u201cThis is a unique project since Alamo Heights has not experienced a commercial development of this type in 15 to 20 years,u201d Will says.

SAN ANTONIO–A joint venture between Houston-based Franklin Development Co. and Chicago-based Harrison Street Real Estate Capital has received construction financing for Franklin Park at Alamo Heights. Franklin Park at Alamo Heights will bring 221 units of class A senior living space to the market.

The $40 million floating-rate loan was arranged by CBRE Houston’s Debt & Structured Finance team and placed through a local bank. The financing will have a five-year term at an all-in interest rate of 2.35%.

“This is a unique project since Alamo Heights has not experienced a commercial development of this type in 15 to 20 years,” says Aron Willwith CBRE in Houston, who arranged the financing. “San Antonio is a strong market, and this project will help to satisfy the increased demand for top-tier senior housing facilities.”