Northmarq’s Austin office secures $15M loan for 327-unit multifamily apartment complex in Balcones Heights, TX
BALCONES HEIGHTS, Texas (Feb. 17, 2025) — Managing Director Cheryl Higley of Northmarq’s Debt + Equity platform arranged the $15.178 million refinance of The Harrison Grant Apartments in Balcones Heights, Texas. The 327-unit multifamily community was built in 1974 and renovated in 2021.
Northmarq was able to provide a non-recourse, 10-year fixed-rate loan, with 120 months of interest only.
“Northmarq worked closely with the borrower to find the right capital solution for their maturing bridge loan,” said Higley. “The borrower executed their three-year renovation plan on time and on budget — however, timing of the loan maturity resulted in higher rates than originally anticipated. We were able to partner with a funding source that provided the best loan terms in today’s volatile capital markets environment.”
The Harrison Grant Apartments offers studio and one-bedroom apartment homes just northwest of downtown San Antonio. Located at 4210 Fredericksburg Road, the multifamily property offers easy access to Interstate 10 and Connally Loop as well as major employers, including UTSA, USAA and San Antonio Medical Center. Residents enjoy close proximity to shopping, award-winning schools, museums and parks, in addition to community amenities — pool, laundry facilities, dog park, clubhouse, playground and more.
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