$90M Construction Financing Goes to Two Tacara Projects

Multifamily demand continues to exceed new supply and Texas multifamily markets are among the most active in new builds. With that demand in mind, two new developments recently received construction financing.

The financing was arranged for the development of Tacara at Dove Creek, a 321-unit apartment community in San Antonio, and Tacara at Gruene, a 300-unit apartment community in New Braunfels, TX. San Antonio-based Casey Development broke ground on the two class-A garden-style properties this year with completion expected in Fall 2022.

Tacara at Dove Creek is planned at 189 Empresario Dr. near the intersection of Potranco Road and Empresario Drive just outside Loop 1604. Tacara at Gruene is planned at 2025 Hunter Rd. at the intersection of FM 306 and Hunter Road.

Brent Crawford, David Aaronson and Frances Rogers with CBRE in Houston arranged the construction financings on behalf of Casey Development. CBRE secured the loans through an insurance company with combined loan proceeds exceeding $90 million. The loans featured a five-year term, 36 months of interest only and a blended fixed rate of less than 5 percent, providing 85 percent of development costs.

“Population growth in Central Texas is driving multifamily housing demand and rent growth,” said Crawford. “This, combined with the strong sponsorship, made these projects attractive to lenders.”

Both projects will offer one-, two- and three-bedroom units.