ZIMMERMAN PROPERTIES, LLC
Date: November 26 , 2007
For Immediate Release

Subject: Deer Creek Apartments, Levelland, 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 Deer Creek Apartments in Levelland, Texas.

Deer Creek will be a 64-unit community containing 16 one-bedroom / one bath units with rents between $170 and $415, 28 two-bedroom /two bath units with rents between $215 and $500 per unit and 20 three bedroom / two bath units with rents between $255 and $570 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 Levelland Deer Creek 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 Bancorp South, bridge financing provided by Great Southern Bank 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 53 affordable housing communities in eight states and are very pleased to bring  affordable housing to Levelland, Texas.