City Square Lofts
City Square Lofts
Explore the Site
A 126-unit new-construction, 9% HTC, mixed-income, adaptive re-use development for families located in Downtown Garland near the new City municipal complex. The development is a TOD within walking distance of the DART light rail line. Resident incomes range from 30% of AMFI to 60% of AMFI. Thirty percent are leased at market rates without income restrictions. RISE Residential or their affiliate is the GP and owner of the development partnership.
Financing
Construction financing for this development was provided by IBC in the amount of $13.5MM. The City of Garland and their HFC made financial contributions to the development, totaling $1.75MM, including a construction period loan. IBC is providing a permanent mortgage at stabilization at 4.5% per annum, fixed for 15 years, with a 40-year amortization permanent mortgage in the amount of $10.5MM. The contractor broke ground on the project in October 2017. HTC award was $930,000 in annual 9% credits, $9.3MM total. The construction contract was $14MM. Completion: 2019 with 100% occupancy achieved in September 2019. Perm loan conversion occurred in April 2020. The development won the Texas Affiliation of Local Housing Finance Corporation development of the year in 2019. It will be featured on the cover of Affordable Housing Finance Magazine in May 2020.
Details
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Total Units
126
