Mason Joseph Closes $38.4M Construction Loan for 304-Unit Apartment Community in Austin

AUSTIN, TEXAS — Mason Joseph Co. Inc., a San Antonio-based multifamily lender, has closed a $38.4 million loan for the construction and permanent financing of Commons at Goodnight Apartments, a 304-unit multifamily community being built in Austin. The financing was secured through HUD’s 221(d)(4) program, which provides construction-to-permanent financing for the development of market-rate and affordable housing properties. The loan, which was secured on behalf of a public-private partnership between the Austin Affordable Housing Corp. and Louisville-based developer LDG Multifamily LLC, features a fixed interest rate for the 24-month construction period and subsequent 40-year term. The borrowers are also using equity from Boston Financial Investment Management LP in the form of Low-Income Housing Tax Credits to develop Commons at Goodnight. A joint venture between Louisville-based Xpert Design & Construction LLC and Indiana-based Weber Group Inc. will serve as general contractor on the project.