REI FUND I Loan Update: Medical Drive, San Antonio
The architecture for the Medical Drive has been mostly completed by Mark Reynolds, and we are waiting on engineering to complete structural engineering so the developer can apply for the San Antonio city building permit. The developer is likely 45 days out from receiving this.
Additionally, we have deemed that this project will not be a good fit for the EB-5 or foreign investor program for the construction loan; the borrower/developer is very savvy in navigating loan options, and this project fits the bill for a HUD (Housing and Urban Development) loan. The developer/borrower is working on all the final plans and permits for the HUD loan submitted to the city. The HUD loan will take out the A List Partners loan hopefully by the end of January.