PLEASANT POINTE APARTMENTS
1708 WEST 16TH STREET
MT. PLEASANT, TEXAS
Zimmerman Properties, LLC is proud to announce the closing of project financing and commencement of construction on Pleasant Pointe Apartments in Mt. Pleasant, Texas. The development is 60 units of affordable housing which will be rented to resident families earning 30%, 50% and 60% or less than the area median income utilizing Income Averaging and will contain 30 two-bedroom units and 30 three-bedroom units.
The development is being financed through the following sources:
- $9,000,000 of construction financing was made by Legacy Bank & Trust
- Texas Department of Housing and Community Affairs (TDHCA) awarded $1,598,863 of annual Federal low-income housing tax credits
- Huntington Community Development Corporation made an equity commitment to the Development and will be allocated the federal tax credits
- The Community Development Trust, LP underwrote a Permanent Loan of $2,580,000 which will have a 35-year amortization, and a fixed interest rate of 7.05% and will fund at Stabilization
The development team consisted of:
Developer: Zimmerman AH-R2K, LLC
General Contractor: Zimmerman Properties, LLC
Management Agent: Wilhoit Properties, Inc.
Architect: Parker Associates Tulsa, LLC
Engineer: Kaw Valley
The general contractor has been issued a notice to proceed with construction, which should be complete in December 2026 with Pre-leasing commencing in Fall 2026