Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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QUICK STATS
$2,213/$2.12
Market Rent
41,079
RENTABLE AREA
2023
YOC
54
UNITS
Investment highlights
Senior LIHTC Property with terrific operational history including an occupancy rate of 97% in 2024
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The LIHTC Restrictions expire at the end of 2038, allowing for significant operational upside through a conversion to market at that time
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Excellent rental upside as the property is currently operating at a 10.4% loss to lease to the 2024 max allowable rents while those max rents are $200+ below comparable market rate rents
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Louisville is home to two Ford Motor Company Factories, the UPS Worldport handling facility, General Electric Appliances’ global headquarters, and the University of Louisville
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96%
OCCUPIED
xxx
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GALLERY
GALLERY
2009
BUILT
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3711 Fern Valley Rd. - Louisville, KY 40219
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PROPERTY OVERVIEW
Franciscan Senior Estates is a 54-unit affordable housing community for seniors 62 and older located in Louisville, KY. Residents enjoy easy access to major shopping venues, healthcare facilities, pharmacies, entertainment, and are within a few miles of area parks and golf courses.
The property was built and placed service in 2009 under the Section 42 Low Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 100% of the units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the Kentucky Housing Corporation.
Residents benefit from community amenities such as a controlled secure access, social & recreational programs, beauty/barber shop, chapel, game room, laundry facility, fitness center, business center, gardens, library, resident lounge, housekeeping service, and on-site registered nurse.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
211 W. Main St. Suite 302 Carmel, IN 46032
carmel OFFICE
800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE
Director Affordable Housing
425.761.1640 mike.terry@berkadia.com
MT License #89005
Mike Terry
Senior Financial Analyst Affordable Housing
858.257.4710 scott.timpani@berkadia.com
CA License #02092504
scott timpani
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
ID License: #DB36794
Jeff Irish
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
Associate Director 817.821.9559 jack.leonhard@berkadia.com
Jack Leonhard
The Opportunity
The Asset
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Senior LIHTC Property built in 2011 containing 90 units located in the 8-story building along with 10 three-bedroom townhome units
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Well located asset just under 7 miles from downtown Miami, as well as the Miami International Airport
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director Multifamily 317.370.5515 chris.bruzas@berkadia.com
IN License #15001294
Chris Bruzas
Senior Financial Analyst Affordable Housing
858.257.4710 scott.timpani@berkadia.com
CA License #02092504
scott timpani
Bang Realty 513.898.1551 bor@bangrealty.com
Brian Brockman
IN COOPERATION WITH
Bang Realty 513.898.1551 bor@bangrealty.com
Brian Brockman
IN COOPERATION WITH