Explore the Site
A 156-unit new-construction, CHDO HOME, mixed-income development for families is located in Midland, Texas. Resident incomes range from 30% of AMFI to 50% of AMFI for the 20% of the units that are affordable. A majority of the development units, 80%, are leased at market rates without income restrictions. RISE Residential or their affiliate is the GP and owner of the development partnership along with a CHDO Not for Profit, Housing Services, Inc.
Financing
Construction and permanent financing for this development was provided by IBC. The permanent mortgage at stabilization is 4.75% per annum fixed for 15 years, with a 35-year amortization in the amount of $15.8MM. The was $3.1MM. The construction contract is $16MM. The property was sold to a NY | NJ investment group for $21MM.
Details
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Year Built
2015 -
Total Units
156 -
Average Occupancy
98%
