ZIMMERMAN PROPERTIES, LLC
Date: December 14 , 2007
For Immediate Release

Subject: The Heights Apartments, Big Spring, TX
Contact: Robert C. Davidson or Justin Zimmerman
(417) 883-1632 

Zimmerman Properties, LLC (“ZP”) is pleased to announce the acquisition and initiation of construction of The Heights Apartments in Big Spring, Texas. The Heights is located adjacent to Knollwood Heights Apartments which was also developed by ZP.

The Heights will be a 48-unit community containing 16 one-bedroom / one bath units with rents between $190 and $405, 24 two-bedroom /two bath units with rents between $230 and $485 per unit and 8 three bedroom / two bath units with rents between $260 and $535 per unit.  Potential residents must qualify with maximum household income not to exceed 30% and 60% of area median income and meet the standards imposed under the federal tax credit program.  It is anticipated that the community will be complete with construction and commence leasing in Summer 2008.

The community is owned by Big Spring Heights Apartments, LP, a limited partnership comprised of ZP, O’Brien Companies, LLC and Alliant Capital.

The partnership has engaged Wilhoit Properties, Inc. to serve as Property Manager with Zimmerman Properties Construction, LLC engaged as General Contractor.

The development is being financed with a construction loan granted by Great Southern Bank, bridge financing provided by Bancorp South and a permanent loan underwritten by Lancaster Pollard Mortgage Company under the USDA Section 538 loan program.  Texas Department of Housing and Community Affairs awarded the development federal tax credits.

Zimmerman Properties has developed 54 affordable housing communities in eight states and are very pleased to bring additional affordable housing to Big Spring, Texas.