SPI Obtains $40M Loan for San Antonio Community
Previous debt consisted of a note issued in 2023.
Strategic Property Investment has secured a $40.3 million loan for Birwood Heights, a 312-unit community in San Antonio. IPA Capital Markets arranged the deal. Previous debt consisted of a $39 million note issued by Metropolitan Life in 2023, Yardi Matrix data shows.
The non-recourse bridge loan features a three-year initial term with a stabilized 6.45 percent debt yield and 80 percent LTV, which would value the property at $50.4 million.
Birwood Heights debuted in 2019, featuring one- to three-bedroom layouts that average 975 square feet. The community has 12 three-story buildings, with amenities including a swimming pool, gym, outdoor grilling areas and resident lounges.
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Located at 4003 N. Loop 1604 W. on more than 27 acres, the property is less than 5 miles from Interstate 10, within San Antonio’s north submarket. Nearby demand drivers consist of USAA’s headquarters, the South Texas Medical Center and The University of Texas at San Antonio.
IPA Capital Markets Managing Director Brandon Roth, as well as Senior Managing Director Adam Mengacci, in addition to Associate Director Travis Headapohl, arranged the debt placement.
Debt capital markets continued flowing, with multifamily originations increasing 24 percent during the first half of 2026 compared to the same period of last year, according to Mortgage Bankers Association’s quarterly originations index. Whether the momentum carries into the tail end of the year may depend on the Fed’s possible rate adjustments.
SPI’s sizeable Texas multifamily footprint
Dallas-based SPI made its San Antonio debut in 2021, acquiring Birwood Heights from Vista Property Co., and the 229-unit Southtown Flats from Ascentris, Yardi Matrix data shows. The duo traded for a combined $106.3 million, according to an SEC filing in which SPI sought to raise $35 million in equity for the acquisitions.
Since its inception in 2014, SPI has operated across more than 15 Texas submarkets, emerging as one of the top multifamily owners throughout the Lone Star State, according to its website. As of September, the company held more than 8,000 units under management worth north of $1.3 billion.
