Press Release – Carver Ridge – Hutto Texas

We are pleased to announce the closing of the Carver Ridge Apartments in Hutto, Texas.  Below are the key components of the transaction

  • The development was funded a 2021 allocation of tax credits from Texas Department of Housing and Community Affairs (TDHCA).  We recently had TDHCA approve a credit swap in order to extend the placed in service date to 12/31/2024
  • Raymond James Tax Credit Funds provided the equity for the transaction
  • Cadence Bank provided construction financing
  • Legacy Bank & Trust provided a forward commitment for a permanent loan
  • Zimmerman Properties Construction will build the development
  • JMZ Albatross Development will serve as the Developer

The 60 unit housing community will contain 48 income restricted units at a combination of 30%, 50% and 60% AMI and 12 market rate units.   Hutto is located in Williamson County within the Austin MSA and is one of the fastest growing suburbs in Texas.   We look forward to completing construction and opening the property in late 4Q 2023  / early 1Q 2024.