KeyBank Community Development Lending & Investment (CDLI) has provided $23.7 million in Fannie Mae financing to Harmony Housing for the acquisition of two affordable housing properties in Texas.
The nonprofit housing organization secured the financing to acquire Villas at Willow Springs, a 220-unit, garden-style apartment complex located in San Marcos, and Cantibury Pointe, a 144-unit community in Lubbock.
Villas at Willow Springs consists of 55 residential buildings, with a mix of two- and three-bedroom units and one leasing office/clubhouse. Developed in 2001 under the Texas Department of Housing and Community Affairs (TDHCA) low-income housing tax credit (LIHTC) program, the property reserves 41 units for tenants earning 50% of the area median income (AMI) and 94 units for tenants earning 60% of the AMI. The remaining 85 units are leased at market rate.
Cantibury Pointe was constructed in 2002 and consists of 36 residential buildings, with a mix of three- and four-bedroom units and one leasing office/clubhouse. The property was also developed under the TDHCA LIHTC program, and reserves 54 units for tenants earning 50% of the AMI and 54 units for tenants earning 60% of the AMI. The remaining 36 units are leased at market rate.
John Gilmore IV of Key’s CDLI group and Jeff Rodman of Key’s Commercial Mortgage Group arranged the financing.