Lument Provides $17.9M Acquisition Loan for Park at Colonnade Apartments in San Antonio
SAN ANTONIO — New York City-based Lument has provided a $17.9 million bridge loan for the acquisition of Park at Colonnade, a 211-unit multifamily community in San Antonio. Built in 1970, the garden-style property houses 18 studios, 86 one-bedroom residences, 94 two-bedroom apartments and 13 three-bedroom units. Amenities include a clubhouse, two pools and a dog park. Phil Frasca of Lument originated the nonrecourse, interest-only loan, which carried a three-year term and a 75 percent loan-to-cost ratio. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.