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Western Wealth Capital, MDC Secure $31 Million to Finance 636-Unit Portfolio

HFF Arranges Post-Acquisition Financing for Two San Antonio-Area Apt. Communities
June 11, 2018
The 204-unit Sereno Park Apartments located at 3903 SE Military Dr. in San Antonio

A joint venture between Western Wealth Capital and a fund managed by MDC Realty Advisors secured $31 million in financing for its 636-unit San Antonio-area portfolio.

Josh Simon, Brad Miner and Chris McColpin of Holliday Fenoglio Fowler (HFF) arranged the financing on behalf of the borrower, securing two separate five-year, floating-rate loans through a national bank.

The partnership originally acquired the portfolio late last year in an all-cash deal, but arranged loans to assist with the joint venture’s capital expenditure program. The portfolio consists of two communities, Brynwood Apartments and Sereno Park Apartments.

Brynwood Apartments, located at 8711 Bowens Crossing St., was built in 2007. The community offers a mix of one-, two- and three-bedroom floorplans across 276 units, ranging in size from 587 to 1,181 square feet, according to CoStar data.

Located at 3903 SE Military Dr., Sereno Park Apartments was built in 2007. The property totals 360 units and offers a mix of one-, two- and three-bedroom floorplans, ranging in size from 734 to 1,150 square feet, according to CoStar data.

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