Berkadia Secures $11M in Financing for Senior Affordable Housing- Community in Paris, Texas
Philadelphia, Pennsylvania – October 28, 2024 – Berkadia announced today the financing of Celebration Paris, a 64-unit affordable housing property to be constructed in Paris, Texas. Senior Director Brian Blanchard of Berkadia Affordable Housing secured the $11 million Low-Income Housing Tax Credit (LIHTC) equity investment on behalf of the sponsors, The Housing Authority of the City of Paris, Rea Ventures Group, and The Javelin Group.
Celebration Paris will consist of 64 units in one building with a mix of one- and two-bedroom units. The community will serve senior households (55+) earning between 30% and 60% of the Area Median Income (AMI).
“Berkadia is proud to close its first transaction with this sponsor group and looks forward to building a valued partnership,” said Blanchard “We’re honored to play a role in the creation of much needed affordable housing in Lamar County.”
Once complete, Celebration Paris will offer a business center, community center, exercise facility, picnic area, recreation area, gazebo with grills, a covered porch, and on-site supportive services.
“Given the increasingly difficult and complex development environment, Celebration Paris would not have been possible without the partnership with The Housing Authority of the City of Paris and the cooperation and assistance from the Texas Department of Housing and Community Affairs,” said Alan Naul of The Javelin Group. “This collaborative effort will bring high quality affordable senior housing to Paris and Lamar County to help meet a growing and unmet demand. Having spent a lot of time in Paris growing up visiting grandparents, I am very proud to be a part of this development.”
Financing for the project will include a construction loan, a permanent loan through a Freddie Mac forward commitment underwritten by Berkadia and proceeds from federal 9% Low Income Housing Tax Credits.