San Antonio—JMJ Development has tapped the Colliers International finance team of Jeffrey Donnelly and Ulrike Ahrens to source $47 million in debt and equity for the construction of Villita Tower, a 30-story, market-rate multifamily residential development in supply-constrained San Antonio, Texas.
“The Villita Tower is going to be a 30-story, 20-unit state-of-the-art high rise that is certain to gain the interest as the primary luxury apartment complex in downtown San Antonio,” Jeffrey Donnelly, Colliers International’s executive director, told MHN. “This multifamily project will set itself apart from the downtown market, given its location and amenities.”
San Antonio is the seventh-largest city in the United States, and like the other major Texas MSAs, has been putting up strong numbers in job growth, ranking 10th fastest nationwide in jobs growth at 3.2 percent this past year.
“The core structure at JMJ Development consists of strategic oversight for best in class,” Donnelly said. “Although the projects are broad in scope, the common thread among all the company’s projects is the commitment to excellence that is world class. That makes the Villita Tower a very appealing opportunity to every company that will be involved.”
According to Donnelly, Villita Tower capitalizes on the tight rental market of San Antonio, but also seeks to deliver a truly unique and luxury product that will set a new bar in downtown San Antonio.
“Based on its superlative positioning on the highly sought River Walk, this project will set the bar for luxury living in the downtown area,” he said.
San Antonio’s growth has been fueled by the biosciences, healthcare, aerospace, information technologies, and green technologies, and is therefore not closely linked to the performance of oil prices.
Financing on the project is expected to be finalized by the second quarter of 2016.