Forum Capital Advisors Closes $18M Preferred Equity Loan For Tacara At Steubing Heights In San Antonio
6439 De Zavala Rd San Antonio, TX 78249, USA
$18,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 22, 2023
AI
Tacara at Steubing Heights, a San Antonio multifamily project, has secured an $18 million Preferred Equity loan from Forum Capital Advisors. The development, located at 6439 De Zavala Road, will consist of 293 market-rate apartment units. It boasts a prime location with easy access to major employers and retail attractions in San Antonio.
Summary of transaction details:
- Property Type: Development Site
- Loan Amount: $18,000,000
- Lender: Forum Capital Advisors - Joshua Manning & Joe Chickey
Forum Capital Advisors, a Denver-based investment management firm, facilitated the $18 million Preferred Equity loan for Tacara at Steubing Heights. Joshua Manning & Joe Chickey served as the representatives from Forum Capital Advisors in this deal, ensuring a successful financing arrangement for the San Antonio multifamily project.
Players
Texas Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93