August 18, 2020
Notwithstanding the economic challenges due to COVID-19, funding has been secured to acquire and begin transformation of the long-shuttered Friedrich Air Conditioning complex in San Antonio’s East Commerce area into a 347-unit, mixed-income multifamily housing development. Half of the units at the new Friedrich Lofts will serve low- or moderate-income families.
The American South Real Estate Fund (ASREF), a Los Angeles-based impact fund focused on revitalizing distressed communities throughout the South, provided $10.6 million in equity necessary to fund the $68-million Friedrich Lofts project. It’s ASREF’s largest funding to date.
Situated on about six-acres less than two miles from downtown San Antonio, the former air conditioning plant at 1617 E. Commerce St. has been a source of blight for the neighborhood since it shut down more than 30 years ago. Apartments at Friedrich Lofts will range from 625 square-foot efficiency units to two-bedroom units with just over 1,000 square feet.
For comments, questions or concerns, please contact Paul Bubny