Posted Sep 15, 2023, 7:19 PM
|
|
Moderator
|
|
Join Date: Jan 2009
Location: Chicago, IL —-Austin, TX
Posts: 12,736
|
|
3315 Manor Rd
Quote:
NEW YORK, Sept. 13, 2023 /PRNewswire-PRWeb/ -- NHPF, a national not-for-profit provider of quality affordable housing, announced today that it has closed on the construction financing of Seabrook Square in Austin, TX.
This new construction marks NHPF's first foray into Austin and is a partnership with Austin Housing Finance Corporation and Capital A Housing. Seabrook Square is financed with $43.4M in Citibank Construction Debt, including a $40M tax-exempt Bond issued by AHFC, $32.3M in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M in AHFC subordinate debt financing.
On-site parking will be available along with approximately 3,000 square feet of commercial space that will be the home of Raasin in the Sun (artist incubator), and Origin Studio House (a black-owned café). The development will include a large public plaza, wrapped by 10 live/work units, locally curated murals, passive/active recreation spaces, and community center for residents.
Construction begins September 2023.
|
|