July 8, 2020
KeyBank Real Estate Capital (KBREC) secured $20 million of fixed-rate Freddie Mac financing for partners of Dallas-based Generation Housing Development (GHD) and Hill Tide Partners (HTP) to develop and construct Heritage Estates at Owen Tech, an affordable senior housing property in Austin.
Arranged by KBREC’s Robbie Lynn, the loan is structured with a 17-year term followed by a 40-year amortization schedule.
GHD and HTP are partnering with the Austin Affordable Housing Corporation to develop the 174-unit project. The development is set to achieve mixed-income levels, with the majority of units restricted to those earning 60% of the area median income. Construction is scheduled to be completed by the beginning of 2022.
Financing for Heritage Estates includes 4% low-income housing tax credits from the Texas Department of Housing and Community Affairs and tax-exempt bonds issued by the Housing Authority of the City of Austin, Austin Affordable’s parent organization.
For comments, questions or concerns, please contact Paul Bubny