Legacy Multifamily JV Lands $29M Loan for Texas Affordable Project
- Mar 18, 2021
A partnership of Legacy Multifamily Development and RISE Residential Construction has received $28.9 million in financing for the upcoming 264-unit Legacy Riverside Senior Living Community in Fort Worth, Texas. Garland Housing Finance Corp., a non-profit owner, will act as co-developer for the property. Bellwether Enterprise Real Estate Capital LLC arranged the loan, marking its sixth collaboration with RISE since 2017.
Freddie Mac provided the loan with a 40-year amortization period. The property is under a 4 percent tax-exempt bond regulatory agreement, as well as a LIHTC regulatory agreement, which requires all units to cater to residents earning no more than 60 percent of AMI.
Located just off Interstate 35W at 8050 N. Riverside Drive, the site is 10 miles north of central Fort Worth, while Interstate 820 is 4 miles south. An ensemble of golf clubs and parks are also nearby.
Legacy Riverside will offer studio, one- and two-bedroom options, with elevator access. Planned amenities include a 6,400-square-foot clubhouse, a pool with barbeque grills, walking paths and van transportation service.
Last April, Bellwether closed a $36.3 million Fannie Mae refinancing loan for Atlas Senior Living’s Legacy Reserve at Fritz Farm in Lexington, Ky. The 167-unit luxury senior community offers independent living, assisted living and memory care facilities across 163,000 square feet.