SAN ANTONIO–Capital One Multifamily Finance has provided a $63.3 million fixed-rate Freddie Mac loan for the acquisition of Artessa at Quarry Village, a 280-unit luxury apartment community in San Antonio. The transaction was originated by Brian Sykes, Capital One Senior vice president of originations, based in the company's Boston office.  

“The property location in a top San Antonio submarket, the high quality of the property construction and the mix of retail that complements the multifamily component of the property collectively makes the asset very attractive to both Freddie Mac and Capital One,” Sykes told GlobeSt.com.

The purchaser, Boston-based Intercontinental Real Estate, has completed a number of transactions with Capital One Multifamily through Intercontinental's U.S. Real Estate Investment Fund, and has granted Capital One exclusive rights to represent Freddie Mac.

Completed in 2009, Artessa is located in Alamo Heights, six miles north of downtown. The community is nearby the Riverwalk entertainment district and Artessa offers one-, two- and three-bedroom units, and was 95 percent occupied as of October 2014. The property also features ground-floor retail space, consisting of 27 retail suites totaling 18 percent of its gross leasable area; the commercial space is 86 percent occupied.

“We emphasized the value to the community of the retail space in our discussions with Freddie Mac,” Sykes says.

“We continue to work with Capital One Multifamily because of its commitment to delivering the best possible terms,” says Paul J. Nasser, CFO and COO at Intercontinental. “In this case, Brian and his team not only delivered a competitive price, but also closed the deal in under 40 days. That says a lot about their expertise and their dedication to service.”

The fixed-rate loan has a 10-year term with 10 years interest and 9.75 years defeasance.