Picerne Development Corp. of Altamonte Springs, FL secured financing from New York City-based CharterMac and subsidiary Related Capital Co. to build Parkside Point at 3360 Alice St., about one mile north of the southern rim of Loop 610 and in a submarket with a 93.1% occupancy. CharterMac paid $12.2 million for tax-exempt bonds, creating a financing vehicle with a 6.6% interest rate for a two-year construction period and 40-year permanent loan with full amortization. Related Capital put up $6.4 million in equity for annual tax credits of $766,219 for 10 years, according to documents filed with the Texas Department of Housing and Community Affairs.

Kurt Kehoe, Picerne Development vice president, tells GlobeSt.com that the firm has developed nearly 1,300 units in Houston, but will take a "more cautious" approach about further development in the city after Parkside Point is done. He is looking for land, though, in nearby LaPorte, Dickinson and Galveston County near the Gulf of Mexico.

Parkside Point, which delivers in February 2005, will consist of 11 two- and three-story buildings and two community buildings. Two-bedroom units will have 968 sf and three-bedrooms, 1,113 sf, with rents starting at $600 per month or about $200 less than the market average. The majority of units are earmarked for residents with incomes of 60% or less of the $59,600 annual median.