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

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.