Dwight Capital Lends $28M on San Antonio Luxury Apartments Buy
Dwight Capital has closed on a deal supplying $27.6 million of acquisition financing for the purchase of a San Antonio multifamily development, Commercial Observer has learned.
The Manhattan-based alternative lender provided the bridge acquisition loan to an entity called 5827 Loop 410, LLC, which acquired Parc 410 Apartments from Reep Equity, sources told CO. The sponsor’s name was not disclosed.
Dwight Managing Principal Adam Sasouness originated the transaction. Proceeds will fund the acquisition and capital expenditures of the property including “light renovations,” according to Dwight.
Located at 5827 Northwest Loop 410, the 344-unit luxury apartment complex is comprised of 21 buildings, a clubhouse and two maintenance shops on 10 acres of land. Its amenities include full-size basketball court, fitness center, business center, dog park and two resort-style pools with cabanas.
Monthly rents at Parc 10 Apartments range from $748 for one-bedrooms to $1,050 for two-bedroom units, according to Apartments.com.
Representatives for Parc 410 Apartments did not immediately respond for comment.
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