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.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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