Feature Illustration: Concept elevation for one of the residences for Southton Lofts.
by Adolfo Pesquera
San Antonio (Bexar County) — A Roanoke, Texas developer has entered into a $39 million loan agreement with the San Antonio Housing Trust to construct a 239-unit apartment complex in southeast Bexar County.
The SAHT Board of Directors approved on Tuesday a resolution authorizing the purchase of 13.8 acres, project financing the the creation of a joint venture with a private developer.
The project site would be within one mile of Interstate 37 South, eastward on Southton Road and near Braunig Lake RV Resort. The project name is Southton Lofts.
The terms favorable to the Housing Trust include annual fees, annual cash flow and other fees that are estimated to total $2.18 million over 10 years. The Housing Trust’s mandate is to create affordable housing and this project would provide 120 units with rent ceilings of 80%, 60% or less of the area median income (AMI).
The exact rent mix is unclear because the developer, 3LB Equities, plans to seek a direct loan of $3 million from the Texas Department of Housing and Community Affairs. If successful, 24 of the units would be capped at 30% or less of AMI. If this doesn’t occur, the Housing Trust would make up the difference but those 24 units would be capped at 50% or less of AMI.
The buildings would be three-story, wood frame podium construction structures. No site plan was submitted and there was no mention of the gross square footage.
The total project cost is estimated at $38,734,477. The project would be owned by the Housing Trust and leased for 75 years to an affiliate of 3LB Equities (Southton OZ LLC).
For its part, the Housing Trust will maintain its interest in the project through SAHT Southton LLC.
VBX Project ID 2021-3EEA