San Antonio Portfolio Lands $27M Bridge Loan
The new financing package retires $25.4 million in prior debt. The four properties, owned by TerraVista, total 624 units across three of the city’s submarkets.
TerraVista has accessed a $26.9 million refinancing package for four of its Class C San Antonio assets, totaling 624 units, according to Yardi Matrix. Debt fund Dwight Capital holds the one-year bridge loan, which retires $25.4 million across four previous mortgages.
Earlier this year, Dwight Capital closed $31.4 million in HUD financing for a fully affordable community in Nashville, Tenn.
The portfolio breakdown
The largest of the properties is the 280-unit Westwood Plaza, located at 2600 Westward Drive in San Antonio’s Lackland Terrace submarket. Built in 1960, the community contains a mix of studios, one- and two-bedroom apartments. The asset’s 15 buildings were 85 percent occupied in August, per Yardi Matrix data.
Spanish Spur, the second asset in TerraVista’s portfolio, contains 160 one- and two-bedroom apartments and is situated at 6835 Pecan Valley Drive in the city’s Southeast Side submarket. The community is near Interstate 37, 6 miles from downtown San Antonio. The property’s amenities include two swimming pools, laundry facilities, a clubhouse and 235 parking spaces.
The 96-unit Villas of Pecan Manor, TerraVista’s third property, is located at 6840 Pecan Valley Drive, across the street from Spanish Spur. The garden-style community’s 12 buildings include one- and two-bedroom apartments and a swimming pool and laundry facilities. In August, the asset was 86.5 percent occupied.
Roselawn, the smallest of the four communities in the portfolio, contains 88 units at 3346 Roselawn Road in San Antonio’s Southside/Columbia Heights submarket. The property contains a mix of one- and two-bedroom apartments, with floorplans ranging between 650 and 850 square feet. On-site amenities include a swimming pool, laundry facilities and 170 parking spaces.
Images courtesy of Yardi Matrix