Southeast Affordable Preservation Inc., CA Multifamily Housing Revenue Bonds Assigned 'A-' Rating
"The rating reflects our view of the strong governmental support, very strong strategy and management from the project owner, very strong operating performance, and adequate financial performance," said S&P Global Ratings credit analyst Jose Cruz.
The bonds are being issued to finance the acquisition and rehabilitation of four multifamily rental housing properties, all owned by SAP. The properties, with a total of 312 units, are Fellowship Manor, Golden Link Manor, and Three Link Tower (all located in Ogden, Utah), as well as IOOF Tower (located in South Salt Lake City).
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