Made under its FHA 221(d)(4) product line, the loan will convertto a 40-year, fully amortized structure at a note rate of 7.08%after construction. Schatzi Melick, FHA regional director inArbor's Atlanta lending office, originated the loan.
Being developed by Dallas-based Centex Homes multifamilydivision, Dominion Park is an in-fill project at Fredericksburg andGus Eckert roads across from the headquarters of USAA, one of SanAntonio's biggest employers. It also has easy access to the MedicalCenter complex. Greystar Construction is the contractor.
Dominion Park has plenty of company. There are 2,488 units underconstruction in San Antonio and another 2,761 units have beenapproved for construction, according to a third-quarter report fromPhoenix-based Hendricks & Partners.
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