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$23M Loan Issued for St. John’s Apartments Construction

210 Development Group obtained a $23 million, tax-exempt loan to move forward on building the 228-unit St. John’s Apartments. The project will go north on the 13-acre site of the former Mission Concepción in San Antonio.

Hadley Bressman with Bellwether Enterprise arranged the Fannie Mae loan with a 24-month forward commitment, followed by a 15-year loan term and 35-year amortization at a fixed interest rate. Included in the deal alongside LIHTC was a tax-exempt bond issuance, conventional construction loan, historic tax credits, and exemption from real estate taxes, due to a sub-lease with the San Antonio Housing Authority.

St. John’s Apartments, at 222 E. Mitchell St., is a project involving new construction and adaptive reuse of Mission Concepción, an historic 1920s Catholic seminary complex. The units will be spread between three existing and four new buildings.

B&A Architects and Moule & Polyzoides are the architects. NRP Construction is the general contractor.

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