BWE recently closed five loan deals totaling over $65 million to refinance and renovate affordable housing properties, two of which are located in Texas. An experienced BWE team led by Jon Killough originated the loans on behalf of the borrowers.
The properties included Coral Hills Apartments (Houston, TX), a $7,150,000 Freddie Mac 9% LIHTC Forward loan that was secured through the Texas Department of Housing and Community Affairs for Envolve Communities to refinance and preserve their 172-unit affordable garden-style apartment complex. All units will be available for residents earning from 30-60% AMI with a 15-year fixed rate term with 40 years amortization period.
Tuscany Park Apartment Homes (Buda, TX) also received an addition to an existing Freddie Mac TLC worth $14,310 000 from Envolve Communities in order finance acquisition of 176 unit affordable garden style apartment complex; each unit being available for tenants earning at or below 30 – 60 % AMI with five year capped variable rate term alongwith 5 years interest only payments .
