Jeff Rogers of the Fort Worth, Texas office of Colliers Mortgage closed a $7.3 million HUD 221(d)(4) loan for the new construction financing of Avenue at Sycamore Park in Fort Worth.
Avenue at Sycamore Park will be an affordable multifamily project consisting of 108 units, 91 of which are affordable multifamily units and 17 are market rate units. Of the 91 affordable units, 10 units are restricted to individuals and families earning 30% or less of the Area Median Income (AMI), 37 units are restricted to 50% AMI, and 44 units are restricted to 60% AMI. The unit mix includes 42 one-bedroom units, 57 two-bedroom units, and nine three-bedroom units.
The project involved an allocation of 9% Low Income Housing Tax Credits and the loan carries a 40-year term/amortization and was arranged for CSH Avenue at Sycamore Park, Ltd.
