KeyBank Provides Loans for Manor Mixed-Income Apartment Venture
KeyBank provided a $41.6 million construction loan to finance the new construction of Cantarra Apartments, a 325-unit mixed-income apartment community in Manor, TX. KeyBank also arranged a Freddie Mac 36-month Non-LIHTC forward commitment to provide permanent financing of $46.2 million for the property at stabilization. The sponsor for this project is JCI Residential, an Austin-based real estate development and construction firm.
Cantarra Apartments will set aside 166 units at 60% area median income (AMI) rents. The remaining 159 units will be rented at market rents, which will be capped at 120% of AMI.
Unit and project amenities include three courtyard common areas, two fitness rooms and a spin room, mail and parcel rooms, bike storage, dog wash and a zoom room for pets.
Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.
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.