The bridge loan, from Inland Mortgage Corp., will pay to remodel the lobby, build out model units and improve landscaping at the building. At 1550 Jackson Keller, the 21-story building is situated in north central San Antonio, inside Loop 410. The building has one three-bedroom, three-bath unit, 106 two bedroom, two-bath units and 20 one-bedroom, one-bath units. The average size per unit is 1,200 sf.
Inland funded the loan at 96% loan to cost and 65% of the property's gross projected sellout. The term is 18 months with an option for a six-month extension.
Inland was represented by Leslie Lundin, senior vice president, in the company's Walnut Creek, CA office. Inland is based in Oak Brook, IL. Dan Burds of the Dallas-based Peregrine Group was the mortgage broker.
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