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SAN ANTONIO-The Dominion Park apartments, a 280-unit complex in San Antonio’s northwest submarket, has secured a $17-million construction loan from Long Island-based Arbor Mortgage LLC.

Made under its FHA 221(d)(4) product line, the loan will convert to a 40-year, fully amortized structure at a note rate of 7.08% after construction. Schatzi Melick, FHA regional director in Arbor’s Atlanta lending office, originated the loan.

Being developed by Dallas-based Centex Homes multifamily division, Dominion Park is an in-fill project at Fredericksburg and Gus Eckert roads across from the headquarters of USAA, one of San Antonio’s biggest employers. It also has easy access to the Medical Center complex. Greystar Construction is the contractor.

Dominion Park has plenty of company. There are 2,488 units under construction in San Antonio and another 2,761 units have been approved for construction, according to a third-quarter report from Phoenix-based Hendricks & Partners.

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