About this property
This project is an 80-unit affordable housing development located in Brownsville, Texas. The property is located in a prime spot and has a restaurant on the premises, an event center, a gym and a pool. It is highly visible, 30 minutes away from South Padre Island, a major tourist attraction, and is 38 minutes to Elon Musk’s SpaceX facility. The total project cost is estimated at $5.5 million, with $4 million of equity and $1.5 million of debt financing. The project is expected to generate an IRR of over 20% and a return of the initial investment via a refinancing in Year 2. Investors will receive an 8% preferred return with a 60/40 split in their favor thereafter.