Lument Provides $22M for Affordable El Paso Community
The city's public housing authority will use the loan proceeds to continue renovation work started in October.
The Housing Authority of the City of El Paso has received a $21.5 million Freddie Mac unfunded forward commitment loan for the renovation of Jackie Robinson Memorial Apartments, a 186-unit affordable housing community in El Paso, Texas. Lument provided the 18-year financing with a low, fixed interest rate, three years of interest-only payments and a 35-year amortization schedule. The forward commitment bears a 30-month term with one six-month extension.
As part of the transaction, the 4 percent low-income housing tax credit community will benefit from Section 8 assistance that will lead to long-term, project-based voucher conversion. That assistance will ensure that all units are restricted to tenants earning at or below 60 percent of the area median income.
Situated on 15 acres at 421 Mangrum Circle, Jackie Robinson comprises a total of 32 two-story residential buildings and townhouses developed in 1975. Units range from one- to five-bedroom floorplans averaging 827 square feet. Amenities include a community room, basketball court and some 200 parking spaces.
HACEP began renovation work in October, financing construction with a loan from JPMorgan Chase and multifamily housing revenue bonds, according to Yardi Matrix data. Improvements are slated to be complete within 24 months and target interior and exterior upgrades such as new windows and doors along with extensive roof repairing and replacement. Wright & Dalbin Architects are providing architectural services.
Jackie Robinson is some 6 miles northwest of downtown El Paso, just north of Interstate 10. There are numerous shopping and dining options within a 2-mile radius.