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.