NRP Group Secures $105M in Financing for Affordable Housing
The NRP Group recently secured $104.6 million in financing to develop two affordable multifamily housing properties in San Antonio: $46.6 million for the 318-unit Seven07 Lofts and $60.6 million for the 348-unit Frontera Crossing. Kyle Kolesar of KeyBank structured the financing for both properties.
Seven07 will feature a mix of one- to four-bedroom units that will be restricted to those earning between 40 and 70 percent of the area median income (AMI). The 100 percent low-income housing tax credit project, which will be co-developed with the San Antonio Housing Facility Corporation, will feature amenities in line with market-rate competitors. KeyBank will purchase bonds issued by the Las Varas Public Facility Corporation and make the loan to NRP.
Frontera will comprise 13 three-story residential buildings with one to four-bedroom floorplans. All units will be restricted to those earning 40 to 70 percent of the AMI.
CDLI will be a co-lender on a $33.7 million tax-exempt construction loan that will be converted into a permanent loan and a $16.6 million taxable equity bridge loan. KeyBank will purchase its pro-rata share of tax-exempt bonds issued by Las Varas Public Facility Corp. and make the loan to NRP. Upon conversion, KeyBank will purchase the other co-lender’s share of the $33.7 million tax-exempt bonds and convert them to a $33.7 million permanent loan. The $16.6 million equity bridge loan will be repaid from low-income housing tax credit equity.
“With these two community developments, NRP will bring more than 650 affordable multifamily apartment homes to areas of our city seeing monumental growth,” says Jason Arechiga, NRP’s senior vice president of development.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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