Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., announced the closing of three loans totaling $88,435,000 for the creation and preservation of affordable multifamily housing communities in Austin and Garland, Texas.
Phil Melton, executive vice president and national director of affordable and FHA production in Bellwether Enterprise’s Dallas office and Cindy Hannon, senior vice president in the Duluth, Georgia office, originated the three Texas loans.
“These deals exemplify Bellwether Enterprise’s commitment to preserving and expanding affordable housing in Texas,” said Melton. “Well-constructed and maintained properties have the potential to revitalize their surrounding neighborhoods and Bellwether Enterprise is proud to support the development and preservation of thriving, affordable communities in Texas.”
The three deals include a $42,670,000 Freddie Mac Unfunded Forward Tax-Exempt permanent loan for the construction of Austin Manor Apartments, a 280-unit, four percent, multifamily, low-income housing tax credit (LIHTC) housing development located at 6625 East Parmer Lane in East Austin. All buildings in the property will be elevator serviced and all units will be rent restricted at or below 60 percent of the area median income (AMI). On-site amenities will include a 6,000-square-foot clubhouse, swimming pool, sports courts and playground. The property will also provide family support services including counseling, adult education, health and nutrition courses and youth programs.
A $32,650,000 Freddie Mac Unfunded Forward Tax-Exempt permanent loan will go toward the construction of Austin Colorado Creek, a 240-unit, affordable multifamily housing community located at 2917 Falwell Lane in the Austin-Round Rock metropolitan area. The property was financed with four percent low-income housing tax credits and will comprise ten, two-story buildings with a mix of one-, two-, three- and four-bedroom apartments. Eighty percent of the units will be rent restricted at or below 60 percent AMI and the remaining twenty percent will be rent restricted at or below 50 percent AMI. The development will feature a large clubhouse, including a business and community center, swimming pool, playground, carports and controlled access to the property.
Finally, a $13,115,000 Freddie Mac refinance loan closed on City Square Artist Lofts, a 128-unit, nine percent LIHTC property located at 705 W Avenue B in downtown Garland, in the Dallas-Fort Worth metropolitan area. The development includes 88 multifamily housing units with rent restrictions varying between 30 percent and 60 percent of the AMI and 38 units at market rate. Common area amenities include a clubhouse, business center, fitness center, community kitchen, swimming pool and BBQ area. The development is a premier affordable housing property in Garland and played a key role in the revitalization of the neighborhood. A Regulatory Agreement set in place for 35 years will ensure the property’s long-term affordability.