Austin MF Lands LIHTC Financing
Jul 23, 2014
Oak Creek Village, an affordable multifamily development under development at 2324 Wilson St. here, has landed a financing package via PNC Bank. The package for developer 2013 Travis Oak Creek L.P. includes a $27.3-million unfunded forward commitment through Fannie Mae’s 9% Low Income Housing Tax Credit program with a mortgage-backed securities execution
PNC is the tax credit investor with a direct investment of $18.7 million, while PNC Capital Markets LLC is the private investor in the Fannie Mae mortgage-backed security.
Oak Creek Village will be a new, 173-unit mixed LIHTC-rate apartment complex that offers one-, two-, three- and four-bedroom units. The current 173-unit property will be demolished in two phases, and replaced with new construction
Also in Austin, StreetLights Residential has topped out its first luxury high-rise apartment building in the Texas state capital. Known as the Catherine, it includes 300 rentals with a mixture of flats and penthouse living options.
At the Dobie Center, the University of Texas’ largest and most popular student housing property, there’s a newly created 15,000-square-foot retail space on the market for immediate lease at the Shops at Dobie Center. It’s located adjacent to the former Dobie Theatre, which recently announced a major new lease with the world’s largest business suite provider. PJ Kaminer of the Retail Connection is the mall’s leasing agent