Ohio-based developer MVAH Partners has secured a $39.6 million financing package for K Avenue Lofts, a ground-up development totaling 226 units in Plano, Texas. KeyBank Community Development Lending and Investment structured two bridge loans, a $20.6 million as well as a $19 million note, Collin County records show. Set to mature in 2024, both loans carry extension options.
Additional financing for the mixed-income project includes $12 million in 4 percent low income housing tax credits awarded by the Texas Department of Housing and Community Affairs. The developer broke ground on the BDCL Architects-designed project in late December and expects to wrap up construction by July 2023.
K Avenue Lofts will take shape at 2505 K Ave., on a on 4.5-acre site provided by The Plano Housing Authority through a 75-year ground lease, public records show. The 255,276-square-foot property will feature 47 market rate and 179 affordable units, available to residents earning up to 60 percent of area median income. The single-building project will include 128 one-bedroom, 92 two-bedroom and six three-bedroom apartments across four floors. Amenities will include a clubhouse that also houses a leasing office, a swimming pool, fitness and business centers, media and craft rooms, a pet park, a playground, a picnic pavilion and a laundry facility.
The development is within walking distance of several shopping and dining venues and several transit options, such as the Parker Road DART light rail station. Oak Point Park and Nature Preserve and Spring Creek Campus of Collin College are some 3 miles away. Downtown Dallas is 20 miles southwest, while downtown Plano is a mile away.
Funding affordable projects
The KeyBank team included KeyBank CDLI’s Senior Vice President David Lacki and Vice President Alton Tinker. Last April, Lacki was part of another KeyBank team that provided an $11 million loan as well as equity financing for MVAH Partners’ 50-unit project in Canonsburg, Pa. The property will serve seniors earning between 20 and 60 percent of AMI.
In November, the lender also provided a more than $40 million financing package for an 80-unit affordable housing development in Porterville, Calif. Finca Serena is slated for a 2023 completion and will also include units set aside for formerly unhoused residents.