Pan American Apartments
|Client & Transactional Partners||Steele Properties||Our Role||Lender|
The project consists of the acquisition and rehabilitation of the Pan American Apartments, a 100-unit family property located in San Antonio, TX. The project was originally constructed in 1968 and will undergo a significant rehabilitation. There is an early childhood education center located onsite that tenants can utilize if they so choose. The project will benefit from a project-based HUD Section 8 rental subsidy contract on all 100 units. This will preserve the housing as affordable for very low-income tenants.
KeyBank provided a tax-exempt $14,200,000 construction and permanent bond loan. Bonds were issued by the San Antonio Housing Trust Public Facility Corporation (SAHT). LIHTC equity of $5.93MM was provided by National Equity Fund (NEF).