Mason Joseph Closes $40.4M HUD Construction Loan for Austin Apartments


A timeline for groundbreaking of McKinney Falls in Austin has not yet been established, but the construction time has been underwritten as a 22-month period.

AUSTIN, TEXAS — San Antonio-based multifamily lender Mason Joseph Co. Inc. has closed a $40.4 million HUD loan for the construction and permanent financing of McKinney Falls, a 312-unit affordable apartment community in south Austin. The non-recourse loan was secured through HUD’s 221(d)(4) program and features a fixed interest rate for the 22-month construction period and subsequent 40-year term. McKinney Falls will offer amenities such as a fitness center, business center, conference room and children’s activity center. The project is a collaboration between the borrowers, the Travis County Housing Finance Corp. and California-based affordable housing developer AMTEX Multi-Housing LLC.

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