BROWNSVILLE – Brownsville Residential is turning the historic El Jardin Hotel into a 44-unit affordable housing complex.
The development will be available to renters earning up to 30, 50, and 60 percent of the area median income.
The property will have one-, two-, and three-bedroom units, fitness center, library, computer lab, community room, and garden area.
Financing includes $13.6 million in federal and state tax credit equity, which was purchased by Hunt Capital Partners. Bank OZK provided the $18.7 million construction loan.
The hotel originally opened in 1927.