Financing Commitment Secured for 330-Unit Affordable Housing

PGIM Real Estate Finance secured a $29.3 million unfunded forward commitment to support NRP Group’s Lake Vue at Red Berry Estates (formerly Red Berry Lofts) in San Antonio. The 10-year, fixed-rate commitment, courtesy of Freddie Mac, will fund the 330-unit project when it is completed and stabilized. Loan proceeds pay off the construction loan, recoup part of NRP’s equity in the project, and provide permanent financing for the mixed-income development.

Lake Vue at Red Berry Estates will offer 165 affordable housing units, set aside for tenants earning 80% of the Area Media Income. This project is one of the first forward commitments closed under Freddie Mac’s new Non-LIHTC Forwards offering.

“Through this program, PGIM and Freddie Mac are helping us to create market-rate quality apartment product at moderate-income housing rents. We appreciate their creativity in creating this crucial program for an underserved segment of the multifamily space,” said NRP’s George Currall.

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