KeyBank Originates $20M Loan for Affordable Central Texas Community

The debt finances the acquisition and tenant-in-place renovation of the 160-unit Wayman Manor in Temple.
Wayman Manor
Wayman Manor

Steele Properties has acquired Wayman Manor in Temple, Texas. Yardi Matrix data shows Treetop Development sold the 160-unit affordable community after four years of ownership.

KeyBank Community Development Lending and Investment originated a $19.6 million construction and permanent loan for the new owner. The financing also includes four percent low-income housing tax credit equity and a deferred developer fee. Bell County Housing Authority will issue the tax-exempt bonds for the transaction through its affiliated entity and will provide a 99-year land lease. Vice President Sarah Geis of Key’s CDLI team structured the financing and Raymond James is the equity investor for the project. 

Located at 1811 E. Ave. K, the 10-building community is set to undergo a tenant-in-place renovation program. The property consists of 32 one-, 96 two- and 32 three-bedroom units, all restricted under LIHTC regulations at 60 percent of the area’s median income. Common-area amenities include a business center, a community room, a playground and 200 parking spaces.   

Recently, Treetop Development landed a $120.8 million loan for 711 Seagirt, a 917-unit high-rise apartment asset in Queens, N.Y. The Freddie Mac senior loan features a 10-year term with five years of interest-only payments.