Barings Announces $43.5M Financing For Yager Flats
Aug 17, 2021
Barings, one of the world’s leading investment managers, announced today that it will provide $43.5M in permanent financing for Yager Flats, an affordable multifamily housing development in Manor (Austin), TX. The $73M development will create 300 new affordable units with amenities that will include a clubhouse, community room, fitness center, pool and playground. The project is being developed by Elmington Capital Group.
“This is an opportunity for Barings to work with Elmington, Red Stone Equity Partners and Bank of America to build and finance a project that will bring 300 affordable units to one of the fastest growing and dynamic markets in suburban Austin,” said Daron Tubian, Managing Director and Head of Affordable Housing Investments at Barings. “Our partnership and long term financing commitment to Elmington’s project underscores our belief that the development of affordable communities is essential in all high-demand housing markets in the U.S.”
“In a time when a lack of quality affordable housing continues to be a major challenge for so many fast growing cities, we are thrilled to have had the opportunity to invest $29.3M of tax credit equity in Yager Flats. This beautiful property will allow for 300 families to afford to live in the community they love,” said Darren Swanson, Managing Director of Equity Acquisitions at Red Stone Equity Partners.
“Bank of America Community Development Banking is pleased to provide more than $40M to help finance the construction of much-needed affordable housing for families in the Austin area,” said Ellen Rogers, Market Executive for Community Development Banking at Bank of America. “Yager Flats is a great example of the impact we can make to help the most vulnerable in our communities and demonstrates our continued commitment to support the communities where we work and live.”
Upon completion, the development will have eleven 3-story buildings with a mix of 1, 2, 3 and 4 bedroom apartments with 461 parking spaces, available to prospective tenants with incomes ranging from 30% to 60% of Area Median Income (“AMI”).
Consistent with Barings’ commitment to social impact, Yager Flats through Portfolio Resident Services will provide on-site supportive services that will include adult education, workforce development, financial literacy training, social & recreational activities, after school programming, and health/wellness planning. All services will be free to residents.
Barings is a $382+ 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.
*Assets under management as of June 30, 2021
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