July 14, 2017
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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.
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