MESQUITE, Texas — Walker & Dunlop has arranged approximately $30 million in financing for Avanti Hills, an affordable seniors housing community currently under development in Mesquite in the Dallas-Fort Worth metro. The project is being developed by a joint venture between KCG Development, The Javelin Group and the Mesquite Housing Finance Corp.
Walker & Dunlop Affordable Housing Equity provided low-income housing tax credit (LIHTC) equity for the project, which is supported by tax-exempt bond financing through the Mesquite Housing Finance Corp. Citi Community Capital and Bank of America are serving as debt partners for the development.
Upon completion, Avanti Hills will total 260 apartments reserved for adults age 55 and older. Units will be restricted to households earning at or below 60 percent of the area median income. Amenities at the community will include a clubhouse, fitness center, outdoor gathering areas and wellness and community programming.
Development costs are expected to total $78.5 million.