Hunt Real Estate Capital announced today that it has provided a $45 million first mortgage bridge loan to refinance and renovate the San Antonio LYND Portfolio.
The portfolio consists of three garden-style multifamily communities: Auburn Creek, Fairways 5, and The Meadows. The portfolio has a total of 645 units located in San Antonio and nearby Universal City, Texas.
The sponsor of the loan is the LYND Company, a national full-service real estate operating enterprise focused on multifamily housing that was founded in San Antonio in 1980.
“LYND is a seasoned commercial real estate and multifamily investor, developer, and manager,” commented Marc Suarez, Director at Hunt Real Estate Capital. “Proceeds from this new bridge loan will be used to refinance existing HUD loans, fund immediate repairs and a new round of renovations, and free up capital to take advantage of other acquisition opportunities in the local market.”
LYND is a repeat bridge client of Hunt Real Estate Capital. The two entities recently closed a $39.5 million loan for the acquisition and renovation of Mayflower Apartments, a 266-unit, high-rise multifamily community located in Virginia Beach, Virginia.
“When it came to trusting a lender with the family’s assets, our first call was to Marc Suarez and the Hunt Real Estate Capital team,” said Adam David Lynd, President & CEO of LYND. “They pulled off a flawless, 30-day execution for us during the holidays. We could not be happier with the results.”
LYND has owned this portfolio for more than 30 years and is well positioned to continue its long-term ownership following this current round of renovations. The current capital improvement plan kicked off in 2018 and has involved the renovation of 355 units, in addition to improvements to common areas and amenities.
“We are incredibly excited to provide financing for LYND to complete the renovation across this portfolio, which will provide high-quality workforce housing for San Antonio’s population for years to come,” Suarez added. “The plan is to renovate the remaining interior units and then place permanent debt on the portfolio once the property is fully upgraded.”
- Auburn Creek is located in San Antonio and is comprised of 224 units across 14 two-story apartment buildings, one single-story leasing office building, and one single-story clubhouse building. The property was built in 1973.
- Fairways 5 is also located in San Antonio and is comprised of 205 units across 26 residential buildings, two single-story laundry buildings, and two single-story boiler buildings that were constructed in 1973.
- Meadows Apartments is located in Universal City and is comprised of 216 units across 24 residential buildings, two single-story laundry buildings, and two single-story boiler buildings that were constructed in 1974.
Renovations consist of new Formica countertops, tile back splashes, new cabinets, plumbing fixtures, lighting fixtures, door hardware, switch/electrical plate covers, smoke alarms, vinyl flooring, carpet, blinds, resurfaced tubs, and new black appliances, including refrigerators, ovens, and dishwashers.
San Antonio is experiencing strong population growth and was recently announced as the second fastest growing city in the country according to the Census Bureau. The local economy is composed of three major industries: health services, military, and tourism. Auburn Creek and Fairways 5 are located within the South Texas Medical Center, and benefit from close proximity to more than 75 medically related institutions.