The San Antonio Business Journal recently spotlighted the Dolores Terravista property portfolio, which was purchased by Pico Union Housing Corp with financing from IMPACT Community Capital.
San Antonio has been identified as a city that will face increasing pressures on housing affordability as it grows in the coming years. The Dolores Terravista transaction will serve to address that need, as the San Antonio properties will become officially designated as affordable housing with about half of the units reserved for residents earning 80% or less of the area’s median income.
The Dolores Terravista portfolio’s 777 units are spread across five properties on the city’s West Side and near Port San Antonio. Pico has announced plans to renovate the properties, and construction is set for 2023.
IMPACT Community Capital is proud to have helped finance the transaction with a $45 million bridge loan from the IMPACT Mortgage Opportunity Fund (MOF). The MOF provides short- term affordable housing loans to preserve multifamily rental housing units.