CPC’s HUD/FHA Financing to Develop 216 Rental Apartments with 100% of the Units Income-Restricted and Affordable to Low-Income Families
San Marcos, TX, September 20, 2021 — CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC), announced the closing of a $30 million FHA Construction loan for 216 affordable apartments in San Marcos, Texas developed by Mission DG of San Antonio.
“We’re 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 they develop,” said Timothy Deegan, Vice President, Head of Agency Origination/Head of FHA Lending, CPC Mortgage Company. “Our mission is to provide capital that helps preserve and revitalize the affordable housing stock of the communities we serve, and we are excited to begin this new partnership.”
“It has been a pleasure working with the team at CPC Mortgage Company. We could not have asked for a better partner throughout the loan application and closing process,” said John Latham, Managing Principal with Mission DG. “We are proud to be able to deliver high quality, Class A units that are affordable for residents of San Marcos.”
The Lantana Apartments will be developed on a 9.93-acre site at the corner of Rattler Road and Old Bastrop Highway, across the street from San Marcos High School. The new residential buildings will include eight, three-story buildings that will feature 84 one-bedroom, 56 two-bedroom and 76 three-bedroom units. One hundred sixty-three (163) units will be income-restricted to residents with a household income between 30% and 60% of area median income (AMI) with rents starting at $448 per month for a 1 bedroom unit.
The property features an extensive amenity package, including a business center, on-site management office, clubhouse with community rooms, fitness center, pickle ball court, playscape, game and media room, pool, community garden, dog park, gazebo, barbecue grilling areas, bicycle parking, and residential support services. Residents will have access to over 350 parking spaces including 44 carports, 18 handicap parking spaces, and 12 garages.
Units will be designed with a host of amenities as well. Each apartment will feature full appliance packages with stainless steel appliances including a frost-free refrigerator, electric stove and oven, dishwasher, and microwave. In addition, every unit will have ceiling fans, granite countertops, vinyl plank flooring and washers and dryers included.
# # #
About CPC Mortgage Company LLC
CPC Mortgage Company LLC is a full-service Agency lender offering a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products. Our scope includes conventional, affordable, and small balance lending for the acquisition, refinance, rehabilitation and construction of multifamily housing. CPC Mortgage Company LLC is a subsidiary of The Community Preservation Corporation (CPC), an S&P AA- rated, nonprofit multifamily finance company that has delivered more than $12 billion to finance more than 200,000 units of affordable and workforce housing. Revenue generated by CPC Mortgage Company LLC supports the mission of CPC, allowing it to have a greater impact with its investments in housing and community development. Visit us at communityp.com/mortgagecompany.