VI program, Low Income Housing Tax Credit units, and market-rate units. The $3,425,000 in financing through the Fannie Mae DUS program was a conversion of a forward commitment from a construction loan to permanent financing.

"We made a commitment to finance this property over two years ago as an important step in providing affordable housing to Atlanta," said Herman Bulls, (middle right photo)  President & CEO of Bulls Capital Partners. "To reach this successful conclusion, the Carver Phase V development team did an excellent job completing the construction and lease-up of this project during very demanding market conditions."

"Finalizing the financing of Carver V enables us to continue our commitment to providing quality affordable housing to the Atlanta community," said Vicky Lundy-Wilbon, Executive Vice President Development at The Integral Group.

 "Completing this project required an outstanding collaborative effort from our development team, the Atlanta Housing Authority and our financing partners. Bulls Capital Partners' professional demeanor and creative review were instrumental in closing this transaction."

"Fannie Mae continues to support the multifamily rental market during these very challenging times with financial products that benefit property investors, borrowers and communities in need of quality affordable housing," said Mark Van Kirk, (bottom left photo) COO and Co-Founder of Bulls Capital Partners.
 
Contacts:
Bulls Capital Partners, LLC , Herman Bulls, President & CEO, Herman.Bulls@bullscapitalpartners.com
phone: (202) 256-1814

Mark B. Van Kirk, Co-Founder & COO, Mark.VanKirk@bullscapitalpartners.com
phone: (703) 283-9700