Explore the Site
A 176-unit new-construction, HOME, mixed-income development for families is located in Greenville, Hunt County, 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. SHA is the development consultant and RRC is the general contractor.
Financing
Construction and permanent financing for this development was provided by IBC in the amount of $15.0MM. The permanent mortgage at stabilization is 5.0% per annum fixed for 15 years, with a 35-year amortization in the amount of $18.0MM, HUD 2239(f). The contractor broke ground on the project in December 2016. Completion: May 2018, with 100% occupancy achieved in July 2018. The HOME award was $3.0MM. The construction contract was $16.0MM. This property was sold to Wolfe Interests in late 2018 for over $22MM.
Details
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Year Built
2016 -
Total Units
176 -
Average Occupancy
90%
Address
- Address 6109 Jack Finney, Greenville, TX
- Zip/Postal Code 75402
