NY Dealmakers on $47M Multifamily Financing Mission to Alamo Heights

JLL Capital Markets has announced that it secured preferred equity and arranged acquisition financing of $47.3 million for Lantower Alamo Heights. This is a 312 unit multi-housing complex located in San Antonio’s Alamo Heights neighbourhood.

JLL arranged its second deal with Sound Mark Partners in this year on behalf of Old Three Hundred Capital based in Austin. JLL also secured an acquisition loan with Prime Finance that was non-recourse and had a floating rate. JLL

In the past 18 months, Old Three Hundred Capital has financed approximately 1,800 units.

Lantower Alamo Heights, built in 2015, has 312 units with one, two, and three bedrooms. Property features 259 951 rentable square foot and was 93 per cent occupied when acquired. Exclusive, highly-amenitized complex includes a meeting/conference room, courtyard with dog park and pet wash station. It also features an elevator, sand pit, fitness room, game room and outdoor grilling area.

The apartments at 327 West Sunset Rd. are located in a top neighborhood in San Antonio, with a private, independent school district, and median home values ranging from $1 million to $2 million. The property is located near the Pearl District, downtown San Antonio and offers residents a wide range of amenities, including greenspaces, excellent “A+” rated schools, upscale restaurants and a high barrier against new construction.

Old Three Hundred Capital has a unique chance to get exposure in a San Antonio top submarket that is limited and close to many economic drivers.

The JLL Capital Markets Debt Advisory Team representing the borrower consisted of Senior Director Marko Kazanjian and Managing Directors Chris McColpin and Max Herzog, as well as Associate Andrew Cohen, both in the New York City office and the Austin office.

We are thrilled to be growing our relationship with Old Three Hundred Capital. This acquisition, with Soundmark Partners and Prime, is our second with these two parties. It demonstrates the business plans OTH has implemented for next-generation living.

William Gottfried, Managing Partner of OTH Capital, said: “Alamo Heights is another Class A asset for our portfolio. It’s located in one of San Antonio’s best school districts with the highest income submarkets.” San Antonio is maturing and growing into a major American metropolis. We will continue to buy best-in class assets in the best neighborhoods of the city. The acquisition process was made seamless by being able to work with Prime and Sound Mark again. “I extend our sincere gratitude to Marko, and the JLL Team for another great deal.”