Form 497 AFL CIO HOUSING INVESTME

December 7, 2021 9:52 AM EST

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      PROJECT PROFILE  

 

Granada Senior

Apartments

San Antonio, TX

 

 

 

 

PROJECT

DESCRIPTION

  The AFL-CIO Housing Investment Trust is helping to finance the $63.2 million substantial rehabilitation of the Granada Senior Apartments (“Granada”), an affordable housing development located in San Antonio, Texas. Granada will provide 265 units of affordable housing to an underserved population. The renovation will include the modernization of existing units and conversion of unutilized commercial space to much needed additional residential units. The project’s nonprofit sponsor, the Granada Trades Council Housing, is an affiliate of the San Antonio Building and Construction Trades Council, which has owned, managed, and operated the property since 1968.
     
HIT ROLE   The HIT has committed $37.6 million in construction and permanent financing to the transaction. HIT Advisers LLC, an HIT subsidiary, served as development adviser to Granada Trades Council Housing.
     
PARTNERS   Construction Loan Originator and Lender: Merchants Bank of Indiana
Permanent Loan Originator: Merchants Capital Corporation
Equity Syndicator: Merchants Capital Investments
Sponsor: Quincy Street Investors/ Granada Trades Council Housing
     
SOCIAL IMPACT   In addition to creating the union construction work and other economic impacts outlined below, Granada’s 265 units will be restricted to seniors earning less than 80% of San Antonio Area Median Income, with 182 of the units benefitting from HUD rental voucher subsidies. The project’s location on San Antonio’s River Walk provides direct access to several transit options, meaning tenants will be able to move around the city  without the need for a car.

 

 

ECONOMIC IMPACT OF INVESTMENT*

           
           

HIT Investment

$37.6 Million

Total Development

Cost

$63.2 Million

265 Units

(100% affordable)

321,480

Hours of Union

Construction Work

Generated

$10.1 Million

Tax revenue

generated

$75.0 Million

Total economic

benefit

 

 

*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America CDE, Inc. project data. The data is current as of November 15, 2021. Economic impact data is in 2021 dollars and all other figures are nominal.

 

 

 

 

 
 
PROJECT PROFILE | Granada Senior Apartments – San Antonio, TX
 
 
 
The members of the San Antonio building trades are proud to work with the HIT on the rehabilitation of The Granada Senior Apartments. We have owned the building for over 50 years, with a mission to supply affordable housing to our local residents; and this project will have a substantial impact to not only our tenants but also to our local brothers and sisters represented here at the San Antonio Building Trades Council.”
 

— Mark Potter, President

San Antonio Building & Construction Trades Council

Business Manager, U.A. Plumbers & Pipefitters Local #142

 

 

ABOUT THE HIT   The AFL-CIO Housing Investment Trust (HIT) is a fixed-income investment company  registered with the Securities and Exchange Commission. Its investors include union  and public employee pension plans and labor organizations. The HIT invests primarily in government and agency insured and guaranteed multifamily mortgage-backed  securities. The HIT is one of the earliest practitioners of socially responsible impact investing, with a track record of over 35 years that demonstrates  the added value derived from union-friendly investments. The investment objective of  the HIT is to provide competitive returns for its investors and to promote the collateral  objectives of constructing affordable housing and generating employment for union  members in the construction trades and related industries. More information is  available on the HIT’s website, www.aflcio-hit.com.

 

This document provides information about a projector projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.

  8/2021

 

1227 25th Street, NW Suite 500 | Washington, DC 20037 | 202.331.8055
www.aflcio-hit.com

 

 



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