Westwood Plaza, San Antonio

July 26, 2019 Comments Off on JV Acquires Distressed Apartment Portfolio Notes Views: 343 San Antonio, Texas News

JV Acquires Distressed Apartment Portfolio Notes

SKW Funding and Bain Capital Credit LP joined forces to acquire $500 million worth of notes over the next two and a half years. The east-coast partnership made its first move, acquiring a $27 million portfolio of nonperforming notes in San Antonio. The four notes represented a four-complex portfolio totaling 652 units.

Though the partners didn’t divulge the properties in question, the San Antonio Business Journal indicated that the portfolio consisted of:

  • The 308-unit Westwood Plaza, 2600 Westward Dr.
  • The 160-unit Spanish Spur Apartments, 6835 Pecan Valley Dr.
  • The 96-unit Villas of Pecan Manor, 6840 Pecan Valley Dr.
  • The 88-Unit Roselawn Apartments, 3346 Roselawn Rd.

The notes previously belonged to DBDK Venture LLC, the creditor for an apartment portfolio belonging to a partnership including Terravista Corp. In May 2019, Terravista filed for bankruptcy protection to halt foreclosure proceedings from the lender.

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