KeyBank, a leading financial institution, has recently provided a $41.6 million construction loan for the development of Cantarra Apartments in Manor, TX. The project is being spearheaded by JCI Residential, an esteemed real estate development and construction company based in Austin.
In addition to the construction loan, KeyBank also arranged for a Freddie Mac 36-month Non-LIHTC forward commitment to secure permanent financing of $46.2 million upon stabilization of the property.
The new mixed-income apartment community will consist of 325 units with 166 units designated for renters at 60% area median income (AMI) rents and the remaining 159 units rented at market rates capped at 120% AMI.
Residents can look forward to enjoying various amenities such as three courtyard common areas, two fitness rooms including a spin room, mail and parcel rooms for added convenience. Other features include bike storage facilities as well as pet-friendly amenities like dog wash stations and zoom rooms specifically designed for pets’ needs.
This recent venture by KeyBank highlights their commitment towards supporting sustainable housing developments that cater to diverse income levels within communities like Manor.
