EASTLAND APARTMENTS
13895 EAST 21ST STREET
TULSA, OK
Zimmerman Properties, LLC is proud to announce the closing of project financing and commencement of construction on Eastland Apartments in Tulsa, Oklahoma. The development is 192 units of affordable housing which will be rented to resident families earning 60% or less than the Tulsa MSA median income and will contain 76 two-bedroom units and 116 three-bedroom units.
The development is being financed through the following sources:
- $27,000,000 of tax-exempt bonds issued by Oklahoma Housing Finance Agency which were privately placed with BOK Financial Public Finance, Inc.; who also made a $27,000,000 construction loan for the development
- $15,000,000 of construction bridge financing was made by BOKF, NA
- The tax-exempt financing made the development eligible to receive approximately $25,034,000 of federal low-income housing tax credits per the 4% tax credit program
- Oklahoma Housing Finance Agency allocated $15,360,000 of Oklahoma state low-income housing tax credits
- Raymond James Affordable Housing Investments, Inc. and Monarch Private Capital made equity commitments to the Development and will be allocated the federal and state tax credits
- Berkadia Commercial Mortgage, LLC underwrote a Freddie Mac Tax Exempt Permanent Loan of $18,598,000 which will have a 40-year amortization, and a fixed interest rate of 6.07%
- Tulsa Housing Authority has committed 96 project-based housing vouchers to the Development
The development team consisted of:
Developer: Zimmerman Properties, LLC
General Contractor: Zimmerman Properties Construction, LLC
Management Agent: Wilhoit Properties, Inc.
Architect: Parker Associates Tulsa, LLC
Engineer: Kaw Valley Engineering, Inc.
The general contractor has been issued a notice to proceed with construction, which should be complete in Summer 2027 with pre-leasing commencing in Spring 2027