Denver-based Newman Capital, a division of Horsham, PA-based GMAC Commercial Holding Capital Corp. served as the lender, while Newman & Associates, another GMAC Commercial Holding subsidiary based in Denver, underwrote the transaction for the 24-acre development at 5950 Garth Rd. The financing consists of Aa2/VMIG-1-rated, tax-exempt bonds and proceeds from the syndication of low income-housing tax credits, according to a GMAC press release.

"The bonds were publicly sold as low floaters based on a letter of credit provided by Wachovia Securities as the construction lender," Brent Hanlin, a vice president with GMAC Commercial Holding Capital, tells GlobeSt.com. He says the bonds have a variable rate for 24 months, at which time GMAC Commercial Holding Capital will purchase them.

Rosemont at Garth Apartments will be built out with 13 two- and three-story buildings with 52 one-bedroom units, 750 sf; 112 two-bedroom apartments, 950 sf; and 86 three-bedroom designs, 1,100 sf. Forty percent of the units are ticketed for residents earning 60% or less of the area's median annual income of $40,559, Hanlin says.

Hanlin says GMAC Commercial Holding Capital Corp. has closed more than a dozen financings with Southeast Texas Housing Finance Corp. In January, the companies completed six bond transactions for nearly $90 million.