Mason Joseph Co Secures Financing For 6 Assets Across Texas Totaling $104M
San Antonio-based firm Mason Joseph Co has financed six assets in cities all across Texas: Corpus Christi, McKinney, Midland, New Braunfels, San Marcos and Temple. The financing was secured through the HUD 221(d)(4) loan insurance program, enabling the borrowers to secure low-rate, non-recourse loans fixed for an initial amount of time during construction.
The deals are further evidence of the multifamily construction boom across Texas. Recent data from RentCafé shows multifamily construction is up 50% year-over-year nationwide, and 22% of the country's apartments underway are in and around the big four Texas cities—Austin, Dallas, San Antonio and Houston.
In Corpus Christi, Mason Joseph worked a $17.8M loan for the construction and permanent financing of Woodbend Townhomes, a 126-unit market-rate community. Concept General Contracting will serve as the project’s general contractor, and Capstone Real Estate Service will serve as the management agent.
In McKinney, Mason Joseph secured a $23M loan for the construction and permanent financing of Artistry Senior Residences at Craig Ranch (above), a 163-unit senior apartment community. The asset is part of the massive master planned community Craig Ranch. The project is being developed by the Dallas office of Gardner Capital. ICI Construction will serve as the project’s general contractor, and Allied Orion Group will serve as the management agent.
The firm’s business in Midland is the only one not secured with HUD 221(d)(4); the $4.9M refinancing loan was arranged through HUD’s 223(f) loan insurance program. Built in 2013, Westridge Apartments (above) offers 96 units spread over three two-story garden style buildings.
$10.8M worth of financing in New Braunfels was secured for the second phase of Northwoods Apartments on the northeast side. Once construction is completed, the asset will contain 263 units. The expansion is being developed and managed by Rinco of Texas and executed by Concept General Contracting.
The largest loan ($26.7M) is for the construction and permanent financing of Residence at San Marcos, a 240-unit community in Southeast San Marcos. Developed by Covenant Development Partners and executed by Parkcrest Builder, the asset is expected to deliver 18 months after breaking ground.
In Temple, Mason Joseph helped secure a $20.5M loan for the construction and financing of the 199-unit community Cypressbrook Temple. Houston-based Cypressbrook Co is developing the project. Blazer Building Texas will execute construction.
