Affordable Housing Portfolio Secures $142M in Financing

Harmony Housing tapped KeyBank Real Estate Capital to provide loans to six of its properties, located in Texas, Michigan, Wisconsin and Florida. Each property reserves half of the units for residents making 60 percent of the area median income.
Limestone Canyon

Limestone Canyon, Austin

KeyBank Real Estate Capital provided $142.4 million in financing to Harmony Housing for a six-property affordable housing portfolio. Each property reserves half of the units for residents making 60 percent of the area median income. 

The company provided a total of $115.7 million through a Fannie Mae Credit facility to Limestone Canyon and Parkside Crossing in Austin; Sendero Ridge in San Antonio; Arcade Apartments in Racine, Wis. and Pasco Woods in Wesley Chapel, Fla.

The Properties 

Limestone, at 12118 Walnut Park Crossing, features 260 units comprising one-, two- and three-bedroom floorplans ranging from 569 to 1,250 square feet across 13 three-story buildings. Interior features include washer/dryers, fireplaces, high ceilings and private balcony/patios. Residents have access to a fitness center, clubhouse, swimming pool, spa, laundry facility, outside storage and 580 parking spaces.

The 218-unit Parkside was originally built in 2000 and has a current occupancy rate of 95.9 percent, according to Yardi Matrix. Also featuring one-, two- and three-bedroom units, sizes range from 647 to 1,209 square feet. The community, located at 3400 Shoreline Drive, offers a fitness center, business center, clubhouse, volleyball court, playground, pool, spa, two laundry rooms and 398 parking spaces. 

Arcade Apartments

Arcade Apartments, Racine, Wis.

Sendero Ridge, located at 2424 Gold Canyon Drive, offers 384 units across 19 two- and three-story buildings. Apartments include washer/dryers, fireplaces, vaulted ceilings, detached garages and private balcony/patios. The community offers amenities such as a fitness center, laundry facility, parking for 778 cars, a volleyball court, two swimming pools and a business center. 

The pet-friendly Arcade Apartments located at 424 Lake Ave., offers residents 75 one- and two-bedroom floorplans at 775 and 911 square feet. Interiors include hardwood floors, views of Lake Michigan, vaulted ceilings, loft layouts in certain units, walk-in closets, island kitchens and balconies. Community features include a fitness trail, rooftop gazebo, on-site laundry, garage parking, a clubhouse and extra storage. 

Pasco Woods features 200 two- and three-bedroom units at 1,068 and 1,134 square feet. Found at 6135 Ryerson Circle, the community was constructed in 1999 and is owned and managed by Greystone. Residents have access to amenities such as a clubhouse, volleyball court, pool, playground, 450 parking spaces, an on-site car care center and views of a man-made lake. 

Additional Financing

Lakestone

Lakestone, Ann Arbor, Mich.

KeyBank also arranged an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments. Located at 4275 Eyrie Drive in Ann Arbor, Mich., the 1998-built community offers 144 one-, two- and three-bedroom floorplans ranging from 795 to 1,241 square feet. Featuring 18 two-story buildings, the property is owned and managed by CAPREIT. Community features include a clubhouse, basketball court, playground, pool, laundry room, parking spaces for 160 cars, private balconies and outside storage. The fully affordable community is designated for residents earning 50 and 60 percent of the area median income.

Key then provided an $11.9 million term loan to Harmony Housing to facilitate recent property acquisitions. John Gilmore IV of Key’s Community Development Lending and Jeff Rodman of Key’s Commercial Mortgage Group arranged the financing. 

Images courtesy of KeyBank Real Estate Capital & Yardi Matrix