Vista Ridge Apartments
$74.5 Million & $42.3 Million
Construction loan and Freddie Mac TEL forward permanent loan
Vista Ridge Apartments will be a 308-unit garden-style property comprised of 14 residential buildings on 13 acres of land that is scheduled to be completed in early 2023. The property, which will be restricted by a Declaration of Affirmative Land Use and Restrictive Covenants Agreement, will be built and operated according to the Section 42 Low Income Housing Tax Credit (LIHTC) project program.
The two- and three-story buildings will consist of one-, two- and three‐bedroom units. The unit mix will comprise 36 one-bedroom, 130 two-bedroom and 142 three-bedroom floor plans, with an average unit size of 1,061 square feet. All units will be leased to households whose adjusted family incomes does not exceed 60% of the area median income.
Kelly Frank of KeyBank’s CDLI team and Al Beaumariage of KBREC’s CMG structured the financing.