Abacus Alamo Ranch Developer Secures $29M in Financing
Heiser Development Corp. obtained $28.9 million in construction financing to develop Abacus Alamo Ranch, a 320-unit multifamily property in San Antonio. The project is being built at Culebra Road and Alamo Parkway (FM 1560) in Far West San Antonio.
Casey Knust and Chad Ricks with CBRE originated the loan through CBRE’s FHA lending platform. The loan is funded through HUD’s Section 221(d)(4) new construction mortgage insurance program. The loan carries an interest-only construction period of 18 months, with a 40-year, non-recourse and fully-amortized permanent loan.
Abacus Alamo Ranch will include a clubhouse with fitness center, coffee bar and business center, dog park with bathing station, volleyball court, community garden, two resort-style swimming pools and an eight-acre, spring-fed private park with a nature trail.
Heiser Development is the developer and the design architect; RVK is providing supervisory architectural services. Skybeck Construction is the general contractor.
Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.