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SEATTLE-Locally based Olympic Investors has tapped its $150-million credit facility to acquire 800 units in San Antonio, TX. The three properties are the 262-unit Songbird Apartments, the 280-unit Village of Oak Creste Apartments and the 258-unit Copperfield Apartments.

The line of credit, with Fannie Mae as the ultimate provider of capital and Columbus, OH-based Red Capitol Group as the delegated servicer and underwriter, allows Olympic to leverage up to 70% of an acquisition on a project eligible basis. For the three San Antonio Properties, Red Mortgage funded three 70% Fannie Mae DMBS mortgage loans totaling $26.5 million. The loans, which have 10-year terms, bring the total amount funded under the non-cross-collateralized facility to $74.6 million. All properties acquired under the facility are being managed by Seattle-based Pinnacle Realty management Co.

“We have been watching the San Antonio market closely for the last year as it continues to show excellent market fundamentals, solid employment growth and very positive long-term economic drivers,” says Olympic Investors executive director Brian Ward. “Several more regarded professional forecasts now rank San Antonio as one of the top five job growth markets in the United States; the imminent addition of Toyota in the southern sector of the City is just one example of that growth.”

Red Mortgage Capital managing director Kenneth Brown says that by the end of the year, he expected to have funded more than $100 million for Olympic’s acquisitions, about half of it fixed rate and half of it floating. “The ability to choose fixed or floating enables us to tailor the financing to make it appropriate for the particular market and equity investor,” he says, “while the ability to fund under previously negotiated terms provides a quick execution that enables Olympic to perform admirably under their purchase contracts.”

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