San Antonio Appeals to Lenders: Here's Why.
Just 10 years ago, San Antonio was a sleeper market. In the last three to five years, it has blossomed into one of the top areas in the country with job and population growth. That means it is on the investor and lender radar.
Hunt Mortgage Group managing director Vic Clark tells us the growth is coming from a diverse range of industries, led by medical, military and financial. There's also a strong military presence—home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base, with Camp Bullis and Camp Stanley just outside the city. San Antonio is also home to five Fortune 500 companies and the South Texas Medical Center, which is made up of 75 medically related institutions. The competition for lenders is exemplified by a recent deal closed with significant interest-only period beyond what he's ever seen from a GSE.
Vic just completed a $10M refi loan for Hyperion Apartments at 8525 Floyd Curl Dr in San Antonio for owner Konark Limited Partnership (backed by Charlie Yalamanchili). The complex is on a 12-acre parcel with 243 units and is 90% occupied. Loan terms include a 10-year term amortizing over 30 years. Vic says the neighborhood includes a mix of single-family subdivisions, multifamily projects, free-standing retail, retail centers, hotels, office/commercial, institutional, industrial and vacant land. Hunt closed the loan three days before the existing loan matured. Vic says this is the second time he’s financed this project, with a premier Texas sponsor.