PCCP has provided a $42 million senior loan to RPM Living Investments for the acquisition of Heritage Plaza, a 341-unit, Class A apartment community located at 227 Dwyer Avenue in downtown San Antonio, Texas.
Built in 2020, the property features modern finishes and amenities and is located one block from the San Antonio River Walk—one of the city’s most visited destinations, lined with popular restaurants, retailers, and entertainment options.
“We are pleased to finance the acquisition of Heritage Plaza on behalf of RPM Living Investments, an experienced owner and operator with a deep footprint in the San Antonio market,” said Brad Hartstein, Senior Vice President with PCCP. “We believe this is a high-quality asset with modern finishes and walkable access to the CBD, River Walk, and Southtown arts district, making it well-positioned for renters seeking an active urban lifestyle convenient to employment centers.”
The five- and six-story property includes 307 market-rate (90% of unit mix) and 34 below market rate units (10% of unit mix). Its floorplans include studio (18%), one-bedroom (68%), and two-bedroom (14%) units. Units feature 10’ to 12’ ceilings, stainless steel appliances, kitchen islands, walk-in closets, and balconies or patios in each unit. Parking is provided via a six-level parking garage. Community amenities include an expansive pool deck, outdoor kitchen and pizza oven, rooftop terraces, resident clubhouse, and a state-of-the-art fitness center. There is also 4,600 square feet (sf) of ground floor retail including Kafe Krave, a daytime café that transitions to a cocktail bar in the evening.
San Antonio is one of the nation’s fastest-growing economies, supported by a diverse employment base and major companies like USAA and H-E-B.
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $25.3 billion in assets under management on behalf of institutional investors as of December 31, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $42.9 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
