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Board authorizes subordinate financing cap for Ridge at Loop 12 after soils cost increase
Summary
The DHFC approved authorizing subordinate financing (up to $3 million per motion) to cover unexpected sitework and soil remediation costs at Ridge at Loop 12 after field diligence found higher earthwork needs.
The DHFC board approved partnership resolutions authorizing subordinate financing to support the Ridge at Loop 12, a multifamily development at 1100 North Walton Walker Boulevard, following developer and staff presentations that field soils work revealed greater earthwork needs than initially budgeted.
Background and rationale: Staff and the developer described an original construction allowance for soils/sitework near $4 million and said additional due diligence found conditions requiring increased sitework.…
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