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SAN ANTONIO-A San Antonio developer is off and running on a 280-unit affordable housing complex in its homeport after jumpstarting the project with about $13.1 million in financing and Lend Lease kicking in equity.

Franklin Development’s Southside Villas will deliver in August 2004, providing the market with 100% of the units dedicated to individuals earning 60% or less of the annual average income. In San Antonio, the median income is $50,500 for a family of four.

Malone Mortgage Co. in Dallas provided the financing, fueled with 4% tax credits, for the 12-acre project at 1280 Mission Grande on the south side of town. Lend Lease Real Estate Investments in New York City stepped in as the equity partner with $5.7 million, Jeff Rogers, Malone’s loan originator, tells GlobeSt.com. Newman Financial Services Inc. sold the tax-exempt bonds for the project funded with a HUD 221 (d)(4) fully assumable loan with a 40-year term at 5.29% fixed interest rate. It’s interest-only for the 16-month construction period.

The complex will be one of the closest multifamily developments to the proposed Toyota truck manufacturing plant. Rogers says “it was a good deal all along, but the Toyota plant coming in kind of sealed the deal. It just made a good deal into a great deal.”

Franklin Development, led by Aubra Franklin, is the developer and Galaxy Builders Ltd. of San Antonio is the builder for a complex designed by KSNG Architects Inc. Capstone Real Estate Services Inc. has been hired to manage and lease the property.

Southside Villas will consist of 114 one-bedroom units ranging from 699 sf to 717 sf and 136 two-bedroom apartments ranging from 945 sf to 1,161 sf. Rent, set at 69 cents per sf, will run from $526 to $722 per month. The gated complex will feature a resort-style pool in the amenities package.

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