A local developer prepares to launch a new 261-unit affordable apartment project near the Pearl and takes out a big loan.
Lynd Company has taken out a $53 million loan from New York-based Madison Realty Capital for the $58.3 million mixed-income project being built in partnership with the San Antonio Housing Authority, according to a Press release.
The Express-News reported that the project is less than a minute from the Pearl and will have approximately 130 units catering to families representing up to 60% and 80% of the local average median income of $44,460 and 59 $300 for families of four respectively. , according to HUD data as of June 2021.
The remaining units will be leased at market price.
The Josephine will receive a property tax exemption on its 75-year lease in exchange for Lynd building affordable units. Once the project is completed, the housing authority expects to earn approximately $7.8 million over the first five years.
The Josephine will provide premium amenities like a yoga and spin studio, fitness center, rooftop pool, bike storage, outdoor space and 377 parking spaces.
“Lynd Living at The Josephine is a very important project for us,” said David Lynd, CEO of Lynd Company, in the press release. “We needed a lender that could move quickly and adapt to a rapidly developing environment.”
The apartments will be a mix of two and three bedroom studios. Each unit will have stainless steel appliances, hardwood floors, quartz counter tops and electronic entry locks.
SAHA’s public-private partnerships and tax exemption agreements have been criticized by various groups who have said that units priced at 80% of the average median income are essentially market priced. SAHA spokesman Michael Reyes told the Express-News in 2020 that these partnerships “can generate funds to build hundreds of more affordable units.”
We do not know when the project will come out of the ground. MySA has contacted Lynd for comment.