Seven07 Lofts and Frontera Crossing
Low Income Housing Tax Credits
KeyBank Community Development Lending and Investment (CDLI) secured $107.2 million of financing for The NRP Group to develop two affordable multifamily housing properties in San Antonio:
- $46.6 million for the 318-unit Seven07 Lofts; and
- $60.6 million for the 348-unit Frontera Crossing.
Seven07 Lofts will feature a mix of one- to four-bedroom units that will be restricted to those earning between 40% and 70% of the area median income (AMI). The 100% low-income housing tax credit (LIHTC) project, which will be co-developed with the San Antonio Housing Facility Corporation, will feature amenities in line with market-rate competitors, including a fitness center and pool. The $32.1 million tax-exempt construction-to-permanent loan and the $14.5 million taxable equity bridge loan are 36-month terms, and the permanent loan is for a 15-year term, amortizing for 40 years after conversion. KeyBank will purchase bonds issued by the Las Varas Public Facility Corporation and make the loan to NRP.
Frontera Crossing will comprise 13 three-story residential buildings, a freestanding laundry center and maintenance shop, and a community building. All units will be restricted to those earning 40% to 70% of the AMI. The unit mix includes one-, two-, three- and four-bedroom floor plans. CDLI will be a co-lender on a $33.7 million tax-exempt construction loan that will be converted into a permanent loan and a $16.6 million taxable equity bridge loan. KeyBank will purchase its pro-rata share of tax-exempt bonds issued by Las Varas Public Facility Corp. and make the loan to NRP. Upon conversion, KeyBank will purchase the other co-lender’s share of the $33.7 million tax-exempt bonds and convert them to a $33.7 million permanent loan. The $16.6 million equity bridge loan will be repaid from low-income housing tax credit equity.