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March 13, 2024
District: 5
88-Unit TDHCA Multifamily | 5008 Collett Little Rd | Postponed
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DISTRICT: 5
Lofts at Redwood 5008 Collett Little Rd
Southeast | 2.44 Acres | 88 Units | Postponed by Developer
ZC 3/13/24
Postponed
This 88-unit product was continued to the next ZC meeting to allow the applicant to provide more details or explore other multifamily zoning options. The deal applied for 9% tax credits in 2023 but the application was terminated. Here are some financial details of note:
Low-Income Housing Tax Credit (LIHTC) Equity: The project has received a significant equity investment of $18,698,130 from Regions Bank through the sale of LIHTC credits.
Construction and Permanent Lending: Legacy Bank & Trust is providing both the construction loan ($17,500,000) and the permanent loan ($3,473,000).
Figure | Lofts at Redwood 2023 TDHCA 9% |
|---|---|
Development Costs | $22,285,633 |
Project Budget | $2,000,000 |
Land Acquisition | $2,745,364 |
Soft Costs | $2,532,000 |
Developer Fee | $114,003 |
Deferred Developer Fee | $11,922,626 |
Hard Construction Costs | $2,771,275 |
Financing Fees | $314,368 |
Reserves | $18,698,130 |
Developer (Zoning): Jervon Harris, Phone: (713) 503-4477 Email: [email protected]
Developer (TDHCA):Brompton Community Housing Corporation (TDHCA): Ellie Fanning Phone: (713) 205-4024 Email: [email protected]
Owner: Jeremiah Nix (Owner) Phone: (817) 733-9027 Email: [email protected]
Capital Partners (TDHCA): Regions (Equity Investor): Rachel Thomas-Phillips, Phone: 512-466-6742 Email: [email protected], Legacy Bank & Trust (construction and permanent lender) Eric Leonard phone: (417) 753-4343
Staff Report: ZC-24-008
2023 TDHCA 9% App: Lofts at Redwood App
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