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Texas  + Finance  |  August 14, 2020
Paul Bubny
By: Paul Bubny

Master-Planned MXU in Western Suburbs Secures Bridge Loan

JDI Loans LLC, an affiliate of JDI Realty LLC, closed a $6.65-million bridge loan to Convergence Brass LLC, secured by the Granary at Briggs Ranch, an 865-acre planned mixed-use development site in San Antonio’s fast-growing western suburbs. The non-recourse loan will be used to pay off the current first mortgage; fund an interest reserve; and fund various other pre-development costs before the property’s eventual sale.
 
“While most other lenders have curtailed lending, JDI was able to look past the current pandemic and underwrite to the submarket’s strength and long-term value of the subject residential development,” said Rob Weil, principal with Chicago-based JDI Realty.  
 
The city-approved master development plan for the property envisions 2,498 single-family homes and 1,932 apartments in multiple communities around a central town square. The developer is a partnership of Convergence Communities and Brass Real Estate Funds.
 

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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