San Antonio, Texas (April 11, 2022) – The San Antonio Housing Trust (SAHT) closed financing on the construction of Lofts at Creekview, a 301-unit, $60-million affordable workforce apartment community located on 12 acres of vacant land at 3623 E. Commerce Street (East Commerce & IH 10, North of Houston St.) in Council District 2.
This is the first housing project that will be 100% solely owned by the San Antonio Housing Trust Public Facility Corporation, thanks to $60 million in Tax-Exempt Bonds purchased by Preston Hollow Community Capital. The four-story Lofts at Creekview will be developed by Cohen-Esrey, out of Kansas City and constructed by San Antonio construction firm, Galaxy Builders.
“The Lofts at Creekview is an important public private partnership, not only because it will provide affordable, high-quality affordable workforce housing to a range of income levels, but because it fundamentally changes how we work with private capital ensuring a strong sustainable project and by keeping the financial upside within our community. Additionally, no other source of public capital was needed other than the sale of bonds,” said Pete Alanis, Executive Director of the San Antonio Housing Trust. “As our equity increases over time, we can increase affordable units, replenish our tenant assistance fund, and create proceeds for other charitable housing needs. It’s truly remarkable what we were able to structure with this new form of public private partnership.”
The apartment community will offer market level amenities while providing an affordable mix of 50%, 60%, 80% AMI units, as well as market-rate units. SAHT is also funding a $450,000 Tenant Assistance Fund dedicated to the Loft at Creekview residents for emergency rental assistance and other tenant programmatic needs.
“Cohen-Esrey is excited to reach this landmark, in our second development with the San Antonio Housing Trust,” said Jay Johnson, Texas Development Director for Cohen-Esrey. “With so much fluctuation and uncertainty in the housing market, revolving primarily around supply chain issues; this development is a positive reinforcement that in spite of the market, we can still get these public private partnerships across the finish line, and continue to provide affordable housing here in San Antonio. We could not be prouder to be a part of this investment on the Eastside of San Antonio.”
“The unique structure of this transaction allows the Housing Trust to retain the project’s long-term economic upside, which will provide more resources to further the Trust’s mission,” said Jim Thompson, CEO & Chairman of Preston Hollow Community Capital. “Our firm specializes in financing impactful outcomes like this, which benefit both the community’s future residents and the Housing Trust’s long-term community development goals.”
Since 1991, the SAHT has provided financial assistance for projects designed to support the City of San Antonio’s efforts to creating and preserving housing that is primarily affordable, accessible, attainable, and/or sustainable to residents within the City of San Antonio; and to support community development efforts that build and sustain neighborhoods, empower residents, and provide for positive equitable outcomes.
More information about SAHT and their programs can be found at www.sahousingtrust.org.
About the San Antonio Housing Trust and Foundation
The San Antonio Housing Trust provides opportunities to support affordable housing projects, programs, and initiatives in the form of loans, grants, and partnerships. Its goal is to align strategic housing investments with equitable values of economic inclusion, racial and ethnic diversity, and focus on underserved and vulnerable populations. The Trust is a fund established with a $10 million corpus by the City of San Antonio governed by a Board of Trustees appointed by the San Antonio City Council. The day-to-day administration of the Housing Trust Fund and its affiliated entities is performed by the San Antonio Housing Trust Foundation, Inc. initially formed in 1991, as a Section 501(c)(3) non-profit organization, under contract with the City of San Antonio. For more information, visit SAHousingTrust.org.
About Cohen-Esrey
Headquartered in the Kansas City suburb of Overland Park, Kansas, Cohen-Esrey’s roots in Real Estate go back to 1969. The company is dedicated to enhancing the communities where they work by acquiring, developing and managing multi-family properties and providing rewarding investment opportunities for communities, organizations, and individuals. Cohen-Esrey’s cumulative multi-family portfolio over the past four+ decades totals more than 65,000 units in more than 525 properties. The company strives to create communities that not only enhance the lives of the residents but also have a positive impact on the greater community to which the property belongs. For more information, visit cohenesrey.com
or contact Jay Johnson at [email protected].
About Preston Hollow Community Capital
Preston Hollow Community Capital provides specialized impact financing solutions for projects of significant social and economic importance to local communities in the United States. As a team, we bring a decades-long track record of helping communities achieve their financial, sustainability and community impact goals. We do so through a unique partnership model, rigorous and disciplined credit underwriting and creative investment structuring built around delivering certainty and flexibility to our borrowers. For more information visit phcllc.com or contact Max Pickle at 214.389.0813 or [email protected].
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