Berkadia Secures Over $33.37 Million in Financing for Multifamily Property in Texas
AUSTIN, Texas – November 22, 2022 – Berkadia announced today the financing secured for Regency at Stone Oak, a 320-unit townhome-style apartment community located in San Antonio, Texas. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin secured $33.373 million in permanent financing for the acquisition on behalf of the Sponsor, Florida-based Atlantic Pacific Companies. The deal closed on September 28.
The seven-year fixed-rate loan was financed through Freddie Mac.
“After extensive discussion with a variety of debt capital sources, we were able to work with Freddie Mac to structure a financing vehicle that efficiently supports the sponsor’s business plan for the acquisition of this well-located asset,” said Hill. “We always appreciate our deep relationship with Freddie Mac, but we especially appreciate them during periods of choppiness in the capital markets. This is where Freddie Mac shines.”
Located at 25675 Overlook Parkway, Regency at Stone Oak is a townhome community with large floorplans and attached garages offering a unique product relative to competing properties in submarket. The property features one-, two-, three- and rare four-bedroom floor plans with 9’ ceilings, in-unit washer and dryer connections. Community amenities include a clubhouse, swimming pool, fitness center, dog-park, community walking trail and a playground. Residents are afforded convenient access to major employers in Ridgewood Business Park and Sonterra Medical Center as well as shops and restaurants in the Village at Stone Oak, Stone Ridge Market and Sonterra Village.