BWE Arranges Construction Loan for Denton Affordable Rental Project

BWE has secured over $14.4 million in construction financing for Westview Heights, a 132-unit affordable multifamily housing development in Denton, TX.  The terms of the financing include a 40-year fixed rate with interest-only payments during the construction period and a 40-year amortization. BWE’s Jon Killough originated the loan on behalf of the borrower, Generation Housing Partners.

The new construction will be developed utilizing an allocation of 9% LIHTCs allocated by the Texas Department of Housing and Community Affairs. Of the 132 total units, 11 units will be designated for residents earning up to 30% of the area median income (AMI), 44 units will be designated for residents earning up to 50% AMI, and 55 units will be designated for residents earning up to 60% AMI. The remaining 22 units will be available at market rate.

Construction is expected to be completed in 2024. Planned community amenities include an on-site office, fitness center, activities room, business center, clubhouse, pool, and BBQ/picnic area.