NRP Group has secured a $29.3 million unfunded forward commitment from Freddie Mac for its forthcoming 330-unit mixed-income project in San Antonio, Texas. PGIM Real Estate Finance arranged the 10-year, fixed-rate financing agreement, which will be used to pay off the construction loan, recoup a portion of sponsor equity and provide permanent financing for the mixed-use development.
Lake Vue at Red Berry Estates will be a workforce housing development and part of a mixed-use, master-planned community located on the grounds of the historic Red Berry Mansion and 10 minutes from downtown San Antonio. Fifty percent of the units will be set aside for residents earning 80 percent of the Area Median Income and the balance of the units will be unrestricted.
Live, work, play
In addition to the Class A residential building that will rise on the 13.4-acre site, an adjacent parcel will house a 600,000-square-foot office structure. The Red Berry Mansion, located nearby on a five-acre parcel, will be used as an events facility.
The residential property will be comprised of 11 three-story walk-up buildings with a mix of one-, two- and three-bedroom units. Community amenities will include a clubhouse, business center, community room, fitness center, swimming pool, dog park, walking trails and a recreational sports complex that will include a basketball gym, baseball diamond, and soccer field.
“This workforce housing project will provide 165 high-quality affordable housing units and will serve as a catalyst for additional growth and development in San Antonio,” said Alex Viorst, principal at PGIM Real Estate Finance, in prepared remarks. “We are proud to partner with NRP and Freddie Mac to be a part of this important development that will benefit the local community.”
Image courtesy of PGIM Real Estate