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11/18/22
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Construction of a new, 350-unit garden-style apartment complex in Bexar County, TX is set to move forward now that $56 mil of financing has been secured for the project. The financing covers 98.2% of the total cost of the project and includes both a construction loan from a regional bank and an investment from a joint venture equity partner.
The development is located in the northern portion of the Far West submarket of San Antonio, approximately 17 miles northwest of Downtown San Antonio in Bexar County. This area has seen significant growth over the past few years and represents a trend expected to continue for the foreseeable future. The area has experienced rising rental rates and low vacancy levels in stabilized assets which support new construction, despite new properties being constructed in the region.
The property is fully permitted and entitled for immediate construction of the 350 units across 13 buildings. The property will deliver high-level amenities, interior finishes, and design which will position the property at the top the of area’s multifamily market which will be attractive to institutional end-buyers and renters.
The ground-up financing was arranged by David B. Norton Inc. The development group included a large number of guarantors including international guarantors, which required extensive and time consuming underwriting. During this period, interest rates continued to rise forcing multiple banks to re-underwrite and adjust their ability to maintain their loan commitments.
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