New York negotiators on a $47 million multi-family financing assignment in Alamo Heights
JLL Capital Markets announced that it has arranged $47.3 million in acquisition financing and secured preferred equity in Lantower Alamo Heights, a 312-unit community located in the Alamo Heights neighborhood of San Antonio, Texas.
JLL worked on behalf of Austin-based sponsor Old Three Hundred Capital to arrange its second transaction with Sound Mark Partners this year. In addition, JLL has secured a non-recourse variable rate acquisition loan through Prime Finance on behalf of the partnership. JLL
has now funded a total of approximately 1,800 units for Old Three Hundred Capital over the past 18 months.
Built in 2015, Lantower Alamo Heights has 312 one-, two-, and three-bedroom units. The property comprises 259,951 leasable square feet and was 93% occupied at the time of acquisition. The exclusive and highly appointed resort includes a conference/meeting room, courtyard, dog park, pet wash station, elevator access, fire pit, fitness center, game room , an outdoor lounge and grill area, parking, a resort-style pool, and a pet-friendly community.
Located at 327 W Sunset Rd., the apartments are located in one of San Antonio’s best neighborhoods with its own independent private school district and median home prices of around $1 million. Close to the popular Pearl neighborhood and downtown San Antonio, the property offers residents abundant access to green spaces and excellent “A+” schools, upscale restaurants, and a high barrier to new construction. , making him a rare asset in San Antonio.
Lantower Alamo Heights provides Old Three Hundred Capital with a unique opportunity to gain exposure to one of San Antonio’s major submarkets with limited supply and proximity to several strong economic drivers.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Marko Kazanjian, Managing Director Chris McColpin, Managing Director Max Herzog and Partner Andrew Cohen from offices in New York and Austin.
“We couldn’t be more excited about the continued relationship we are developing with Old Three Hundred Capital. The closing of this acquisition with Soundmark Partners and Prime marks our second transaction with both parties proving the successful business plans OTH is implementing for next-generation living,” Kazanjian said.
“Alamo Heights represents the acquisition of another Class A property for our portfolio, and in one of San Antonio’s top school districts and highest-income submarkets,” said William Gottfried, managing partner at ‘OTH Capital. “San Antonio is growing and maturing into a great American city, and we will continue to acquire best-in-class assets in the city’s best neighborhoods. Being able to partner with Sound Mark and Prime again made the acquisition process seamless. My sincere thanks to Marko and the JLL team for another great transaction.
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