National CORE landed financing to purchase an affordable housing property in Fort Worth.
The California-based nonprofit secured an $18.6 million loan for the 204-unit Residences of Diamond Hill at 3601 Deen Road in Fort Worth. The seller is Atlanta-based NuRock Properties
The financing, which comes to $91,000 per unit, is a Fannie Mae Multifamily Affordable Housing loan. It will be amortized over 35 years, with interest-only payments for the first five years.
Greystone originated the financing.
More than half of the units are reserved for residents making below 60 percent of the area median income. Some of those are reserved for residents making 30 percent AMI. The AMI for a family of four in Tarrant County is $81,500; 60 percent of that is $48,900.
The complex, built in 2003, is a garden-style community of 40 buildings, featuring two-, three- and four-bedroom apartments. The property includes a fitness center, pool, playground and an after-school program.
It was valued at $14.1 million this year, according to Tarrant County appraisal records.
The property is in Fort Worth’s Diamond Hill neighborhood, which is about 5 miles north of downtown Fort Worth. The location provides easy access to Interstate 35 West, which connects Fort Worth to Waco, Austin and San Antonio.
This deal shows products like Fannie Mae affordable housing loans are making multifamily transactions like these possible in a challenging deal-making environment.
National Community Renaissance or National CORE specializes in building, acquiring and managing mixed-income housing in California, Texas and Florida. It operates five communities in Texas, according to its website, but this is the organization’s first acquisition in Dallas-Fort Worth.
Greystone is a commercial real estate finance company based in New York.
The firm recently provided fresh financing to Gold Creek Development for the 672-unit Shannon Creek Apartments in Burleson, a suburb of Fort Worth. The $75 million loan was part of Fannie Mae’s Green Building Certification program, which finances properties that meet energy efficiency requirements.
While Texas seems affordable compared to California and New York, it’s actually less and less affordable for people who live here. Homes in Dallas-Fort Worth, Austin, San Antonio and Houston have become increasingly unaffordable in relation to residents’ incomes over the past decade, rivaling the costliness of metros like New York and Chicago, according to the National Association of Realtors.
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