A 238-unit new-construction development for low and moderate-income families located in Houston, Texas, approximately 15 miles north of Downtown Houston. The site is located on Veterans Memorial Parkway at Beltway 8, with direct access to the George Bush International Airport.
Construction and permanent financing for this development has been provided by Charter Mac through a tax-exempt bond offering for $16.2MM. The bonds closed and the contractor broke ground on the project in February 2004. Completion: April 2005. The Related Capital Companies is the equity investor in this development. This development achieved stabilized occupancy and converted to a permanent loan in May 2007 (the project was sold to CCG in December 2008). The construction contract was for $15.15MM. RISE was the property manager through lease-up and stabilization.