A mixed-income multifamily complex offering a affordable apartments has opened in North Austin. The five-story Saison North at 10010 North Capital of Texas Highway, the former site of NXNW Brewery, has 116 units, with 70 percent reserved for households earning at or below 30, 50, or 60 percent of the area median family income, and 30 percent priced at market rate.
The city of Austin Housing Department worked with Hunt Capital Partners, O-SDA Industries, Travis County Housing Finance Corporation, and Saigebrook Development on the project, which is partially funded through tax credits, according to a city press release:
Hunt Capital Partners syndicated $15.0 million in federal Low-Income Housing Tax Credits (LIHTCs) through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 43. Lenders included Bank OZK, who provided a $19.5 million construction loanand JPMorgan Chase, who provided a $12.9 million permanent loan. Other financing sources included a $2.4 million construction-permanent loan from Travis County, a $6.2 million soft loan from Austin Housing Finance Corporation, and a $375,000 soft loan from Texas State Affordable Housing Corporation.
Saison North has one-, two-, and 24 three-bedroom units, a clubhouse with a community kitchen, a fitness center, a business center, a leasing center, bicycle parking, and wi-fi in common spaces.
Developers tapped four Austin artists to create new works from the NXNW Brewery signs and integrated those and other existing elements into the site design.
The complex was built to meet National Green Building and Austin Energy Green Building certifiable standards, and Saison North offers free services including childcare and adult support, to be provided by Portfolio Resident Services.
