Hunt Capital JV Opens Austin Affordable Project
The development is subject to more than $58 million in financing.
O-SDA Industries, in partnership with Travis County Housing Finance Corp., Saigebrook Development and Hunt Capital Partners, has opened Saison North, a 116-unit partially affordable multifamily community in Austin, Texas.
Team members also include nonprofit TCHFC as co-managing member and Skybeck Construction as general contractor. Additionally, Three Bar Architecture handled design and Accolade Property Management Inc. is the property manager.
Financing for the project includes:
- $19.5 million in construction financing from Bank OZK
- $17.3 million in federal LIHTCs syndicated by Hunt Capital Partners
- a $12.9 million permanent loan from JPMorgan Chase
- a $6.2 million soft loan form Austin Housing Finance Corp.
- $2.4 million in construction-permanent financing from Travis County
- a $375,000 soft loan from Texas State Affordable Housing Corp.
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Saison North comprises one-, two- and three-bedroom floorplans ranging from 650 to 1,142 square feet. Of the total unit count, 70 percent (82 residences) is designated as affordable, serving individuals earning at or below the thresholds of 30, 50 and 60 percent of the area median income.
Common-area amenities include a fitness center, community dining room, business center and lighted pathways. Additionally, the property will offer childcare and adult support services to residents. The building is also designed to achieve National Green Building and Austin Energy Green Building certifications.
Located at 10010 North Capital of Texas Highway, between highways 1 and 183, Saison North is roughly 10 miles north of downtown Austin and some 16 miles from Austin-Bergstrom International Airport. The community is also adjacent to the Gateway Shopping Centers mall, and within walking distance of other various retail options.
Austin’s residential pipeline
The current under-construction pipeline in Austin includes more than 200 properties, for a total unit count north of 57,000, accounting to Yardi Matrix information. Of these, more than 10,000 are taking shape in fully affordable developments, accounting for 17.6 percent of the pipeline. Additionally, during 2024’s first five months, developers added more than 20 properties to the market, which in total exceeded 6,200 apartments.
One development that recently opened in Austin is NRP Group’s The Markson. The 330-unit property has more than half its units reserved for individuals earning at or below 80 percent of the area median income. The project was executed in partnership with the Housing Authority of the City of Austin and was subject to $37 million in financing from Zions Bank.
