SAN ANTONIO, TX – NRP Group leadership, Community Housing Resource Partners and City of San Antonio (COSA) officials gathered at the future site of San Antonio s newest affordable housing community, Nova Lofts, to kick off construction of the 65-unit community on the city s Northeast side. Nova Lofts is The NRP Group s third affordable housing community in San Antonio to break ground this year, and second supported by the COSA Neighborhood and Housing Services department s 2022 Affordable Housing Bond Program (Bond).
As the City of San Antonio continues to grow, our focus on addressing housing needs remains paramount, said Mayor Ron Nirenberg. We are dedicated to ensuring all individuals and families have access to safe, affordable housing options across the entire city.
Located at 127 Rainbow Drive, Nova Lofts is a 65-unit development strategically placed near Alamo Heights, a multitude of essential businesses and employers, and public transit to ensure access to convenient, wraparound services and employers for residents. One to three-bedroom floorplans will serve residents earning 30-60% of the Area Median Income (AMI) and amenities within the four-tale complex include a playground, fitness center, community clubhouse and more.
Developments like Nova Lofts are an essential investment in the wellbeing of our entire community–now and for generations to come, said Councilman Marc Whyte, COSA District 10. The reinvestment along Austin Highway is an vital initiative to spur economic development along this major thoroughfare in the city of San Antonio.
In collaboration with Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T, The NRP Group has dedicated a part of the development budget toward the commission of a site-specific mural by San Antonio artists, Hailey Marmolejo, Danielle Edwards and Ashleigh Valentine Garza. The addition of the mural, which will be inspired by the celestial theme of the property, will also extend the momentum of the Downtown arts and culture movement and the Broadway Cultural Corridor further north along Austin Highway. This expansion will provide the community the opportunity to engage with public art right in their own backyard.
Public art not only beautifies our spaces but ensures that the soul of the city thrives with the unique voices and visionaries who call it home,” said Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T. We are committed to building community through art across the city of San Antonio.
The $24 million development was made possible through innovative funding partnerships, including a $2.7 million allocation from the Bond, and the State of Texas highly competitive 9% low-income housing federal tax credits. Additional funding partners include U.S. Bank.
“Nova Lofts is the third development to break ground with funds from the City s Affordable Housing Bond, continuing the City s initiative of providing quality home options for families, said Veronica Garcia, COSA Deputy Director of Neighborhood and Housing Services. We are thrilled to continue delivering on the Bond promise of building affordable rental options for San Antonio residents across all walks of life to delight in.
Development partner and local nonprofit, Community Housing Resource Partners, will provide and organize life-affirming resident services including after-school nutritional snacks, ESL help, healthcare screenings, financial literacy programming, job readiness and career preparation.
“When deciding where to place this much-needed housing resource, we brought partners together from across the city, county, and state to ensure the specific needs of the community were being met across the board,” said Jason Arechiga, NRP Group Senior Vice President of Development. “Thanks to an incredible level of collaboration across all stakeholders, we are able to bring high-quality, affordable housing to communities that need them most.
The first Nova Loft units will be ready for leasing January 2025 and the entire development is slated for completion by April 2025.

Powered by WPeMatico

GREENVILLE, NC – FCP announced $22 million in preferred equity has been invested through its Structured Investments platform to finance two multifamily transactions: the development of Arris NoDa, a 276-unit, four-tale, garden-style property in Charlotte, NC with partner Arris, and a recapitalization with Grubb Properties of Link Apartments West End, a Class A, 215-unit, five-tale midrise apartment community in Greenville, SC.
“FCP is pleased to provide financing through our Structured Investments platform for these transactions, each well-located in a dynamic Southeast market,” said Kevin Murphy. “We are fortunate to have a successful history with both investment partners and recognize their respective expertise in delivering and operating well-positioned apartment communities.”
FCP’s Structured Investments platform has invested approximately $676 million of capital to date, providing flexibility and creative capital solutions to owners and developers.
FCP is a privately held real estate investment company that has invested in or financed more than $12.4 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties.

Powered by WPeMatico

WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) closed its first affordable housing investment of FY 2024 with the issuance of $59.6 million in tax exempt bonds and underwrote $44.8 million in federal and $8.8 million in D.C. Low Income Housing Tax Credit equity for the construction of Edgewood Commons V Apartments (435 Edgewood St NE). The new Ward 5 senior community will consist of 151 apartments.
DCHFA is proud to continue its partnership with Enterprise Community Development in expanding the Edgewood Commons campus and increasing the number of affordable rental housing units in Ward 5, specifically much needed apartments for seniors, stated Christopher E. Donald, Executive Director/CEO, DCHFA.
In August 2023 the Agency invested $54.7 million in tax exempt bonds for the rehabilitation of Edgewood 611 and Edgewood Gardens Apartments both of which are components of Edgewood Commons. Financing sources for Edgewood Commons V include a $26.5 million loan from the DC Department of Housing and Community Development s Housing Production Trust Fund.
Edgewood Commons V Apartments (ECVA) will be a nine-tale $123 million high-rise with 11 efficiency, 135 one-bedroom, and five two-bedroom units. The building will be restricted to senior residents aged 62 and older, earning 30 percent and 50 percent of area median income (AMI) or less. Ninety-six of ECVA s units will be restricted to residents earning 30 percent AMI or less. Of the 96 units restricted to residents earning 30 percent AMI or less, 56 will be receiving Local Rent Supplemental Program project-based subsidy. Sixteen units out of the 56 units will also be permanent supportive housing units restricted to 30 percent AMI. The remaining 40 units at 30 percent of AMI will receive a rent subsidy through Rental Help Demonstrations (RAD) for Project Rental Help Contact (PRAC). Additionally, 10 units at 50 percent of AMI will benefit from RAD for PRAC rent subsidies. The remaining 44 units at 50 percent of AMI are unsubsidized.
The units will include universal design features to prevent falls and facilitate aging in place. All units will be fully accessible, and bathrooms will have direct access to bedrooms. In addition to accessible bathrooms, each unit will include pull-cords and grab bars. ECVA will also include a 6,500 square foot adult day care located on the ground floor operated by Easterseals. Easterseals provides daily clinical care, supervision, activities, and curb-to-curb transportation for adults, seniors, and veterans.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

Powered by WPeMatico