Exclusive: Nuveen Buys Stake in Dallas Asset
The age-restricted, affordable property came online 20 years ago.
Nuveen Real Estate has joined the ownership group of Evergreen at Lewisville, a 218-unit affordable, age-restricted community in Lewisville, Texas, according to Yardi Matrix information. Mile Rock Capital sold a stake and will remain in the ownership group.
Churchill Residential Management is the manager of the property.
CBRE Capital Markets issued an $18.7 million, 4.87 percent interest-only Fannie Mae loan tied to the transaction, which is set to mature in 2033.
All units at the property are dedicated to residents earning up to 60 percent of the area median income, while 11 units are reserved for residents with disabling conditions.
READ ALSO: HUD Expands Its Role in Multifamily Finance
Located at 415 S. Garden Ridge Blvd., the three-story Evergreen at Lewisville came online in 2005 on some 9 acres. It is close to multiple dining options along South Garden Ridge Boulevard and West Main Street. An ALDI and the Orchard Village shopping mall are within walking distance.
Evergreen at Lewisville includes one- and two-bedroom units with floorplans ranging from 700 to 925 square feet. All apartments have washer/dryer connections, walk-in closets and microwaves.
Amenities comprise a coffee bar, library, fitness center, business center, clubhouse, swimming pool, as well as three laundry facilities. Moreover, Evergreen at Lewisville has more than 400 parking spaces, across both uncovered and covered parking, and detached garages.
Filling the affordable gap
Affordable housing financing remains unbalanced across the country, according to Dave Borsos, vice president of capital markets and student housing at the National Multifamily Housing Council, largely because a weaker tax credit equity market has made development capital stacks harder to assemble.
As “soft money” sources help fill financing gaps, investors and developers are leaning more on state and local subsidies, such as grants, abatements and tax-increment financing.
