Strategic Property Investment has secured a $40.3 million loan for Birwood Heights, a 312-unit community in San Antonio. Multihousing News reports the non-recourse bridge loan features a three-year initial term with a stabilized 6.45 percent debt yield and 80 percent LTV, which would value the property at $50.4 million.
Birwood Heights was delivered in 2019. It features one- to three-bedroom floor plans that average 975 square feet. The community’s amenities include a swimming pool, gym, outdoor grilling areas and resident lounges.
Located at 4003 N. Loop 1604 W. on more than 27 acres, the property is less than 5 miles from Interstate 10, within San Antonio’s north submarket. USAA’s headquarters, the South Texas Medical Center and The University of Texas at San Antonio. are all nearby.
IPA Capital Markets’ Brandon Roth, Adam Mengacci and Travis Headapohl arranged the debt placement.
The post San Antonio Investor Scores Financing for 312-Unit Rental Asset appeared first on Connect CRE.
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