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DALLAS-Southwest Housing Development Corp. has secured $46 million in debt and million in equity financing to construct apartment complexes in Dallas and Austin. Related Capital of New York City and its affiliate CharterMac provided the financing for the affordable housing projects.

In Dallas, the 256-unit Clarkridge Villas will be built on 26 acres at the intersection of Clark Road and Clarkridge Road, just south of Interstate 20–an area that has gotten the attention of developers of all product types as its long-awaited revitalization shifts into high gear. The complex will deliver housing for families earning 60% or less of the median income.

Clarkridge Villas’ units will range in size from 950 sf for a two-bedroom design to 1,300 sf for four bedrooms. Security at the complex will include access gates, courtesy patrol and perimeter fencing. Minimum rent will be $687 per month.

Related Capital put up $5.8 milion in equity financing while CharterMac kicked in $14.6 million of debt financing, GlobeSt.com is told. The development, which broke ground in mid-September, will deliver in September 2003.

The Austin project, Pleasant Valley Villas, takes in 41 acres on both sides of Pleasant Valley Road, south of East Oltorf Road. The project will contain 280 units ranging from 950 sf to 1,300 sf. Rent for two-bedroom units will start at $680 per month. It too broke ground earlier this month; it delivers in October 2003.

The Austin financing package breaks down to $9.3 million in equity and $16.5 million in debt for Related Capital and CharterMac, respectively.

The loans for both developments are 40-year terms with 40-year amortizations. Related Capital’s equity is in exchange for tax credits generated by the two projects. CharterMac’s debt coverage is provided through bond investments.

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