KeyBank Community Development Lending and Investment provided a $41.6 million construction loan to finance the new construction of Cantarra Apartments, a 325-unit mixed-income apartment community in Manor, Texas, in the Austin MSA).
KeyBank’s Affordable Housing Commercial Mortgage Group also arranged a Freddie Mac 36-month Non-LIHTC forward commitment that will provide permanent financing of $46.2 million for the property at stabilization.
Cantarra Apartments will set aside 166 the units at 60% area median income rents. The remaining 159 units will be rented at market rents which will be capped at 120% of AMI.
Cantarra is a garden-style development with three large four-story buildings surrounding courtyards. The apartments are in a suburban setting near employment, entertainment and other opportunities, with easy access to major interstates that connect it directly to downtown Austin, about 15 miles south.
Unit and project amenities include three courtyard common areas, two fitness rooms and a spin room, mail and parcel rooms, bike storage, dog wash and a zoom room for pets.
The sponsor for this project is JCI Residential, owned by Sam Kumar, an Austin-based real estate development and construction firm.
Jeremiah Drake of KeyBank CDLI and Hector Zuñiga, Jr. from Key Commercial Mortgage Group arranged the financing.