SAN ANTONIO—Richland Apartments is a 192-unit garden-style multifamily property comprised of 14 two-story residential buildings plus single-story leasing office building with attached two-story clubhouse. Hunt Mortgage Group recently provided a $10 million conventional Fannie Mae DUS loan to facilitate the acquisition of the multifamily property located at 7791 Woodchase Dr.
The loan was sourced through Steve Sieling with Azur Commercial Capital LLC which is based in Dallas. The borrower is Richland Living LLC, a Texas limited liability company. Loan terms include a 12-year term, 30-year amortization period and an 11.5-year yield maintenance period.
“Richland Apartments was built in 1984 and is in excellent condition, as the previous owner recently upgraded most of the units. The borrower is a seasoned local multifamily investor that understands the San Antonio market and currently owns seven properties in the area with a total of 299 units,” explained Charlie Cole, senior vice president at Hunt Mortgage Group. “The sponsor is also a repeat Hunt Mortgage Group and Fannie Mae customer.”
Property amenities include a fitness center, common laundry facility, a kitchen, game table, dining seating and internet café within the two-story clubroom building. Community amenities include a tennis court, outdoor swimming pool and spa, and a gated entrance.
“The biggest hurdle on this transaction was the timing,” Cole tells GlobeSt.com. “The purchase contract required a closing in less than 30 days with no extensions, and there were several challenges that needed to be overcome during this period. It came down to the last day, but the Hunt Mortgage Group team worked together to meet the deadline.”
The property is located in the San Antonio-New Braunfels MSA, also known as Greater San Antonio, 13.3 miles northwest of the San Antonio central business district and 12.5 miles northwest of San Antonio International Airport. The neighborhood is an expanding bedroom community with convenient access to the central business district and interstate system.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.