The Tulsa Housing Authority has closed the $25 million Phase III financing for Choice Neighborhoods-River West, a mixed-income workforce housing development.
RBC Community Investments provided $9.2 million in tax credit equity, local bank services firm Regent Bank provided an $11.6 million construction loan and Berkadia Commercial Mortgage facilitated a $5.1 million Freddie Mac Forward permanent mortgage.
“We’re excited to continue the transformation at River West and witness the excitement as residents are moving into their new homes,” Aaron Darden, THA president and CEO, said in a statement. “Phase three is evidence of THA’s continued commitment to revitalize the Eugene Field Neighborhood.
“This progress would not be possible without the continued support of the Deborah Jenkins and Oklahoma Housing Finance Agency, Anne and Henry Zarrow Foundation, the George Kaiser Family Foundation, the Oklahoma Housing Finance Agency, the United States Department of Housing and Urban Development (HUD) and the city of Tulsa. As we look ahead, we are eager to move forward with closing Phase IV financing later this year.”
Phase III construction will feature 76 apartments in contemporary, energy-efficient garden-style buildings, providing mixed-income housing for residents. Amenities include in-unit washer, dryer and Energy Star-rated appliances, including dishwashers. Apartment units are Enterprise Green Communities-certified. All residents will have access to the management/leasing office and community spaces that include a fitness center, community room, business center and pool.