HALTOM CITY, Texas – May 06, 2022 – Regions Bank on Friday announced the closing of a construction financing transaction with developer JPI, a leader in the development of best-in-class multi-family communities, that will help meet the need for more affordable housing for seniors in the Dallas-Fort Worth Metroplex. The financing will aid in the development of Parmore Fossil Creek, a residential community in Haltom City, north of Fort Worth.
Regions will support the development through $18.8 million in equity, a $12.3 million Low-Income Housing Tax Credit equity bridge loan, and a $24.6 million construction loan as well as arranging Fannie Mae MBS as Tax-Exempt Bond permanent financing through the Regions Real Estate Capital Markets team.
Parmore Fossil Creek will consist of 117 one-bedroom and 103 two-bedroom apartments. The development will be built on 13.4 acres of land at the intersection of Fossil Ridge Circle and Fossil Creek Boulevard, 15 minutes from downtown Fort Worth. Fossil Creek amenities will include a swimming pool, craft room, fitness center, business center, club room, maker space, and a library. The development will deliver housing solutions to those earning an average of 60% of the area median income.
“Helping provide affordable housing is one of the most meaningful ways for Regions Bank to leverage its experience and resources to directly and positively impact the communities we serve,” said Rachel Thomas-Phillips, Affordable Housing Relationship manager for Regions Bank. “Our mission at Regions is to make life better, and investing in the Fossil Creek development is an example of that mission in action. Our collaboration with JPI will have a lasting impact for years to come.”
Our mission at Regions is to make life better, and investing in the Fossil Creek development is an example of that mission in action.
Rachel Thomas-Phillips, Affordable Housing Relationship manager for Regions Bank
“JPI considers it a privilege to bring high-quality accessible housing to the senior residents of Haltom City,” said Ryan Combs, JPI’s Senior Vice President of Affordable Housing. “Partnering with the top-class team at Regions has been a great pleasure, and JPI is grateful for their confidence in our product.”
Brian Happel, Fort Worth market executive for Regions Bank, noted how the bank has increased investments in its teams and services covering the area. The work of Regions’ Affordable Housing division in making Parmore Fossil Creek a reality is another reflection, he said, of Regions’ commitment to the Metroplex.
“As our population has grown, the need for quality affordable housing is perhaps greater than ever,” Happel said. “The work of our colleagues in Regions Affordable Housing and the team at JPI will help connect seniors with new, accessible options at a crucial time. We are proud to see this development make progress as we work together to create more inclusive prosperity across the Metroplex.”
Regions Affordable Housing LLC is a national Low-Income Housing Tax Credit (LIHTC) investor, syndication firm, and leader in affordable housing. Regions Bank is one of the nation’s largest participants in affordable housing finance through the LIHTC program, providing comprehensive real estate banking and capital markets services to meet the debt and equity capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS MAH Lender, HUD/FHA Affordable Lender, and Freddie Mac Optigo TAH lender.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $164 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.