Work Underway on 150-Unit Austin Affordable Housing Project
The City of Austin Housing Department announced the groundbreaking of Iris Gardens, a new affordable senior living community. Developed through a partnership between local nonprofit Family Eldercare and developer Vecino Group, this 150-unit building will provide opportunities for community members who often face barriers to securing affordable housing.
Located at 1013 Montopolis Drive, in East Austin’s District 3, Iris Gardens will offer a mix of one- and two-bedroom apartments to households at or below 30 percent, 50 percent and 60 percent of the area median income. Almost half of the units (approximately 65 flats) will be designated as permanent supportive housing for individuals exiting homelessness. 15 vouchers will be available for US military veterans.
Estimated construction costs for the Iris Gardens development are about $50 million. Key funding sources include the Austin Housing Finance Corporation (AHFC) through the Rental Housing Development Assistance (RHDA) program, which is financed by General Obligation (GO) Bonds and the Downtown Density Bonus Program. Move-in is slated for 2027.
Other News
JLL Arranges Refi for Mixed-Use Residential on Long Island’s South Shore
JLL Capital Markets arranged a $154.25-million refinancing for Greybarn Amityville, a mixed-use residential property in Amityville, NY, owned by Rechler Equity Partners. Senior managing directors Peter Rotchford and Andrew Scandalios and director Clayton Ross arranged the financing through PCCP, LLC. “Lenders are looking closely at how a multifamily property performs today and at the owner’s...
Learn more
RioCan Repositions $235M In Assets, Including 80-Storey Yorkville Tower
RioCan is shifting $235M in residential development assets toward commercial uses, a move disclosed in its third-quarter results that raises questions about plans for an approved 80-storey condominium tower on Toronto’s Mink Mile. The tower at 83–95A Bloor St. W., planned with Parallax, received zoning approval in December 2024. But RioCan’s latest financial statements identify...
Learn more
Affinius Lends $226M on Newly Completed Brooklyn Rental Tower
Affinius Capital LLC has originated a $226-million loan to refinance 55 Willoughby (marketed as House 55), a Class A, 295-unit, 43-story multifamily property with 3,200 square feet of ground-floor retail located in Downtown Brooklyn. The loan was made to a joint venture between Lonicera Partners and Rabina. Proceeds will bridge the property to stabilization early...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout