Walker & Dunlop Arranged a $12.74 million loan for the property.
San Antonio — Walker & Dunlop has secured a $12.74 million loan for the refinancing of an off-campus student housing community located near the University of Texas at San Antonio. Aspen Heights is a cottage-style community constructed last year. It contains 104 units as well as a 5,000-square-foot clubhouse that features, a fitness center, a movie theater, tanning beds, a game room and a computer lab. Additional community amenities include a resort-style swimming pool, a large patio area and a volleyball court. Aspen Heights was fully occupied at the time of closing.
The loan, which was originated by Doug Opalka of Texas Realty Capital and arranged by a Walker & Dunlop team led by Brendan Coleman, carries a 10-year term and a 30-year amortization schedule. It was underwritten to a 70 percent loan-to-value ratio and a 1.30x debt service-coverage ratio. The borrower was Breckenridge Group UTSA LLC.
— Coleman Wood