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3511 Manor Road

Updated Dec 4, 2024

NHP Foundation Secures $74.5M Construction Loan For Seabrook Square Austin
FINANCEDDevelopment Site

NHP Foundation Secures $74.5M Construction Loan For Seabrook Square Austin

3511 Manor Road

$74,500,000

Units

204

Asset Type

Development Site

Closing

Sep 21, 2023

About this deal

AI

NHPF, a national affordable housing provider, secured $74.5 million in financing for Seabrook Square in Austin, TX. This development is their first project in the city and includes 204 units. Ten of these units are designated for artists, while the rest are restricted to individuals with a household income at or below 60% of the median family income. Construction for Seabrook Square is scheduled to begin in September 2023.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $74,500,000
  • Loan Type: Construction Loan
  • Lender: Citibank, City of Austin, LIHTC Equity, and Austin Housing Finance Corporation
  • Landlord: NHP Foundation (NHPF) - Richard Burns

The financing for Seabrook Square was made possible through the collaboration of several entities, including Citibank, the City of Austin, LIHTC Equity, and the Austin Housing Finance Corporation. Richard Burns, representing NHP Foundation (NHPF), played a crucial role as the landlord in securing this loan for the development. This project reflects NHPF's commitment to providing affordable housing options in Austin.

On the Map

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$74,500,000

Development Site

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Players

Citibank
CitibankLender

Richard Burns

NHP Foundation

Landlord

$103.3M

vol

2 deals

Landlord
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Austin Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.21%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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