JPI announced the recent groundbreaking of Jefferson Bonnie Brae, a 461-unit workforce housing community located at N Bonnie Brae St & Bronco Wy, Denton (photo). The $132 million project marks the second-ever bond-funded deal completed in Texas’ history, setting a precedent for innovative financing structures that increase housing supply for essential workers like teachers, nurses and public employees.

Owned by the Denton Housing Authority and funded entirely through tax-exempt municipal bonds arranged by Berkadia, Bonnie Brae delivers long-term affordability while projecting approximately $35 million in equity back to DHA over 10 years. A single-asset LLC structure shields DHA from risk, while JPI oversees development, construction and asset management. 

Tim Leonhard of Berkadia Affordable Housing secured the construction financing through the newly launched Berkadia Private Placement Program, a single-source capital solution for construction-to-permanent financing for affordable housing communities that utilizes tax-exempt bonds.