Brownsville Residential to Undertake Multifamily Conversion Project in Rio Grande Valley

BROWNSVILLE, TEXAS — Brownsville Residential, an affiliate of the Housing Authority of the City of Brownsville, will undertake a multifamily conversion project in the Rio Grande Valley. The project will transform the historic El Jardin Hotel, which originally opened in 1927, into a 44-unit affordable housing complex that will house units available to renters earning up to 30, 50 and 60 percent of the area median income. Residences will come in one-, two- and three-bedroom formats, and amenities will include fitness center, library, computer lab, community room and garden area. Residents will also have access to annual health fairs, quarterly nutrition courses, bimonthly arts-and-crafts activities and weekly exercise classes. Financing for the project includes $13.6 million in federal and state tax credit equity, which was purchased by Hunt Capital Partners. Additionally, Bank OZK provided the $18.7 million construction loan.