Pedcor Records Subordinate Loan on West Dell Apartments in Alamo Ranch

Pedcor, the Indiana-based affordable-housing developer, recorded a subordinate deed of trust on Oct. 9, 2026, against West Dell Apartment Homes, its project at 11437 Alamo Ranch Pkwy on San Antonio’s far West Side. The lender named on the Bexar County Clerk record is Bexar Management and Development Corporation.

Why it matters

The loan sits behind an existing Senior Note, so this is a second layer of debt, not the main mortgage. For developers and lenders in the San Antonio affordable-housing market, that structure is the signal: the instrument sizes the loan off a HUD-approved replacement cost, which points to a federally underwritten capital stack with a gap filled by a local corporation rather than a bank.

The numbers

Instrument 20260199109 is dated Sept. 25, 2026, and was recorded Oct. 9, 2026. The grantor is Pedcor Investments-2024CCVIII LP, Pedcor’s property entity; the grantee is Bexar Management and Development Corporation. The instrument caps principal at the difference between the HUD-approved replacement cost and the balance owed on the Senior Note. The clerk’s OCR text reads that replacement cost as $79,530,086; we have not yet confirmed it against the instrument image, and the loan principal itself is not stated as a single figure. A second deed of trust between the same parties, instrument 20260199386, was recorded the same day with no amount indexed.

A Texas Department of Licensing and Regulation (TABS) registration names Pedcor Investments LLC as owner of the project’s 4,736 sq ft leasing office, a new build with an estimated cost of $685,250 and a completion date of Feb. 1, 2027.

What’s next

West Dell joins Pedcor’s San Antonio pipeline alongside Creek Bend, Crosswinds and Stones Crossing. The senior loan behind this filing has not surfaced on the index we track; when it does, it will show the full size of the West Dell capital stack. More from the market at San Antonio.