July 14, 2017 Comments Off on Acquisition Financing Secured for 192 Units Views: 739 San Antonio, Texas News

Acquisition Financing Secured for 192 Units

Connect Texas Multifamily is just around the corner! To learn more about this Aug. 24 event, click here!

Hunt Mortgage Group provided a $10 million conventional Fannie Mae DUS loan to facilitate acquisition of the 192-unit Richland Apartments. The loan was sourced through Steve Sieling with Dallas-based Azure Commercial Capital LLC.

The borrower and buyer received a loan with a 12-year term, 30-year amortization period, and an 11.5-year yield-maintenance period. “The borrower is a seasoned local multifamily investor that understands the San Antonio market and currently owns seven properties in the area with a total of 299 units,” said Hunt Mortgage’s Charlie Cole. The borrower also owns the 166-unit Forest Oaks Apartments in San Antonio.

Richland Apartments, at 7791 Woodchase, delivered in 1984. The previous owner upgraded most of the one- and two-bedroom units. Amenities include a business and fitness center, swimming pool, clubhouse with game room and lighted tennis courts.

Connect with Hunt Mortgage’s Cole


Subscribe to Connect Daily Texas

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.