AUSTIN – NHPF, a national affordable housing provider, has closed on the construction financing of Seabrook Square, a new construction project with Austin Housing Finance Corporation and Capital A Housing.
The combined financing figure from several sources amounted to $74.5 million. The project will be financed by a $40 million tax-exempt bond, $3.4 million Citibank construction bridge debt, $32.3 million in 4 percent LIHTC equity syndicated by Boston Financial, and $13.5 million in Austin Housing Finance Corporation subordinate debt financing.
Of the 204 units, ten will serve as live-work residence studios for Austin artists. All units will be restricted to 60 percent MFI or below. Out of those units, 81 income-restricted units are multi-bedroom for families.