Development Trio Partnering on Austin Affordable Housing Project
A trio made of two developers and an investor have closed on $74.5 million to build a 204-unit affordable housing project in East Austin. NHPF, in collaboration with AHFC and Capital A Housing, is partnering on Seabrook Square.
Seabrook Square is financed through a diverse funding structure, including a $40 million 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 $13.5 million in Austin Housing Finance Corporation subordinate debt financing.
On-site amenities comprise parking spaces, approximately 3,000 square feet of commercial space housing an artist incubator and Origin Studio House, a large public plaza, live/work units, locally curated murals, passive/active recreation spaces, and a community center for residents.
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.