Filter
X
Upcoming Stories
Texas CRE News In Your Inbox .

Texas   /   June 29, 2020

Paul Bubny
By: Paul Bubny

San Marcos Affordable Project Lands $44M Loan

KeyBank Real Estate Capital (KBREC) arranged a $43.8-million construction loan and permanent financing on behalf of Carrollton-based Target Builders for the ground-up development of the Reserves at San Marcos, an affordable multifamily property in San Marcos. KBREC’s Community Development Lending and Investment (CDLI) team purchased the private activity tax-exempt bonds as part of the funding structure for the 376-unit project.
 
KBREC’s Commercial Mortgage Group secured the $43.8 million of permanent loan financing for the property via Freddie Mac that includes a $41-million tax-exempt loan and a $2.8-million taxable tail, both of which are fixed-rate loan structures. The forward-commitment period is 36 months. Upon successful conversion, the permanent loan term will be 15 years with a 35-year amortization schedule.
  
Robbie Lynn of KBREC’s Commercial Mortgage Group and Hector Zuniga of KBREC’s CDLI team structured the financing. CREA, LLC syndicated the 4% lower income housing tax credits.

Connect
Inside The Story
About the Author

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author

New call-to-action
New call-to-action
© ConnectCRE 2021 / 515 S Figueroa St., Suite 350, Los Angeles, CA 90071.
Contact Us / Policies, Privacy & DisclosuresSubmit Press Release / 
magnifiermenu