NRP Starts Work on 297-Unit Denton Affordable Housing Community
The NRP Group broke ground on the 297-unit Arbor Ranch affordable housing community in Denton in partnership with the Denton Housing Authority.
Truist Bank provided financing for the project, including a $68 million construction loan, $48 million in permanent financing through its wholly owned subsidiary, Grandbridge Real Estate Capital, and a $33 million low-income housing tax credit equity investment. The permanent financing was secured through a forward rate lock under Freddie Mac’s Tax-Exempt Loan program, providing long-term rate stability for the project.
Younger Partners’ David Hinson represented The NRP Group in the acquisition of 23 acres of land for the project. Foundry Commercial’s Marty Neilon represented the seller. The development will provide affordable homes for families earning between 30% and 70% of the Area Median Income (AMI).
The development will feature a mix of one- through four-bedroom residences across nine three-story buildings on a 22-acre site. Amenities include an outdoor pool, playground, barbecue and picnic areas, a children’s activity room, and a community lounge.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout