A 250-unit new-construction development for families of mixed-income from 60% of AMFI to market rate housing located in San Antonio, Texas, approximately 10 miles south of Downtown San Antonio. The site is located on Loop 410 at Espada Road near the site of the new Texas A&M campus on the Mission Trails.
Construction and permanent financing for this development was provided by Charter Mac through a tax-exempt bond offering for $14.26MM. Soft money was loaned into the development partnership by TSAHC, the issuer for $500,000 and $250,000 by Bexar County in the from a HOME funds grant to the non-profit GP and a loan to the project partnership. The bonds closed and the contractor broke ground on the project in March 2005. Completion: July 2006. 100% occupancy was achieved in September 2007. The Related Capital Companies is the equity investor in this development (the project was sold to CCG in December 2008). The construction contract was for $16.35MM. RISE was the property manager through lease-up and stabilization.