Newmark has secured a $400 million Tenant Advancement Commitment (TAC) on behalf of San Diego-based affordable housing investment firm Comunidad Partners. TAC’s are a form of financing with advantageous terms offered by Freddie Mac to private sector operators who agree to self-impose rent restrictions.
“We are honored to continue our mission of creating and preserving affordability in multifamily housing through our partnership with Freddie Mac,” said Comunidad Partners Founder Antonio Marquez. “This effort aims to ensure working families are able to live in high-quality homes that will provide stability and improve access to opportunities that enrich their lives.”
The first transaction under the TAC will be a $21 million loan to finance and renovate Villas at Shadow Oaks, a 176-unit community in Austin, TX, offering rents at or below 80% AMI. Veritas Impact Partners will implement resident social impact programs at the facility.
“Addressing the need for affordable housing starts with investment in the working family, which is just what this partnership between Comunidad Partners and Freddie Mac allows for,” said Newmark’s Anthony Tarter who represented the borrower in the transaction.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.