Mason Joseph Co. Secures $18.7M Construction Loan for Apartment Community in Denison

DENISON, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured an $18.7 million loan for the construction and permanent financing of The Residence at Gateway Village. The property is a proposed 180-unit apartment community in Denison. The financing was secured through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The borrower secured a non-recourse loan that is fixed for the initial 16-month construction period and a subsequent 40-year term. Residence at Gateway Village is being built as part of a master-planned development, Gateway Village, on the west side of US Highway 75 at Grayson Drive. The apartment will be spread over eight three-story buildings. Sherman, Texas-based Covenant Development Partners, a privately held regional multifamily development and investment firm, is developing the project. Parkcrest Builders will serve as the project’s general contractor, and Residence Property Co. will serve as the management agent.