Barings to Finance Multifamily Affordable Housing Project in Houston’s Revitalization District
Part of HUD’s CDBG Disaster Recovery Program
Barings, one of the world’s leading financial services firms, announced today it has provided a $9.8 million permanent loan commitment towards the construction of Canal Lofts, a 4-story, mixed income (67% affordable/33% market) 150-unit multifamily housing development in the revitalization district of Houston, TX.
The sponsor, Blazer, is developing the project through the Community Development Block Grant Disaster Recovery Program (“CDBG”), which is administered by HUD, and helps cities, counties, and states recover from Presidentially-declared disasters, especially in low-income areas.
Upon completion, the development will include amenities such as a clubroom, gourmet coffee bar, pool, library, business lounge, catering kitchen, controlled access entry, fitness center, yoga room and children’s play escape.
“Pivotal to our commitment to help low and moderate income families across the U.S., are our affordable housing partnerships with outstanding sponsors like Blazer,” said Daron Tubian, Head of Affordable Housing Investments and Managing Director at Barings.
“Our ability to support CDBG projects which rebuild and restore communities impacted by disasters is core to our affordable housing and ESG activities.”
The Affordable Housing Investments team at Barings has provided long term balance sheet financing for affordable and workforce housing projects nationally for 30 years.
Barings is a $345 billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
*Assets under management as of December 31, 2020