Benefit Street Takes Back SA Rental Property

DB Capital Management stopped making payments on a variable interest rate loan on a multifamily property in San Antonio and has give up ownership on the property. It has given the keys back on the Summit at Salado Creek complex to Benefit Street Partners, who had originated a $45 million loan for the Summit at Saldalo Creek when the investor acquired it in 2021. A 2023 county appraisal of the property came in at $50.35 million.

Benefit Street assumed control of the 352-unit property via a special warranty deed and has also assumed the 2021 loan. A foreclosure sale of the property is scheduled for March 5. Jacob Sparks and Dean Smith of Nelson Mullins Riley & Scarborough LLP were appointed substitute trustees for the foreclosure sale.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.