FINANCED
KeyBank Provides $87.8M Construction Loan For Cantarra Apartments In Manor, TX
2700 East Howard Lane
Development Site
Financed 105 days ago
Summary
Loan
TEXAS
Development Site
The Cantarra Apartments, a 325-unit mixed-income community in Manor, TX, has secured a construction loan worth $87,800,000 from KeyBank. Led by JCI Residential, the project features 166 units at 60% area median income rents and 159 units at market rents capped at 120% of the area median income. The development includes amenities such as courtyard areas, fitness rooms, mail facilities, bike storage, and a pet-friendly zoom room.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $87,800,000
- Lender: KeyBank
- Landlord: Kurt Gall - JCI Residential
- Loan Type: Construction Loan
In addition to the construction loan, KeyBank also arranged a $46.2 million Freddie Mac commitment for permanent financing for the Cantarra Apartments project. This financing will provide long-term stability for the development. The collaboration between KeyBank, JCI Residential, and Freddie Mac demonstrates their commitment to creating a diverse and inclusive community in Manor, TX.
Details
FINANCED
IMAGE: Kurt Gall
DATE: 02/06/2024
ADDRESS: 2700 East Howard Lane
MARKET: Manor
ASSET TYPE: Development Site
LENDER: KeyBank (@KeyBank)
LANDLORD: Kurt Gall - JCI Residential
LOAN AMOUNT: $87,800,000
LOAN TYPE: Construction Loan
NOTE: KeyBank provides a $41.6 million construction loan for Cantarra Apartments, a 325-unit mixed-income community in Manor, TX, while arranging a $46.2 million Freddie Mac commitment for permanent financing. Led by JCI Residential, the project includes 166 units at 60% area median income rents and 159 units at market rents capped at 120% of AMI, featuring amenities like courtyard areas, fitness rooms, mail facilities, bike storage, and a pet-friendly zoom room.View on map
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Address 2700 East Howard Lane
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