Mason Joseph Company, Inc., a San Antonio based FHA multifamily lender, announced the closing of a $28,471,300 loan for the construction and permanent financing of Aspire at Live Oak, a proposed 240-unit market-rate apartment community at the intersection of 1604 between Shin Oak Drive and Palisades Drive in Live Oak, Texas.
The FHA insured financing enabled the borrower to secure a low-rate, non-recourse loan that is fixed for the initial 20-month construction period and a subsequent 40-year term. The apartment will offer 240-units spread over 8 three-story garden-style apartment buildings with Class A furnishings & amenities and rental rates anticipated to range from $1,000 to $1,600 per month depending on unit type.
The project is being developed by Covenant Development and San Antonio Commercial Property Investments; both privately held regional multifamily development and investment firms. Galaxy Builders will serve as the project’s general contractor and Capstone Real Estate Services will serve as the management agent.
8130 Shin Oak Dr, Live Oak, TX 78233 HUD 221(d) 4