KeyBank Real Estate Capital arranged construction financing for an affordable seniors housing community in Austin, Texas, which is expected to open in 2022. Being developed by Dallas-based Generation Housing Development and Hill Tide Partners, the project will comprise two four-story buildings and 174 total units, split between 102 one-bedroom and 72 two-bedroom apartments. Each unit will have a bathroom and range in size from 614 to 1,131 square feet. There will also be a community garden, swimming pool, community center, theater room, business center and fitness center.
Ownership will reserve 17 units for residents earning 40% of the area median income, 148 units for those earning 60% of the area median income and nine for those at 70%. So, KeyBank helped secure 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. Robbie Lynn of KeyBank structured a $20 million Freddie Mac loan, with a fixed interest rate, 17-year term and 40-year amortization schedule.
