Berkadia Commercial Mortgage Arranges $13.2M for Acquisition of Two San Antonio Properties
- Jul 19, 2014
Two properties located in and near San Antonio have been acquired with financing from Berkadia Commercial Mortgage LLC. The loans, totaling $13.2 million, were arranged by company senior vice president Andy Hill.
Marriott’s acquisition of Fairfield Inn & Suites in New Braunfels had secured $6.7 million in financing through CMBS lender Basis Investment Group LLC; the loan spans more than 10 years, at a fixed rate. Built in 2010, the property has 89 rooms and suites to offer to its guests. Fairfield Inn & Suites by Marriott is located at 1465 N. Interstate Highway 35, convenient for both business and leisure purposes, with several tourist destinations, including Schlitterbahn Waterpark, Texas State University and Canyon Lake.
The other $6.5 million originated in interim financing for the acquisition and repositioning of an apartment development in southeast San Antonio. The loan spans more than three years, non-recourse, featuring future funding options for upgrades to the property. The apartment complex has more than 200 studio, one- and two-bedroom units, with 98 percent occupancy. Among the amenities are a swimming pool with hot tub and sundeck, a clubhouse, and several outdoor barbecue areas.
“The San Antonio area continues to enjoy a stable economy and steady job growth. Over the next few years, job growth in San Antonio is forecast to be nearly twice the national average, leading to increased market appetites for strong real estate investments in the region,” said Hill. “Berkadia has the tools, expertise and relationships necessary to meet this demand and secure customizable financing options for a wide variety of projects.”