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Lument Closes $17.9 Million Bridge Loan for Acquisition of Multifamily Community in San Antonio

Lument has closed a $17.9 million proprietary bridge loan to facilitate the acquisition and renovation of Park at Colonnade, a 211-unit garden-style multifamily apartment community in San Antonio, TX.

The non-recourse bridge loan has a low interest rate and three-year term, all of which is interest only, and two one-year extensions. In addition to facilitating the acquisition, the closing provides approximately $1.8 million for renovations that will be used to upgrade infrastructure, exteriors and amenities, and unit interiors. As part of the renovations, 100% of the unit interiors will be updated and the community will be renamed and rebranded to appeal to a tenant base seeking modern yet affordable housing. Phil Frasca led the transaction for Lument.

Originally constructed in 1970 and acquired by the seller in 2018, Park at Colonnade consists of 31 two-story low-rise apartment buildings housing 18 studio units, 86 one-bedroom units, 94 two-bedroom units, and 13 three-bedroom units. Notable property amenities include a clubhouse, two swimming pools, carports, and a dog park.

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About Erik Hamilton

Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.

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