San Antonio Apartments Win Refi
- Aug 11, 2015
San Antonio — Konark Limited Partnership, a Texas limited partnership backed by investor Charlie Yalamanchili, has refinanced its 243-unit Hyperion Apartments in San Antonio. The 1985-built property sits on 12 acres and is comprised of 28 two-story residential buildings and a single-story leasing office/clubhouse building.
Hyperion is located in northwestern San Antonio, about eight miles northwest of the CBD. The property is near the South Texas Medical Center, which consists of more 75 medical institutions: 45 clinics, 12 major hospitals, and a number of small practices and offices.
The asset includes 20 studios, 104 one-bedroom, one-bathroom apartments, 27 one-bedroom, one-and-a-half bathroom units, 56 two-bedroom, one-bathroom apartments, and 36 two-bedroom, two-bathroom units. Common amenities include a swimming pool, clubhouse, fitness center, laundry facility, picnic areas, barbecue grills, carports and access gates.
Despite the tepid energy industry (which affects Houston, say, more than San Antonio), multifamily demand is reasonably strong in the Alamo City. According to investment specialist Marcus & Millichap, job growth this year in metro San Antonio will be largely dependent on non-energy-related sectors such as healthcare, education, and professional and business services, and the prospects for growth are good.
Many young professionals are moving into the metro as job openings and hirings increase, creating demand for rental housing, the company notes in its Q1 report on the San Antonio market. Thousands of professional-level positions will be created in the north/northwest of the metro, and that’s where a sizable portion of this year’s apartment deliveries will come online.
Hunt Mortgage Group, a commercial real estate lending specialist, provided the $9.6 million loan to refinance the property, which is at 8525 Floyd Curl Drive. The loan was arranged through Hunt Mortgage Group’s Proprietary Loan team, the firm’s new balance sheet lending platform. Loan terms include a ten-year term amortizing over 30 years.