...S&P Global Ratings lowered its long-term rating to '###' from 'B+' on Capital Trust Agency, Fla.'s series 2018 A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments Ltd. The outlook is negative. Approximately $6.9 million in bond proceeds were loaned to the borrower, along with additional funding sources, for the purpose of financing a portion of acquisition, rehabilitation and equipping of a 92-unit residential multifamily rental housing project located in Homestead. Additionally, bond proceeds were used to fund a debt service reserve fund (DSRF) in the amount of six-months maximum annual debt service (MADS), finance capitalized interest and to pay certain costs of issuance. The bonds are secured by a pledge and assignment of the trust estate, including revenues from the project and funds deposited under the indenture, including payments made by the borrower pursuant to the loan agreement dated Feb. 1, 2018. A...
