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Mason Joseph Provides $41.2M HUD Construction Loan for San Antonio Apartment Project

Culebra-Commons-San-Antonio

Culebra Commons, a 327-unit multifamily project in San Antonio, is expected to take about 28 months to complete. Construction is scheduled to begin later this month.

SAN ANTONIO — Mason Joseph Co. Inc., a San Antonio-based multifamily lender, has provided $41.2 million in construction and permanent financing for Culebra Commons, an apartment project that will be located off Loop 1604 on the city’s west side. The community will feature 327 units across seven three-story buildings and various Class A amenities. The nonrecourse loan was secured through HUD’s 221(d)(4) program and carries a fixed interest rate for the 28-month construction period and subsequent 40-year term. The borrower is a partnership between locally based development firm LYND Co. and T.R. Inscore LLC. Construction is scheduled to begin later this month.

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