KeyBank Community Development Lending and Investment has secured $104.6 million in financing for the development of two affordable housing projects in San Antonio. The NRP Group obtained the loans for the 348-unit Frontera Crossing and 318-unit Seven07 Lofts.
Senior Vice President Kyle Kolesar of KeyBank’s CDLI team structured the financing package for the properties.
Frontera Crossing received a total of $60.6 million. The funding includes a $33.7 million tax-exempt bond and a $16.6 million taxable equity bridge loan.
The smaller development, Seven07 Lofts, received $46.6 million in funding. The package involves a 15-year $32.1 million tax-exempt construction-to-permanent loan and a three-year $14.5 million taxable equity loan.
Both financial allocations include bonds issued by Las Varas Public Facility Corp. KeyBank will purchase these bonds and convert them to permanent financing and offer the loans as such to the borrower.
Earlier in July, Keybank Real Estate Capital provided a $106 million loan to refinance a senior housing portfolio spread across Texas and Illinois. The communities totaling more than 600 units include assisted living and memory care facilities.
San Antonio project details
Frontera Crossing will have 13 three-story buildings situated at the intersection of Somerset and Watson roads. The property will feature one- to four-bedroom units.
The rent-restricted community will provide a free-standing laundry center, a maintenance shop and a community building. Frontera Crossing will be available to residents earning between 40 and 70 percent of the area’s median income.
Seven07, located at 707 SE Loop 410, is co-developed with the San Antonio Housing Facility Corp. and will provide one- to four-bedroom floorplans.
The low-income housing tax credit project will be available to residents earning between 40 and 70 percent of AMI. The community will feature various amenities including a fitness center and a swimming pool.