Greystone Provides $58M Bridge Loan for San Antonio Property
- Mar 04, 2019
Greystone has furnished $58.38 million in bridge financing for Infinity at the Rim, a 310-unit smart multifamily property in San Antonio, Texas. The bridge loan will enable the borrower, DeBartolo Development, to pay off the initial construction loan and preferred equity for the asset.
“Our team was able to put together the right financing terms so our client could move this property forward—out of construction, stabilized and into ongoing management and operations,” said Jeff Englund, senior managing director of Greystone’s Atlanta office.
Located at 18130 Talavera Ridge—in an 800-unit urbanist mixed-use development called the Rim—the 2018-built community features a mix of studio, one-, two- and three-bedroom units and townhomes. The property is minutes from The Shops at La Cantera open-air shopping mall, as well as SeaWorld San Antonio and Six Flags.
Smart home features
Each apartment unit features Amazon smart home technology. The technology includes Nest thermostat, Amazon Alexa technology, hardware, voice recognition and smart outlets. Residents are given a one-year subscription to Amazon Prime and can access Amazon locker services for package removal.
The apartment community’s common area amenities include a pool, clubhouse, cybercafé, visual sports room, golf simulator, on-site car wash, demonstration kitchen, dry cleaner drop-off and on-site parking. All units feature quartz countertops, ceramic tile backsplashes and stainless steel appliances.
Image courtesy of Greystone