Atlantic Housing Foundation Celebrates the Closing of $52.7 Million in New Financing for Stone Creek Apartments in Lewisville, TX

(July 14, 2026) Atlantic Housing Foundation, Inc. (AHF) is celebrating the closing of new financing for Stone Creek Apartments in Lewisville, TX. The 200-unit community was built in 1984 and consists of a mix of one- and two-bedroom units. The property has long-served low- and moderate-income households in the region. 

The Low Income Housing Tax Credits (LIHTC) transaction involved several key partners, including National Equity Fund (NEF), which provided equity financing; Colliers, through ORIX, which provided construction bond and permanent financing; and the Denton County Housing Finance Corporation, which served as issuer. AHF also contributed significant support through a seller note. The total development cost was $52.7 million, supporting property acquisition and substantial renovations to the community.

Owned by AHF since 2005, Stone Creek is conveniently located between Interstate 35 and Highway 121—just minutes from DFW Airport, Medical City Lewisville, and the University of North Texas Denton campus. These institutions are among the area’s major employers.

“We are thrilled to reach this milestone and close on this transaction. It has been years in the making,” said Rafael Navarro, Project Developer. “This investment will preserve and strengthen the community by delivering a modern, high-quality renovation while maintaining the long-term affordability of the property. Most importantly, it ensures that residents continue to have access to quality and affordable housing for years to come, fulfilling the mission of Atlantic Housing Foundation.”

The planned renovations will transform Stone Creek from the inside out. Interior upgrades include new quartz countertops, stainless steel Energy Star appliances, new cabinetry, plank flooring, and LED lighting throughout. On the exterior, residents will benefit from new double-pane windows, HVAC replacement, and improved exterior lighting, along with exciting new community amenities including a refreshed pool and cabana area, an upgraded playground, and a new dog run and wash station.

AHF is preparing to kick off construction in July 2026 and expects to complete the project by December 2027, investing approximately $70,000 per unit in comprehensive interior and exterior renovations. Through this investment, AHF continues its 27-year commitment to preserving affordable housing while ensuring a quality, welcoming community for working families in Denton County.