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CPC Mortgage Company, Mission DG close on $30 million construction loan for apartment complex in San Marcos

Business
Wednesday, September 29, 2021

CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC), recently announced the closing of a $30 million FHA Construction loan for 216 affordable apartments in San Marcos, which will be developed by Mission DG of San Antonio. 

The Lantana Apartments will be developed on a 9.93-acre site at the corner of Rattler Road and Old Bastrop Highway — located across the street from San Marcos High School (2601 Rattler Road). The new residential buildings will include eight, three-story buildings that will include 84 one-bedroom, 56 two-bedroom and 76 three-bedroom units. Additionally, 163 units will be income-restricted to residents with a household income between 30% and 60% of area median income with rents starting at $448 per month for a one-bedroom unit.

“We’re proud to work with a company like Mission DG that puts its values forward and is committed to being a good steward of the properties and communities they develop,” said Timothy Deegan, Vice President, Head of Agency Origination/Head of FHA Lending, CPC Mortgage Company. “Our mission is to provide capital that helps preserve and revitalize the affordable housing stock of the communities we serve, and we are excited to begin this new partnership.” 

The property features an extensive amenity package, including a business center, on-site management office, clubhouse with community rooms, fitness center, pickle ball court, playscape, game and media room, pool, community garden, dog park, gazebo, barbecue grilling areas, bicycle parking, and residential support services. Residents will have access to over 350 parking spaces including 44 carports, 18 handicap parking spaces, and 12 garages.

Units will have a host of amenities, including full appliance packages with stainless steel appliances such as a frost-free refrigerator, electric stove and oven, dishwasher, and microwave.Additionally, every unit will have ceiling fans, granite countertops, vinyl plank flooring and washers and dryers included.

“It has been a pleasure working with the team at CPC Mortgage Company. We could not have asked for a better partner throughout the loan application and closing process,” said John Latham, Managing Principal with Mission DG. “We are proud to be able to deliver high quality, Class A units that are affordable for residents of San Marcos.” 

San Marcos Record

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