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San Antonio Affordable Apartment Project Gets Going
After taking advantage of a number of government financing incentives, Southton OZ LLC has broken ground on Southton Apartments, a 239-unit multifamily complex at 14050 Southton Rd. The project will be on San Antonio Housing Trust Land. Among the incentives:
• Firm Commitment on a HUD Loan, with rate locked at 4.75% for it’s entire 42 year term
• $3.0M National Housing Trust Fund 0% “soft money” loan (only payable through distributable cash), coterminous with senior HUD loan.
• 100% property tax abatement through partnership with the San Antonio Housing Trust PFC
• Qualified Opportunity Zone project.
The $48 million project will be made up of 11 three-story buildings. It will have studios and one- and two-bedroom units ranging from 566 to 1,053 sf. Amenities will include a clubhouse, fitness center, resort-style pool, dog park, and spa. Construction will take 22 months.
The development team includes Stuart Falkin, Waypoint Development, 3lb Equities, and Savoy Equity Partners. NRP is the general contractor.
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