Lument Provides $16M Bridge Loan For Palazzo Apartment Complex Acquisition

The Palazzo is a 92-unit apartment complex located at 5455 Rowley Rd, San Antonio, TX. Lument provided a $16 million bridge loan for the acquisition of the property, which was originally built as a 100-unit condo development in 2008. After only eight units were sold upon completion, the ownership converted the residences to rentals. The complex consists of 10 buildings spread across a 4.3-acre site, offering 20 one-bedroom, 48 two-bedroom, and 24 three-bedroom units. Amenities include a fitness center, business center, and a dog park.

Summary of transation details:

• Property Type: Condo
• Transaction Amount: $16,000,000.00
• Market: San Antonio
• Lender's Rep: Associate Director of Originations, Lument(Lument)
• Borrower: Undisclosed

Phil Frasca of Lument served as the Associate Director of Originations and was responsible for originating the financing for the acquisition of Palazzo. The loan was structured with a floating interest rate, three-year term, and two 12-month extension options. The borrower for this transaction remained undisclosed.