Loan Assumption Keys SA Multifamily Deal

CREE Capital acquired the Regatta Apartment Homes, a 200-unit multifamily community located at 12635 Scarsdale St. in San Antonio. This sale was distinguished by its financing structure, in which the buyer assumed the existing loan.

Bluebonnet Asset Management served as the seller. Northmarq’s San Antonio Multifamily Investment Sales team, led by Zar Haro facilitated the sale. Cheryl Higley of Northmarq represented CREE Capital on the loan assumption advisory services. “The loan assumption process has become more challenging in this market,” said Higley. “Lenders are requiring stricter terms, including escrow reserves for repairs and future interest payments, even for acquisitions with low leverage.” 

CREE Capital intends to undertake an extensive renovation program to enhance amenities and the community center.

Constructed in 1982, Regatta Apartment Homes consists of 10 two-story buildings in the Northern Hills neighborhood of northeastern San Antonio. Regatta Apartment Homes features a swimming pool, tennis court, clubhouse and lakeside walking trails.