A 240-unit new-construction development for low and moderate-income families located in Austin, Texas, approximately one mile east of Austin Bergstrom Airport at the intersection of TX 130/45 and Hwy 71. The site is located on Fallwell Road.
Construction and permanent financing for this development has been provided by IBC,N.A. through a tax-exempt bond offering for $25MM. The bonds closed and the contractor broke ground on the project in April 2017. Completion: June 2020. It is scheduled for 100% occupancy by August 2020. 42 Equity Partners is the equity investor in this development. Total development costs: $45MM. The perm loan will be provided by Freddie Mac and consists of a $25MM TEL and a taxable tail for up to $11MM.