The non-profit organization, Fort Worth Housing Finance Corp., is the owner, with Dallas-based Hearthside Development Corp. serving as developer. The affordable housing project will be located on the southwest corner of East Berry Street and Mount Castle Drive.
Financing was structured with tax-exempt bonds that were credit enhanced with a Ginnie Mae guarantee, according to Jeff Rogers, senior vice president of Dallas-based Malone Mortgage. He and Jonnie Pardue, Malone's executive vice president, were the loan originators through the Fort Worth HUD office under the agency's 221 (d)(3) Multifamily Accelerated Processing program. The 40-year loan bears a 6.26% interest rate and is fully assumable.
Rogers tells GlobeSt.com that the acreage recently garnered a key rezoning from the city so the project could advance. The land had been designated commercial, but was altered to low-density multifamily. The density rating caps density at 12 units per acre and building heights to 30 feet.
The Villas at Eastwood Terrace is a 40-building design by local architect Gary Garmon. Ranier Co. Ltd. is the general contractor. In keeping with projects for the seniors sector, the design is wrapped around a lifestyle theme that includes recreation as well as on-site, community-type services. Provisions are in place so the one- and two-bedroom units, some with two baths, will hit the market at rents of $550 per month for 653 sf and $675 for 856 sf.
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