Construction just started on a 90-unit seniors housing community in Waco, Texas, and a variety of financing sources have already been announced. Mears Development and Construction Inc. and Harris284 Team Inc. are developing the project to include 11 market-rate units and 79 units set aside for low-income seniors. Six of the units will cater to the mobility impaired and three others will be for either hearing or visually impaired residents.
Amenities include a business center, clubhouse, fitness center, picnic area and swimming pool, while Meadowlake Medical Center, Heart Hospital and Ascension Providence, a specialty care hospital, are all located nearby. Completion is expected for January 2022, with Brownstone Residential LLC coming in as the operator.
Hunt Capital Partners provided $11 million in federal low-income housing tax credit equity through its Tax Credit Fund 31, a proprietary investor fund it runs with BancorpSouth Bank. Regions Bank also provided a $3.5 million, fixed-rate loan commitment through Fannie Mae, and BancorpSouth provided an $8.9 million construction loan.
