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SAN ANTONIO-The proposed 280-unit Eagle Ridge apartment project has received a $12.3-million interim/permanent mortgage loan. Robert Faust Mortgage Co., based in Dallas, placed the loan for San Antonio-based developer, Hogan Real Estate Services.

Details of the loan were not available by press time. The complex is to be built on 13.24 acres at the northeast corner of Wurzbach Road and Crystal Hill Drive in the west submarket. The property is just west of Ingram Mall at Loop 410 and Ingram Road.

The project is to have one- and two-bedroom apartments in 15 two- and three-story buildings. It also will have a clubhouse, pool and volleyball court.

Apartment occupancy was 5.2% in San Antonio’s west submarket in the second quarter in comparison to 5.1% at midyear 2001. The city’s overall vacancy rate was 6.1% up from 4% a year earlier. Rents dropped 4.9% in the second quarter this year.

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