How does San Antonio multifamily pricing compare to Austin?

San Antonio pricing typically runs 25–50 bps inside Austin for comparable sponsors and product. The San Antonio multifamily market has been more disciplined on supply than Austin, which has supported tighter pricing and better lender appetite through the recent cycle.

Are New Braunfels multifamily deals being treated as Austin or San Antonio for underwriting?

Most lenders treat New Braunfels as its own submarket, sometimes paired with Austin given the corridor dynamics, sometimes with San Antonio given county boundaries. Rent comps and employment proximity are weighted more than metro affiliation. Sponsors should expect lender-specific framing rather than a consistent treatment.

San Antonio multifamily construction financing

San Antonio, TX · Up to 85% LTC

Multifamily Construction in San Antonio, TX

San Antonio multifamily activity is concentrated in the urban core (Pearl, Southtown), the Stone Oak / Sonterra corridor, and the New Braunfels area. Suburban multifamily in northeast Bexar has slowed materially as supply caught up with demand. We arrange senior construction debt and capital stacks for sponsors with strong absorption visibility.

San Antonio Developer Market

San Antonio has been the most affordable large Sun Belt market and continues to absorb significant migration from Austin. Comal and Guadalupe counties (New Braunfels, Schertz, Cibolo) drive most of the high-growth permitting, with Bexar County itself anchored by production builds in the northwest and northeast quadrants.

The IH-35 corridor between San Antonio and Austin is one of the most actively developed stretches of land in the U.S. right now. Builders are sourcing lots from Buda to Schertz and treating it as one corridor market.

Permit Trends

Comal County permits have outpaced Bexar in some recent quarters thanks to New Braunfels' absorption. Bulverde, Boerne, and Spring Branch continue to add inventory at the higher end. Northeast Bexar (Schertz, Cibolo, Selma) leads production-builder activity.

Capital Climate

Local Texas banks remain active and competitive. Private credit picks up multifamily and BTR overflow, plus most deals above $25M. San Antonio capital pricing typically runs 25–50 bps inside Austin for comparable product.

San Antonio Submarkets We Place In

New Braunfels Schertz Cibolo Boerne Helotes Bulverde Selma Converse Stone Oak

Multifamily Construction Program Terms

First-Lien Loan-to-Cost

Up to 75% (debt only)

Combined Loan-to-Cost

Up to 85% with mezz / pref equity

Loan Size

$5M – $150M first-lien

Term

24 – 42 months, interest-only

Recourse

Recourse, partial recourse, and non-recourse

Min DSCR (stabilized)

1.20x – 1.30x

Full Multifamily Construction Program Details

Representative San Antonio Deal

Senior construction debt

$26M

172-unit garden multifamily in New Braunfels. Bank senior at 67% LTC with sponsor equity. Closed in 9 weeks.

Frequently Asked Questions

Questions builders and developers ask about multifamily construction loans in San Antonio.

Urban core deals (Pearl, Southtown, downtown) draw the most current lender interest. The Stone Oak / Sonterra corridor and Far Northwest remain active. New Braunfels has emerged as a separate active submarket with its own lender appetite. Northeast Bexar suburban deals face the tightest underwriting today.