Sphinx Development Co. of Dallas got the project rolling afterclosing a Freddie Mac loan for about $6 million or slightly lessthan half of the projected construction cost. The affordablehousing project, Bachon Townhomes, delivers in midyear 2003.

Bill Haley, vice president in Houston for Minneapolis-basedNorthMarq Capital, arranged the credit-forward financing with anequity investment from Wachovia Securities, the tax credit buyer.Haley tells GlobeSt.com that the project, costing $12.8 million tobuild, is securing an 18-year loan, with 30-year amortization.Under the financing terms, the loan automatically rolls from afloating rate, which was 4.05% at signing, for the constructionperiod to a fixed rate, locked in at 7.42%, for the permanent loan,according to Haley.

The garden-style complex is rising on 14.1 acres in the 500block of Fleming Street. The average unit size of the two- andthree-bedroom townhomes is 1,325 sf. Rent will range from $627 to$880 per month. The Glenn Lynch Co. of Weatherford, TX is thegeneral contractor.

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