Berkadia Secures Financing for The Parq on the Boulevard
- Oct 05, 2015
Berkadia lends a helping hand for the acquisition of a multifamily property in Texas.
San Antonio—Berkadia has secured $15.7 in financing for The Parq on the Boulevard, a multifamily community located in San Antonio. Managing director Andy Hill of Berkadia’s Austin office secured the Freddie Mac loan on behalf of Mosaic Marq LP. The borrower will use the seven-year, floating-rate financing for the acquisition of the property. Loan terms include two years of interest-only payments followed by a 30-year amortization schedule. At the time of the closing the property was 94 percent occupied. The Parq on the Boulevard is a 208-unit property located at 5655 UTSA Blvd. in Northwest San Antonio. The asset offers easy access to I-10, Loop 410, and Loop 1604, and is located in close proximity to Six Flags Fiesta Texas, Palmer Course at La Cantera and The Shops at La Cantera, and is less than a mile from the University of Texas at San Antonio. The community is situated on more than 11 acres of land and offers one-, two-, and three-bedroom floor plans. Community amenities feature resort-style swimming pool with tanning deck and pool side Wi-Fi access, barbecue grills, outdoor fire place with seating, fitness center, business center, and pet park. Unit amenities include faux wood flooring, oversized patios and balconies, walk-in closets and attached garages. “Berkadia is known for its superior client service and market expertise,” Hill said. “We worked closely with the borrower and leveraged our extensive experience in the San Antonio area to negotiate and deliver attractive terms that met the borrowers’ needs.” Image courtesy of The Parq on the Boulevard