Berkadia announces it has arranged $33.9 million in bridge financing for the recapitalization of Timberhill Commons, a 340-unit multifamily community in San Antonio. Senior Managing Director Charles Foschini of Berkadia Miami secured the loan on behalf of Timberhill Commons, Ltd.
Key Bank originated the three-year, floating rate loan with two 1-year extension options and a 70 percent LTV.
“San Antonio’s economic recovery has established strong multifamily fundamentals that are translating into rising occupancy rates and rents,” said Foschini. “The metro’s trade, transportation, and utilities sectors have fully recovered from the April 2020 low, and consistent job growth has demonstrated the city’s resiliency and substantial labor market.”
Built in 2020, Timberhill Commons is located at 5072 Timberhill Drive. Studios, one-, two- and three-bedroom units include walk-in closets, island kitchen, granite countertops and washer/dryer. Community amenities feature a fitness center, package service, a business center, clubhouse and swimming pool.
Located in Northwest San Antonio, Timberhill Commons is found near several transit routes and employers. Interstate 410 and Bandera Road are less than 10 minutes away, offering direct access into Downtown San Antonio and throughout the metro area. Sea World San Antonio is under 20 minutes away, as well as Lackland AFB and Boeing.