...S&P Global Ratings affirmed its '###' long-term rating 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. As of Dec. 31, 2020, the balance of bonds outstanding equaled $6.77 million. 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...
