Mason Joseph Secures $8.2M Loan for Apartment Complex in San Antonio

by Haisten Willis

SAN ANTONIO — Mason Joseph Co. Inc., a San Antonio-based FHA multifamily lender, has secured a combination substantial rehab/construction and permanent loan for Western Hills Apartments. The property’s 41 single-story buildings include 148 units. The property, built in the 1960s, will undergo renovations to include the addition of new kitchens, appliances, bathrooms, electrical work, various external improvements and improvements to meet accessibility standards. MJC obtained an $8.2 million, 40-year construction and permanent loan using HUD’s 221(d)(4) mortgage insurance program. Financing was arranged for Alamo Community Group, a private nonprofit housing organization founded in 1990.

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