Austin Affordable Housing Project Rallies Up $74.5M for Construction Financing
NHPF, a national not-for-profit affordable housing provider, has closed on the construction financing of Seabrook Square in Austin, TX. This new construction marks NHPF’s first foray into Austin and is a partnership with Austin Housing Finance Corporation and Capital A Housing.
The combined financing figure from several sources amounted to $74.5 million. Seabrook Square is financed by a $40M tax-exempt Bond issued by the City of Austin, $3.4 million Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M million in Austin Housing Finance Corporation subordinate debt financing.
Construction is scheduled to commence in September 2023.
Of the 204 units, ten will serve as live-work residence studios for Austin artists. All units will be restricted to 60% MFI or below. Out of those units, 81 income-restricted units are multi-bedroom for families.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.