Key financing has been arranged for the acquisition and renovation of a 199-unit affordable housing community in Austin, Texas.
Merchants Capital announced that is providing more than $100 million in debt and equity proceeds to Sena Affordable Communities so it can secure long-term affordability of the Travis Park Apartments.
Merchants Capital provided a $69.15 million Freddie Mac 4% low-income housing tax credit (LIHTC) immediate tax-exempt loan and $37.6 million in LIHTC equity as the syndicator. Merchants Bank provided a $29 million equity bridge loan during the rehab period.
Sena Affordable Communities, an affiliate of L+M Fund Management (LMFM), is a dedicated acquisition rehabilitation business.
The Travis Park Apartments rehabilitation will involve improvements to the grounds, building exteriors, unit interiors, and deferred maintenance across 22 buildings. The scope of work includes the addition of new outdoor recreation areas and playgrounds, extensive accessibility upgrades, window replacement, new boiler and cooling towers, kitchen and bathroom improvements, new Energy Star appliances, replacement of original fan coil units for heating and cooling, building envelope upgrades, roof replacement, and signage.
L+M Development Partners and its affiliated companies, including LMFM and Sena, have more than 55,000 residential units in construction or acquired, preserved, or completed in markets across the United States.
“With funding now secured for Travis Park Apartments, we look forward to protecting its long-term affordability and delivering critical improvements that will enhance the quality of life for all residents,” said Jeffrey Moelis, managing director, Sena Affordable Communities. “Our planned upgrades, combined with Travis Park's optimal location near downtown Austin, will ensure this community can thrive for decades to come, especially as the area continues to boom. We are grateful to our partners at Merchants Capital for their work in helping us reach this milestone.”
