Richland Living Secures Acquisition Loan for San Antonio Property
- Jul 19, 2017
Hunt Mortgage Group provided a $10 million conventional Fannie Mae DUS® loan to Richland Living LLC, for the acquisition of a multifamily asset in San Antonio. The Richland Apartments is a 192-unit garden-style community located in the San Antonio-New Braunfels MSA.
The acquisition loan was sourced through Steve Sieling with Azur Commercial Capital LLC. Loan terms include a 12-year term, 30-year amortization period and an 11.5-year yield maintenance period. According to Yardi Matrix data, the loan is tied to the transaction in which the asset was sold by Thayer Residential for $13.3 million to Lev Investments.
Recently renovated units
The property was built in 1984 and consists of 14 two-story buildings distributed on 7.5 acres at 7791 Woodchase Drive. In addition, the property features a single-story leasing office building and an attached two-story clubhouse. The unit mix includes one- and two-bedroom floor plans averaging 728 square feet. Community amenities include a fitness center, common laundry facility, business center, game room, tennis court, outdoor swimming pool and spa. The units, recently upgraded by the previous owner, feature fireplaces, vaulted ceilings, exterior storage, and private balconies/patios.
The Richland Apartments community is 13.3 miles northwest of the San Antonio central business district and 12.5 miles northwest of San Antonio International Airport.
“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,” Charlie Cole, senior vice president at Hunt Mortgage Group, said in prepared remarks. “The sponsor is also a repeat Hunt Mortgage Group and Fannie Mae customer.”
Images courtesy of Yardi Matrix and property website