San Antonio: $60 Million Loan Lined Up for 350-Unit Mix-Income Multifamily Project Near Shavano Park
Feature Photo: The dead-end west drive entrance at the Happys Round roundabout was designed for a future multifamily project. Image: Google Streets.
by Adolfo Pesquera
San Antonio (Bexar County) — Two private developers have received approval for a $60 million loan from a public facility corporation that will create a mixed-income, 350-unit multifamily development just north of Shavano Park.
The San Antonio Housing Trust Board of Directors authorized on Tuesday a transaction for the purchase of about 13 acres. The agreement also provides that the SAHT will serve as the general contractor and lease the land to the developer.
The property faces the north side of North Loop 1604 West, between the Shavano Ranch and Rogers Ranch boulevards. It would be west adjacent to the Ridgeline at Rogers Ranch Apartments and share vehicular access via a roundabout street–Happys Round.
Google Earth/VBX Graphic of the project site for Ridgeline Flats.
The project name is Ridgeline Flats and the developers are Houston-based Morgan Group and Bitterblue Inc. of San Antonio. Morgan Group is a vertically integrated, third generation family business that invests in multifamily housing through development and acquisitions in high growth United States markets.
The project is expected to cost approximately $60,030,040, which will be funded through a combination of conventional debt and private equity. It will be owned by the SAHT through a subsidiary (SAHT Ridgeline LLC)and leased for 99 years to a development team affiliate.
SAHT’s mandate is to provide affordable housing. Ridgeline Flats will have a mixed-income rent structure, with 174 units leased at market rates; 140 units leased to tenants earning 80% or less of the area median income (AMI); and 36 units leased to tenants earning 60% or less of AMI.
A conceptual rendering of the project indicates this will be a series of three-story residential buildings made of wood frame podium construction, accompanied by surface parking, landscaping and the standard multifamily amenities.
VBX Project ID 2021-3F54
Conceptual illustration of a residential building and parking lot for Ridgeline Flats.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.