Multifamily Construction Capital
Meeting Market Demand Needs
Project Description
Broadmark Realty Capital (NYSE: BRMK) finances an established Texas-based investor for the construction capital of a 324-unit class A garden-style multifamily investment opportunity in Northwestern San Antonio for $52.85M. The demand for apartment housing in San Antonio continues to be strong compared to other regional submarkets. This is primarily due to more land being available for development on the city’s western side. There are currently 1,846 units under development in San Antonio. In the previous 12 months, San Antonio saw 695 delivered units and total absorption of 797. Even with increased deliveries, absorption continues to outpace current inventory. In the past 12 months, rent has risen 9%, and vacancy has declined to 6.98% in the San Antonio market.
Loan Details
San Antonio, TX
September 2022
$52,850,000
Contact Information
Dustin Gabriel, Central Region
Matt Hittson, Central Region
Tom Gunnison, Central Region
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