The 200-unit Outspan Townhomes at 4316 E. Houston St. got its start with a Freddie Mac loan of nearly $9.2 million and a tax credit buy by John Hancock Real Estate. The first units will deliver by midyear 2003.

The mixed-income project is going up on 14 acres near the city's new sports arena and just south of the intersection of Interstate 10 and Loop 410. Glenn Lynch Cos. of Weatherford, TX is the general contractor for the developer and borrower of record, Outspan Townhomes LLC.

Bill Haley, vice president in the Houston office for Minneapolis-based NorthMarq Capital arranged the forward-commitment financing, with a floating rate start of 4.05%. At rollover time to permanent financing, the interest rate is locked in at 7.42%, Haley tells GlobeSt.com. The loan has an 18-year term with 30-year amortization.

For San Antonio, the project represents one of the few new affordable housing complexes to be built in several years in the southeastern sector, Haley said. Of the 200 units, 120 are restricted to tenants earning 50% and 60% of the average median income, which is $46,200 per year in San Antonio. The 120 units are evenly split between the income categories and the balance of the project will rent at market rate.

The designs are two-, three- and four-bedroom units with attached garages. The average unit size is 1,400 sf while the average rent is pegged at $689 per month. The rents will range from $516 per month to $800 per month, Haley said.