LoanCore Capital Acquires Solara Multifamily Complex From GVA For $21.3M

The 285-unit Solara apartment complex located at 11710 Parliament Street in San Antonio was sold for $21.3 million. The property was acquired by LoanCore Capital at a significant discount from its appraised value of $27 million. The sale was facilitated by Holland & Knight's Mark Weibel after GVA LLC defaulted on a $56.3 million loan tied to the multifamily asset.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $21,300,000
• Units: 285
• Price Per Unit: $74,737
• Buyer: Mark Finerman - LoanCore Capital
• Broker: Mark Weibel - Holland & Knight

GVA LLC faced several defaults in the local multifamily market, leading to the auction of the Solara apartment complex. LoanCore Capital successfully purchased the property, seizing the opportunity presented by the defaulted loan situation. Mark Weibel from Holland & Knight played a crucial role in overseeing the transaction, ensuring a successful sale of the asset.