CPC Mortgage Company, Mission DG and the San Antonio Housing Trust Close $24 Million Refinance For Affordable Housing Property in San Antonio, TX

CPC’s Freddie Mac loan will refinance The St. John, a former seminary redeveloped in 2020 into a 228-unit, rent-restricted property

San Antonio, TX – CPC Mortgage Company, the nation’s only nonprofit-owned Agency mortgage lender, Mission DG, Ltd. and the San Antonio Housing Trust recently closed a $24.2 million Freddie Mac Targeted Affordable Housing loan to refinance the redevelopment of The St. John, a 228-unit garden-style, rent-restricted property located in San Antonio, Texas.

The St. John is located adjacent to a 268 year-old mission, Mission Concepcion, and partially on a recently designated UNESCO World Heritage Site. It is the recipient of the ULI Jack Kemp Excellence in Affordable and Workforce Housing Award, 2021 Chairman’s Award Winner. The project is also an example of the San Antonio Housing Trust’s dedication to bring the highest quality affordable housing development to all parts of San Antonio, especially its historic neighborhoods.

The St. John consists of a total of seven, two- and three-story residential buildings. The property’s three original buildings that were constructed in 1920 and originally served as a seminary, were converted to apartments in 2020. The property was also improved with the new construction of four additional residential buildings that were also completed in 2020. One hundred seventy-six units (approx. 77% of the total units) are income-restricted for low-income individuals and families earning at or below 60% of the area median income. The remaining units are market rate.

“It was a pleasure working with the Mission DG  and the San Antonio Housing Trust team to get this closing to the finish line. Projects like The St. John that find a new way to deliver affordable units to the community, are a critical piece of the housing puzzle a time when cities like San Antonio are feeling the effects of a housing affordability and supply crisis. CPC Mortgage Company is proud to partner with Mission DG to help them meet their goals and vision of creating a more affordable and equitable San Antonio,” said Tim Deegan, Managing Director/Head of HUD Lending at CPC Mortgage Company.

“We believe that an organization is defined 100% by its people. The professionalism, persistence, and integrity that we experienced from Tim and his team shone through in this transaction. This is without a doubt one of the most difficult and complex closings that I have ever been involved with, and CPC Mortgage Company never let up,” said Victor Miramontes the Managing Partner of Mission DG.

Demand for affordable housing continues to swell nationwide as the rental population increases, household incomes fail to keep pace with rent increases, and the supply of new multifamily construction with affordable rents remains limited. According to data published by the Harvard Joint Center for Housing Studies (JCHS) in 2020, 47% of renters were cost burdened (spending greater than 30% of household income on housing) and 24% of renters were severely burdened (spending greater than 50% of household income on rent) in the San Antonio‐New Braunfels, TX MSA.

The adaptive re-use and redevelopment of historic properties into affordable housing can help create both new affordable homes for those most in need, while also bringing those structures back into productive use for the community. Cities with historic former factories, theaters, schools, and other similar properties are finding that supporting their redevelopment as housing, allows these buildings that were once hubs of activity to again serve as catalysts for stability and economic opportunity for the wider community.

CPC Mortgage Company is the only mortgage company comprised of impact-driven, nonprofit mortgage lenders and investors. This innovative model leverages the unique expertise of its owners, The Community Preservation CorporationCinnaire and National Equity Fund, with the shared goal of bringing flexible mortgage capital to communities to expand and preserve affordable and workforce housing.

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About CPC Mortgage Company

CPC Mortgage Company is a nation’s only nonprofit-owned Agency mortgage lender bringing social impact and a nonprofit mission to the mortgage lending industry. This innovative model leverages the unique expertise of its owners, The Community Preservation CorporationCinnaire and National Equity Fund, with the goal of bringing flexible capital to communities to expand and preserve affordable and workforce housing. It is the only nonprofit-owned mortgage lender offering a suite of Freddie Mac, Fannie Mae, and FHA multifamily finance products. Revenue generated by CPC Mortgage Company supports its mission-aligned partners’ work to create a positive social impact through investments in housing and community development. Visit CPC Mortgage Company’s websiteLinkedInTwitter, & Facebook pages.

About Mission DG, Ltd.

Mission DG, Ltd. is a local San Antonio development company focusing exclusively on affordable housing especially in the city’s older neighborhoods.  It partners include Victor Miramontes, Henry Cisneros and Mark Tolley.