|Deal Type||Fannie Mae|
The transaction includes a $39,480,000 ($132,929/unit) non-recourse, first mortgage loan secured by a 297-unit garden-style apartment community, known as Vecina, located in San Antonio, TX. Built in 2021, the apartment community is comprised of nine, four-story apartment buildings, situated on 12.4-acres of land. The proposed loan will be used for the acquisition of the property for a purchase price of $67.30MM ($226,604/unit). The loan is structured with a 10-year term, with an initial 7-year interest only period, followed by a 30-year amortization schedule.