The four-building project is going up on about 9.9 acres along East Wintergreen Road, a project made possible through tax-exempt, private activity bonds with a guarantee from Ginnie Mae. Dallas-based Malone Mortgage Co.'s senior vice president Jeff Rogers arranged the financing. The Covenant Group's vice president and COO Robert Bullock structured its side of the deal.
The North Central Texas Housing Finance Corp. issued the bonds, with Rogers obtaining the credit-enhanced loan through the Fort Worth HUD office under the Multifamily Accelerated Processing's FHA 221 (d)(4) program. The project also came with 4% tax credits purchased by Lend Lease Real Estate Investments. Jerry Wright of Newman and Associates sold the credit-enhanced bonds.
Rogers tells GlobeSt.com that "the most challenging and difficult aspect" of the deal was bringing together the various entities "within the 120 days prior to the expiration of the private activity bonds." The 40-year assumable loan bears a 5.83% interest.
All units are restricted to tenants earning 50% of the area's median income. The per sf rent is 76 cents. Apartments total 709 sf for a one-bedroom, one-bath design and 946 sf for a two-bedroom, two-bath. The development's amenities include a community area, activity room, game area and swimming pool. The complex, comprised of three-story buildings, also comes with carports for each unit. Gaylen H. Laing Architect Inc. of Arlington is the project architect. Completion is set for June 13, 2003.
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