Banco Popular grants $40.5M construction loan for Yabucoa housing complex
Banco Popular has announced the closing of a $40.5 million loan to develop the MiraSol single-family housing complex in Yabucoa, which broke ground last week.
The project, to be developed by RG Housing Group of Companies, will comprise 149 homes. Each home will cover about 1,455 square feet and feature three bedrooms, two bathrooms, a living room, dining room, kitchen, laundry area and garage. The units will include solar heating, broadband connections, renewable energy systems and a drinking water cistern. Of these units, 23 will be designed for people with mobility limitations, and five for people with hearing and visual impairments.
All units and common areas will be equipped with low water consumption plumbing installations. The community will have controlled access, passive recreational areas, and an equipped playground, among other amenities.
The units will be available for rent to families that qualify under the income limit of 60% of the area’s median income.
“Betting on projects like MiraSol is part of our commitment to sustainability and corporate responsibility,” said Marcial Díaz, vice president of the Construction Division of Banco Popular.
“Projects like this are key to increasing the development of accessible communities with stable and resilient environments. We remain focused on continuing to put our customers, employees and communities at the center of progress,” he said.
The houses, designed by A.C.C. Architects, PSC, will meet all the Green Building standards (ICC 700 – Silver Level), and comply with the accessibility requirements of the Americans with Disabilities Act (ADA).
Last week, Gov. Pedro Pierluisi and other government officials broke ground on the project, which is estimated to cost $77.5 million. Of this amount, $56.3 million will be covered by a subsidy under the Community Development Block Grant – Disaster Recovery (CDBG-DR) and Low Income Housing Tax Credits (LIHTC), administered by the Housing Finance Authority.
The MiraSol project has an affiliate of R4 Capital LLC as an investor of the tax credits, and contractors TF Builders and Interlink.