>Rise is the fee developer, contractor, property manager, and long-term owner of the development. Construction financing was provided by the IBC in the amount of $13.5MM. FNMA offered a rate-locked forward funding commitment at 4.25% per annum, fixed for 15 years, with a 35-year amortization permanent mortgage in an amount up to $15MM. The contractor started work on the project in December 2019. Completion is schedule for November 2020. 100% occupancy forecasted for February 2021. The CDBG grant for this portion of the development is $13.2MM. The construction contract was for $13.5MM.