Developers took a step forward in their plans to build a 92-affordable housing community in Lewisville, Texas.
Heritage Estates at Valley Ridge will be a three-story apartment complex serving seniors earning between 30% and 60% of the area median income.
“Many of Lewisville’s seniors—lifelong residents of this vibrant community—have faced challenges in finding high-quality, affordable housing,” says Chris Applequist, partner at Dallas-based Generation Housing Partners. “This project addresses that critical need with thoughtfully designed residences and exceptional amenities, including a 24-hour fitness center, yoga studio, business center, and elevator-served access to all units.”
Boston Capital Finance (BCF) announced that it closed on a fixed-rate forward taxable permanent loan to help finance the approximately $24.8 million development.
“We are thrilled to be working with Hill Tide Partners and Generation Housing Partners on this transaction,” says Sean Curry, partner and director of investments and originations. “Quality affordable housing is in great need in Lewisville and Heritage Estates at Valley Ridge is perfectly designed to aid in that regard.”
BCF partner and director of underwriting Bill Fazzano cites the use of Boston Capital Long Term Mortgage Fund VI, a unique 9% forward delayed product. He says the nonagency, private-placement, 40-year amortizing loan product can be paired with any equity investment and construction loan of a developer’s choosing.
The city of Lewisville and Boston Financial are also key partners in the project.
