LDG Development has obtained $50 million in private placement bonds for the construction of Riverstone, a 336-unit affordable project in San Marcos, Texas. KeyBank Community Development Lending and Investment secured the financing. The project also received $43.5 million in activity bonds from Capital Area Housing Finance Corp. The development is slated for completion by June 2022.
Coming online on 18 acres at 1430 Wonder World Drive, Riverstone will encompass 12 three-story residential buildings, a clubhouse and two detached garage clusters. The unit mix will feature one- to four-bedroom floorplans, with 20 units accessible for people with disabilities. All units will cater to residents earning at or below 60 percent of area’s median income. Amenities are to include a community pool, computer lab and game room.
Located close to Interstate 35, the development site is roughly 3 miles south of downtown San Marcos near the city’s Medical District. There are various dining and shopping options in the immediate area, with Red Oak Village within walking distance.
KeyBank CDLI’s David Lacki and Alton Tinker structured the private placement financing. The transaction closed just after another CDLI team arranged a $59.3 million financing package for a 210-unit affordable project in Indianapolis.