(To read more on the multifamily market, click here.)
SAN ANTONIO-A New Jersey fund and a local company are spending$35.9 million to build two affordable housing projects in CentralTexas. American Opportunity for Housing Inc. is spearheadingdevelopment of a 224-unit complex northeast of the CBD and has 228units under way in New Braunfels.
"We're continuing to look at sites with them throughout Texas,but haven't closed on any additional investments with them," saysJohn R. Maurer, partner with Arsenal Real Estate Funds LLC inMorristown, NJ. Arsenal structured two junior construction loansfor $10.25 million to fund the projects, which are slated forcompletion during June 2008.
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