Timberhill Commons Gets Bridge Loan of $34M
Bridge financing to the tune of $33.9 million was recently arranged for the recapitalization of Timberhill Commons, a 340-unit multifamily community in San Antonio. Key Bank originated the three-year floating rate loan with two one-year extension options and a 70 percent loan-to-value.
Charles Foschini of Berkadia Miami secured the loan on behalf of Timberhill Commons Ltd.
“San Antonio’s economic recovery has established strong multifamily fundamentals that are translating into rising occupancy rates and rents,” said Foschini. “The metro’s trade, transportation and utilities sectors have fully recovered from the April 2020 low, and consistent job growth has demonstrated the city’s resiliency and substantial labor market.”
Built in 2020, Timberhill Commons is located at 5072 Timberhill Dr. and includes studios, one-, two- and three-bedroom units.
Interstate 410 and Bandera Road are less than 10 minutes away, and Lackland AFB, Boeing and Sea World San Antonio are less than 20 minutes away in Northwest San Antonio.