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BWE Finds Refi Loans for Two Texas Affordable Projects
BWE closed five loan deals totaling over $65 million to refinance and renovate affordable housing properties. Two are in Texas. A BWE team led by Jon Killough originated the loans on behalf of the borrowers.
The properties include:
Coral Hills Apartments (Houston, TX), a $7,150,000 Freddie Mac 9% LIHTC Forward loan originated on behalf of Envolve Communities to refinance and preserve the 172-unit affordable garden-style apartment complex. An allocation of new 9% LIHTCs was secured through the Texas Department of Housing and Community Affairs. All 172 units will be affordable for residents earning from 30-60% AMI. The loan includes a 15-year fixed rate term with a 40-year amortization.
Tuscany Park Apartment Homes (Buda, TX), a $14,310,000 addition to an existing Freddie Mac TLC originated on behalf of Envolve Communities to finance the acquisition of the 176-unit affordable garden-style apartment complex. Each of the units will be affordable for tenants earning at or below 30-60% AMI. The loan has a five-year capped variable rate term with five years of interest-only payments.
- ◦Financing
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