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The NRP Group has started construction on Arbor Ranch, a new 297-unit affordable housing community in Denton developed in partnership with the Denton Housing Authority. The project is positioned to expand income-restricted housing options in the city, with a specific focus on households earning a range of percentages of the Area Median Income.
Truist Bank is providing a multi-faceted financing package for Arbor Ranch. The capital stack includes a $68 million construction loan and $48 million in permanent financing delivered through Grandbridge Real Estate Capital, Truist’s wholly owned subsidiary. In addition, Truist has made a $33 million low-income housing tax credit equity investment in the project, underscoring the importance of tax credit equity in capitalizing new affordable multifamily communities.
The permanent loan for Arbor Ranch was structured using a forward rate lock executed under Freddie Mac’s Tax-Exempt Loan program. This structure is designed to provide long-term interest rate stability for the asset, aligning permanent financing with the project’s affordable housing objectives and regulatory framework. The combination of tax-exempt execution, agency participation, and tax credit equity reflects a layered capital approach that is common in LIHTC-driven developments.
On the land side, Younger Partners’ David Hinson represented The NRP Group in acquiring approximately 23 acres for the Arbor Ranch development. Foundry Commercial’s Marty Neilon represented the seller in the transaction. The site will ultimately support a master-planned, income-restricted multifamily community aimed at serving a range of family sizes and income tiers.
When complete, Arbor Ranch is planned to include a mix of one-, two-, three-, and four-bedroom apartments across nine three-story residential buildings situated on a 22-acre development site. The amenity package is expected to feature an outdoor pool, a playground, barbecue and picnic areas, a children’s activity room, and a community lounge. These shared spaces are intended to complement the residential component and support family-oriented living within an affordable housing framework.
The development is targeted to serve families earning between 30% and 70% of the Area Median Income. By combining deep affordability with a range of unit sizes and on-site amenities, the project is structured to address demand from lower- and moderate-income households in Denton that may be underserved by existing conventional multifamily inventory.
The post NRP Group Breaks Ground on 297-Unit Arbor Ranch Affordable Housing in Denton appeared first on CRE Market Beat.
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