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SA Development Team Raises $107M for Affordable Rental Community
A joint venture planning to build affordable housing in San Antonio has secured $107 million in financing for the project. Opportunity Home issued $64 million in bonds through a public facility corporation, Cedar Rapids Bank and Trust loaned the project $37 million and the City of San Antonio came up with $6 million in affordable housing bond funding. Central at Commerce will be a 279-unit apartment complex on a vacant lot at 1231 E. Commerce St. on the East Side.
The project is a joint venture between public housing steward Opportunity Home and Indiana firm The Annex Group. The project was previously estimated to cost $91 million.
One hundred and thirty-nine units will be rented at 70% of the area median income (AMI), 67 unitsat 50% AMI, and 42 at at 60% AMI, 31 30% AMI.
Evolve Architects will design the project.
- ◦Development
