CPC Mortgage Company and Mission DG close $ 30 million loan for the construction of an apartment complex in San Marcos
CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC), recently announced the closing of a $ 30 million FHA construction loan for 216 affordable apartments in San Marcos, which will be developed by Mission DG of San Antonio .
Lantana Apartments will be developed on a 9.93 acre site on the corner of Rattler Road and Old Bastrop Highway – located across from San Marcos High School (2601 Rattler Road). The new residential buildings will consist of eight three-story buildings that will include 84 one-bedroom units, 56 two-bedroom units and 76 three-bedroom units. Additionally, 163 units will be limited to the income of residents whose household income is between 30% and 60% of the region’s median income, with rents starting at $ 448 per month for a one-bedroom unit.
“We are proud to work with a company like Mission DG that puts its values forward and is committed to being a good steward of the properties and communities it develops,” said Timothy Deegan, vice president, responsible for the origin of the agency / head of the FHA. Loans, CPC Mortgage Company. “Our mission is to provide capital that helps preserve and revitalize the affordable housing stock in the communities we serve, and we are thrilled to begin this new partnership. ”
The property has an extensive array of amenities, including a business center, on-site management office, clubhouse with community rooms, fitness center, pickle ball court, tennis court, game, games and multimedia room, swimming pool, community garden, dog park, gazebo, barbecue areas, bicycle parking and residential support services. Residents will have access to more than 350 parking spaces including 44 carports, 18 disabled parking spaces and 12 garages.
Units will have a host of amenities, including appliance sets complete with stainless steel appliances such as a frost-free refrigerator, electric stove and oven, dishwasher, and microwave. washers and dryers included.
“It has been a pleasure working with the team at CPC Mortgage Company. We couldn’t have asked for a better partner throughout the loan application and closing process, ”said John Latham, Managing Director of Mission DG. “We pride ourselves on being able to provide high quality Class A units at an affordable price for the residents of San Marcos. ”