Madison Realty Capital Originates $53M Loan for Texas Multifamily Property
LYND has nabbed a $53 million loan for the construction of a 261-unit multifamily property in San Antonio, Texas. Madison Realty Capital originated the loan, Commercial Observer can first report.
“San Antonio is one of the country’s fastest-growing metro areas with an expanding population and a talented workforce that is driving demand for high-quality rental options,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. Zegan touted his firm’s ability to “deliver a flexible financing solution” to LYND ” “for the development of a modern multifamily property distinct from San Antonio’s more traditional suburban garden-style developments.”
Located at 120 West Josephine Street outside of San Antonio’s central business district, the six-story property known as The Josephine will feature amenities such as a yoga and spin studio, a fitness center and a rooftop pool. Composed of a mix of studios to three-bedroom units, half of the apartments will be considered affordable, in coordination with the San Antonio Housing Authority.
“Lynd Living at The Josephine is a very important project for us,” David Lynd, CEO of LYND, said in a statement. “We needed a lender that could move quickly and adjust to a fast-paced development environment. Madison stepped up and worked with us to get this deal done and we are extremely pleased with the outcome.”
Rajeev Patil of SL Capital Markets brokered the transaction.
Emily Fu can be reached at efu@commercialobserver.com.
