Summit at Salado Creek and The Canopy Apartments are being auctioned off, victims of the tenuous borrowing climate. The San Antonio Business Journal reports the two are slated for a distressed sale next month after their owners defaulted on tens of millions of debt. According to foreclosure documents filed with Bexar County, about $66.8 million is owed between the two.
Colorado-based DB Capital Management took out a variable interest rate loan for $45.1 million on the Summit at Saldado Creek from Benefit Street Partners on the property bought in 2021. Nelson Mullins Riley & Scarborough LLP have been appointed substitute trustees for the foreclosure sale.
When Canopy Multifamily acquired its property in 2022, it took out $21.72 million in debt as part of the deal. James Hollerbach, Jennifer Galloway, Stacy Kellner and Ryan Lorenz are the substitute trustees.
The auction for both properties is scheduled for Feb. 6.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.