NRP Group to Develop Affordable Fort Worth Community; Partners on this project include JPS Health Network, Red Stone Equity Partners and CVS Health

10/16/2024

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MHN

• Subcategory: Capital Markets: Debt, Capital Markets: Equity, MF: Affordable, MF: Market Rate

• Tag: Business: Insights | JV-Partnership | Strategy

• Additional Filters-Subcategory: Capital Markets: Debt-Construction Loan, Capital Markets: Equity-Low Income Housing Tax Credits (LIHTC), MF: Garden

• Company: JPMorgan Chase & Co (NYSE: JPM), CVS Health Corp. (NYSE: CVS)

NRP Group and JPS Health Network are developing Thrive on Crawford, a 67-unit affordable community in Fort Worth, Texas, having just secured construction financing for the project from JPMorgan Chase and through Berkadia. CVS Health, through an investment fund managed by Red Stone Equity Partners, provided tax credit equity. The development is scheduled for completion in 2026.

The project, mainly consisting of affordable units, targets health-care workers in the JPS Network. Sixty units will be reserved for residents earning up to 30, 50 and 60 percent of the area median income, with an additional seven apartments as market rate.