Explore the Site
A 100-unit new-construction, 9% HTC, mixed-income development for families is located in Brownsville, Texas. Resident incomes range from 30% of AMFI to 60% of AMFI. RISE is the fee developer, contractor, GP and owner of the development partnership.
Financing
Construction financing was provided by IBC in the amount of $7.5MM. IBC provided a permanent mortgage takeout at stabilization at 7.25% per annum, fixed for 18 years, with a 30-year amortization permanent mortgage in the amount of $2.51MM. The contractor broke ground on the project in August 2011. Completion: September 2012. 100% occupancy was achieved in April 2007. The project received a soft money contribution from BHA for $710,000, plus an assignment of the public housing subsidy for the public housing units. BHA received a $750,000 HOPE VI demolition grant to supplement this replacement housing project in the Rio Grande Valley. HTC award was $1.082MM in annual 9% credits. AIG Sun America is the equity investor. The construction contract was for $10.4MM. RISE was the property manager through lease-up and stabilization.
Details
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Year Built
2012 -
Total Units
100 -
Average Occupancy
99%
Address
- Address 1701 Canyon Cir, Brownsville, TX
- Zip/Postal Code 78521
