KeyBank secures $ 105 million for affordable projects in San Antonio
KeyBank Community Development Lending and Investment has secured $ 104.6 million in funding for the development of two affordable housing projects in San Antonio. The NRP Group has obtained the loans for the 348 Frontera Crossing units and the 318 Seven07 Lofts units.
Senior Vice President Kyle Kolesar of KeyBank’s CDLI team structured the financing of the properties.
Frontera Crossing received a total of $ 60.6 million. The financing includes a tax-exempt bond of $ 33.7 million and a taxable bridge loan of $ 16.6 million.
The smallest development, Seven07 Lofts, received $ 46.6 million in funding. The package includes a $ 32.1 million indefinite construction loan over 15 years and a taxable equity loan of $ 14.5 million over three years.
Both financial allocations include bonds issued by Las Varas Public Facility Corp. KeyBank will purchase these bonds and convert them into permanent funding and offer the loans as such to the borrower.
Earlier in July, Keybank Real Estate Capital provided a $ 106 million loan to refinance a portfolio of senior housing across Texas and Illinois. Communities totaling more than 600 units include assisted-living and memory-care facilities.
San Antonio Project Details
Frontera Crossing will consist of 13 three-storey buildings located at the intersection of Somerset and Watson Roads. The property will consist of one to four bedroom units.
The rent-limited community will provide an independent laundry center, a maintenance workshop and a community building. Frontera Crossing will be available to residents earning between 40 and 70 percent of the region’s median income.
Seven07, located at 707 SE Loop 410, is co-developed with San Antonio Housing Facility Corp. and provide floor plans for one to four bedrooms.
The social housing tax credit project will be available to residents earning between 40 and 70 percent of the MAI. The community will include a variety of amenities including a fitness center and swimming pool.