June 11, 2018
Joint venture partners Western Wealth Capital and MDC Realty Advisors USA Inc. obtained two separate five-year, floating-rate loans totaling $31 million for a 636-unit portfolio. The two multifamily properties, Brynwood Apartments and Sereno Park Apartments, are in San Antonio.
HFF’s Josh Simon, Brad Miner and Chris McColpin represented the borrower, securing funding through a national bank. The partners acquired the properties with cash in late 2017, with the financing arranged post-closing to help with their capital expenditure program.
The 276-unit Brynwood Apartments is at 8711 Bowens Crossing, and delivered in 2007. Sereno Park Apartments, at 3903 S.E. Military Dr., also came online in 2007. Both complexes offer one, two and three-bedroom units, swimming pools and athletic clubs.
The Connect Apartments conference will take place June 26. For more information, or to register, log on here.
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