NRP Unloads Two San Antonio Affordable Housing Communities
KeyBank Real Estate Capital provided $33.6 million in financing for Axonic Properties LLC to acquire two affordable housing properties in San Antonio, Texas. Sold by NRP Group, the Costa Portfolio represents Axonic’s first acquisition in Texas.
The Costa Portfolio consists of two garden-style low income housing tax credit properties comprising 422 units: Costa Biscaya with 250 units on 12.4 acres and Costa Cadiz with 172 units on 9.2 acres. Both properties predominantly target residents earning 60% or less of the area median income (AMI); approximately 6.8% of Costa Biscaya’s units and 3.5% of Costa Cadiz’s units are set aside for the HOME Investment Partnership Program capped at 50% AMI. Both properties will offer employment support services to residents.
Each property features a resort-style swimming pool, multiple playgrounds, access gates, detached garages, clubhouse, business center, fitness center, and activity center.
KeyBank’s Income Property Group structured the 24-month bridge loan priced at Secured Overnight Financing Rate +180bps.
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.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!