Mason Joseph Provides $28.5M HUD Construction-to-Permanent Loan for Metro San Antonio Apartments
LIVE OAK, TEXAS — Mason Joseph Co. Inc. has provided a $28.5 million loan for the construction and permanent financing of Aspire at Live Oak, a 240-unit, market-rate apartment community in Live Oak, about 16 miles northeast of San Antonio. Mason Joseph closed the loan on behalf of the privately held developers, Covenant Development and San Antonio Commercial Property Investments. The HUD financing will feature a fixed interest rate for the 20-month construction period and the subsequent 40-year term. The project team includes general contractor Galaxy Building and property manager Capstone Real Estate Services. The developers anticipate Aspire’s rental rates to range from $1,000 to $1,600 per month.