Candlewick Town Homes

1155, Paredes Line Road, Brownsville, Cameron County, Texas, 78521, United States

Candlewick Town Homes

1155, Paredes Line Road, Brownsville, Cameron County, Texas, 78521, United States
Owned
Explore the Site
A 132-unit, rehabilitation of an existing two story, garden apartment, community located at 1155 Paredes Line Road, Brownsville, Texas. This redevelopment was undertaken in a joint venture with the Brownsville Housing Authority, BHA. The project was considered at-risk with an expiring HAP contract and was preserved with the acquisition of the property in August 2007 by the partnership following an award of 9% housing tax credits and an allocation of HOME funds from TDHCA and the City of Brownsville respectively. Resident incomes range from 30% of AMFI to 60% of AMFI. RISE is the fee developer and contractor for the BHA, who is the long-term owner of the development.
Financing
The project received a soft money contribution from the City of Brownsville of $800,000 of HOME funds in the form of a long-term, low-interest loan. The TDHCA awarded $10.76MM in total credit to this development in the 2007 competitive HTC round. Construction financing for this development is provided by IBC in the amount of $8.3MM. FNMA offered a rate-locked forward funding commitment at 7.15% per annum fixed for 18 years, with a 30-year amortization permanent mortgage for this property in the amount up to $6.35MM. The project converted to perm loan in October 2010. The contractor broke ground on the project in March 2009 following the first section of resident relocation. Completion; March 2010. 100% occupancy was achieved in April 2010. 100% of the units are subsidized by a 20-year project based rental assistance (HAP Contract) from HUD. The construction contract was for $7,5MM. RISE was the property manager through lease-up and stabilization.
Details

Address

  • Address 1155 Parades Line Rd, Brownsville, TX
  • Zip/Postal Code 78521

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