Explore the Site
A 264-unit new-construction development for low and moderate-income families located in Austin, Texas, off of Hwy 183 and Old Manor Road by LBJ High School. The site is 13.5 acres across Lazy Creek Drive from the Novak Sports Complex.
Financing
Construction financing for Creekview was provided by IBC. IBC purchased the bonds through a tax-exempt bond offering for $25MM. The permanent financing is a rate-locked, forward commitment from Freddie Mac for a tax-exempt loan of up to $25MM. The bonds and equity financing closed July 2017. The Contractor will break ground on the project in August 2017. Completion: June 2020. It is forecast for 100% occupancy by December 2020. The 42 Equity Partners is the equity investor in this development. Total development costs of $49MM are budgeted and financed. RISE is the key principal in the IBC and Freddie Mac loans.
Details
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Year Built
2018 -
Total Units
264
