Standing as collateral is the 76-unit Rosemont at Hillsboro Apartments, a one-year-old development at 807 Abbott Ave. Mineola, NY-based PW Funding Inc., a subsidiary of CharterMac, placed the loan, with 6.30% interest through Fannie Mae's DUS program. The 18-year loan is amortized over 30 years and has an LTV of 90%. Related Capital Co. provided the $5 million in equity for tax credits. The equity partner's affiliate manages CharterMac.
The borrower is one of the leading developers of affordable housing in the Southwest US. To date, Related Capital and Southwest Housing Development have closed transactions for Texas affordable housing projects valued at more than $200 million.
The Hillsboro project consists of 19 single-story, garden-style buildings designed with two-and three-bedroom apartments. The 96%-occupied complex is fully dedicated to low-income housing. Twenty-four apartments are earmarked for tenants earning 50% or less of the area's median income and the balance reserved for residents making 60% or less.
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