Feature Illustration: Rendering of the planned Crosswinds Apartment Homes, a 312-unit affordable apartment development to be constructed in North Loop 1604 East.
Posted: 1-12-2022
by Adolfo Pesquera
San Antonio (Bexar County) — The San Antonio Housing Trust Board of Directors approved bond issuances today that total $65 million to support the construction to two affordable multifamily housing projects that will deliver a combined 524 apartment units.
During their Wednesday morning meeting, the SAHT directors went over the terms for two projects being developed by two different private developers.
Crosswinds Apartment Homes will require the purchase of land by SAHT and its lease to the developer, the creation of a subsidiary (SAHT Crosswinds GP LLC), authorization of the financing and creation of a joint venture agreement with Pedcor Companies, (the developer).
The Pedcor project is a 312-unit apartment complex that will be located on undeveloped land in the 4000 block of North Loop 1604 East, between Bulverde and O’Connor roads.
This would be Pedcor’s sixth project with SAHT and the housing trust’s interest includes a $45 million tax exempt bond issuance. The total project cost is estimated at more than $75.8 million. Pedcor also obtained a 4% low income housing tax credit award from the state to assist in the financing.
Crosswinds Apartment Homes will be a mix of one- to three-bedroom units in a garden style cluster of three-story buildings. Eligible tenants will show incomes of from 30%, 50% or 60% of the area median income (AMI).
The site plan depicts 13 residential buildings on a 20.5-acre site with a combined gross square footage of 346,199 SF. The parking is a mix of surface, garages and carports that provide 592 spaces.
The architect for Crosswinds Apartment Homes is 5th Dimension Architecture+Interiors LLC. Pedcor acts as its own general contractor through its affiliate, Pedcor Construction Management of Carmel, Indiana.
The project team also includes structural engineers with C|P|H Engineering Inc., Magnolia, Texas; ENGR3 Consulting Engineers (MEP) of Alpharetta, Georgia; and MP Studio of San Antonio as the landscaping architect.
Loma Vista Lofts Apartments (Hope Lofts)
The second project to be approved is Loma Vista, also referred to as Hope Lofts.
This is a 212-unit development in two four-story buildings that will be located at 323 N. General McMullen Drive, across from Rosedale Park. Residential buildings A and B are four stories each in height, with Building A having 111,844 GSF, and Building B having 94,320 GSF. Building B also have an underground parking garage with 44 spaces.
The private developer is Merriam, Kansas-based Cohen-Esrey. The developer is also collaborating on this project with local faith-based charity SA Hope Center, which owns the land.
All units are to be made available to tenants that are in the 60% area median income earnings bracket. Upon completion of the apartment building, SA Hope Center Services will provide on-site residential services, including one-on-one case management, financial literacy, parenting classes, and a food pantry.
SAHT approved a $20 million tax exempt bond issuance and the total project cost was estimated at more than $40.3 million. This project also received a 4% low income tax credit award from the state.
Terms favorable to SAHT include a right to purchase after 15 years, and more than $2 million in fees over time that will eventually allow the SAHT to reduce the rents to 50% of AMI.
The Loma Vista Lofts project was previously reported on in VBX on Dec. 14 after the architect, Alta Architects, gave the state notice of an estimated April 2022 construction start. VBX also reported the project in April 2021 when Cohen-Esrey submitted its application for a 4% tax credit with the Texas Department of Housing and Community Affairs.
Just like the terms for Crosswinds, SAHT will acquire the land and lease it to the developer, create a subsidiary (SAHT Loma Vista GP LLC), and authorize the financing.
The bond issuances for both projects sets the stage for closings on the construction loans.
Crosswinds Apartment Homes – VBX Project ID: 2022-046C
Loma Vista Lofts – VBX Project ID: 2021-2AA3
adolfo@virtualbx.com
