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Real Estate Bisnow Real Estate Bisnow
The largest commercial real estate publication in the United States.
January 5, 2011  

In recent months, Lynd has opened two new divisions focusing on student housing and hospitality, but multifamily is still its bread and butter. And we’re pleased to capture some of that expertise for Bisnow’s Multifamily Summit Jan. 24. Sign up now to hear from master himself!
Mike Lynd Jr
Lynd CEO Mike Lynd Jr (his father founded the company in 1980) has structured the acquisition and financing of $1B of multifamily projects. In October, the firm’s first luxury apartment development—Chicago’s EnV—was awarded Multifamily Executive’s High-Rise of the Year. That project is the highest grossing for-rent building in the city. (Not too shabby!) In San Antonio, it developed 412-unit Presidio at Landmark and Ranch at Shavano Park. And on Jan. 24, you can hear his insights at our Multifamily Summit. There will be coffee, experts dishing secrets, and plenty of networking time. Register now!

Steve Mentesana
Berkadia originated $13M in permanent refinancing through HUD/FHA for Stone Oak Care Center, a nursing facility at 505 Madison Oak Dr in Northern San Antonio. Berkadia SVP Steve Mentesana tells us the operator is a small group—this is the only facility it owns—but it built this from the ground up and is a known commodity with both Berkadia and HUD. (HUD provided the construction loan, and Berkadia predecessor Capmark arranged bridge financing.) That made the process smooth. And Steve tells us his firm likes dealing with mom and pop owners: They typically watch their bottom lines closely, and they don’t have large portfolios with problem assets that must be explained to lenders. (Plus, if they're anything like the movies, they make cookies!)
Stone Oak Care Center
The 152-bed facility was built in 2002, making it one of the newest care centers in San Antonio. It’s in the master-planned Stone Oak community, near several major hospitals; it’s practically across the street from Methodist Stone Oak Hospital. Steve tells us the 35-year loan featured 78% LTV and a really high debt coverage. Plus, Stone Oak was able to shed its recourse and nab $115k for repairs.

Cyrus One
Welcome to San Antonio, Cyrus One! CEO Gary Wojtaszek tells us the data center provider just broke ground on its first facility in San Antonio, rendered above. The project includes 55k SF of data center space and 30k SF of Class-A office, and is being built on 10 acres in Westover Hills Business Park. Gary tells us Cyrus One is in the midst of a major Texas expansion. It already has a presence in the other major Texas cities, and it has an existing fiber network linking San Antonio to Dallas and Houston, making it the right time to reach into the Alamo City. Gary is especially keen on the Westover Hills site because the area is loaded with data centers. That means the power grid and supply of recycled water are ideal.
Caroline Brelsford
Cyrus One’s Caroline Brelsford speaking at Bisnow’s Data Centers event in Houston last month. She says demand for data centers is increasing, and her firm likes to keep at least one data hall and a megawatt of power available in every city. Gary tells us Cyrus One closed on the site the week before Christmas, and the project will complete in April or May. He says Cyrus One has built office space into its data centers before, but now it’s increasing the percentage to meet an incredible demand. The firm will continue the trend of increasing office allotment in its projects.
Our San Antonio reporter has less than two months until her wedding. What do you have on your horizon? Email Catie Brubaker, catie@bisnow.com.
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