With affordability lagging in Austin, an affordable multifamily housing development in Manor comes along at just the right time. Yager Flats, a $73 million development, will create 300 new affordable units with amenities including a clubhouse, community room, fitness center, pool and playground.

Barings will provide $43.5 million in permanent financing for Yager Flats. The project is being developed by Elmington Capital Group.

“This is an opportunity for Barings to work with Elmington, Red Stone Equity Partners and Bank of America to build and finance a project that will bring 300 affordable units to one of the fastest-growing and dynamic markets in suburban Austin,” said Daron Tubian, managing director and head of affordable housing investments at Barings. “Our partnership and long-term financing commitment to Elmington’s project underscores our belief that the development of affordable communities is essential in all high-demand housing markets in the U.S.”