Friedrich Lofts - San Antonio, TX
$10.6 million for a partnership to build a $68 million project
Friedrich Lofts – San Antonio, TX
8/2020
Press Release by CoStar News By Candace Carlisle
IMPACT FUND CLOSES ITS LARGEST DEAL WITH PLANS FOR TEXAS AFFORDABLE HOUSING
The site of a former Texas manufacturing plant that’s been vacant for three decades is expected to be transformed with capital from an impact fund’s largest deal to date, the latest example of a high-pro le U.S. development aimed at rejuvenating an area near a large commercial district.
American South Real Estate Fund, a real estate impact fund that backs transformative projects throughout the Southern United States, is providing $10.6 million for a partnership to build a $68 million project on an entire city block in San Antonio to bring more workforce housing within close proximity of the city’s downtown.
San Antonio, the seventh-most populous city in America, has been the site of four investments by American South that are aimed at boosting development in overlooked areas in regions from Dallas, Texas, to Selma, Alabama. Development potential in San Antonio is relatively high on the basis of its ranking among the top three cities in the United States in population growth over the past decade, right behind Phoenix and Houston, according to federal census data.
The site of an aging manufacturing plant at 1617 E. Commerce St. that once housed a commercial refrigeration business will be developed into 347 apartment units called the Friedrich Lofts as part of a public-private partnership between American South Real Estate Fund, Provident Realty Advisors, a Dallas-based real estate rm, and the San Antonio Housing Trust.
About half the apartments will be devoted to low- or moderate-income residents making considerably less than the area’s median income, which is $72,000 for a family of four, according to the U.S. Department of Housing and Urban Development.
