AUSTIN, Texas–Seven credit unions here have joined to provide $49 million syndicated loan to back a new apartment project.
The funding will back a 285-unit affordable housing project in South Austin that is being led by the Journeyman Group.
The Austin Business Journal reported the developer received a $49 million syndicated construction loan from the seven credit unions led by University FCU. The loan is a public-private partnership between Journeyman Group, the seven credit unions and the Travis County Housing Finance Corp., according to the report. Journeyman Group will develop The Matador project with a minimum 50% of units offered to households making an average of 60% median family income.
According to the Business Journal, the Matador is the second affordable housing community developed by Journeyman Group and financed by UFCU in the Austin area. The two entities previously built Park South, a 280-unit apartment complex in South Austin to be completed in summer 2024.
Part of CU’s ‘Mission’
“As Austin continues to flourish and grow, housing still remains unattainable by too many working class families in our community,” said Chris Turnley, UFCU’s executive vice president of member experience in a statement to the publication. “At UFCU, we not only have a stated mission to advance opportunities for quality education, employment, and housing, we feel there is an obligation to continuously create opportunities that benefit our members and the communities we serve.”
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