By Mihaela Coste
Love Funding secured $18.5 million for the construction and permanent financing of Valencia Lofts, a market-rate 192-unit community under development in Leon Valley, Texas. The low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term was provided through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program.
Valencia Lofts will feature 14 two-story townhouses with one-, two- and three-bedroom units on approximately nine acres in the northwest part of San Antonio. The buildings will include attached garages and high-quality community amenities.
The asset is developed by a joint venture between Davila Construction and Loft Concepts. Davila Construction has 60 years of experience, including apartment construction with the San Antonio Housing Authority and HUD, while Lofts Concepts is the general contracting arm of the managing member of the ownership group, Milmo Investments.
The site is currently vacant and will be a sister project to Barcelona Lofts, Milmo Group’s 132-unit green building community located at 6201 Grissom Road. Construction will be done under the International Energy Conservation Code (IECC) to meet the design and construction requirements for energy efficiency.
The project was designed by Joe Rodriguez, an architect with more than 55 years of experience in multifamily residential architecture and will be managed, upon completion, by SunRidge Management Group, a HUD-experienced full-service management company.