October 9, 2019— Berkadia announces it has arranged acquisition financing for The Vistana, a 17 story mixed-use community with 247 residential units and over 30,000 square feet of retail space in San Antonio, Texas. Senior Director Brad Williamson of Berkadia’s Miami office secured the loan on behalf of a joint venture between Duncan Hillsley Capital and Rincon Real Estate Investments.
A national bank originated a five-year, low 3.11% percent fixed rate, non-recourse loan with future fundings for the renovation of the property. The interest only period is five years.
“The property’s location and integration of multifamily with retail, coupled with an extensive value-add program, will allow the sponsor to create an asset that complements nearby developments such as the new Frost Bank Tower,” said Williamson.
Built in 2009, The Vistana is located at 100 North Santa Rosa Street. Studios, one-, two- and three-bedroom units include downtown and park views, an expansive amenity deck on the 6th floor overlooking the city, and a convenient self-storage facility within the property.
Situated in Downtown San Antonio, The Vistana is conveniently located near major transit routes and employment hubs. Interstate 10, Interstate 35 and Interstate 37 are about five minutes away, providing easy access to the rest of San Antonio and Texas. Historic Market Square and Milam Park are a five-minute walk, and University of Texas at San Antonio’s Downtown Campus is a 10-minute walk from the property.