Pearlmark has closed on a $11.3 million B-note investment for the development of Potranco Commons, a 360-unit multifamily property located in San Antonio, Texas. The development will consist of 180 market-rate units and 180 affordable units located in the Far West San Antonio submarket. The property will offer high-end amenities and access to a multitude of nearby employers.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. (“Mezz V”). The A-note holder is Madison Realty Capital. Marc Suarez of Lument represented the borrower and sponsor, LYND Development, in securing the financing.
Pearlmark Managing Director Steve Gordon arranged the transaction for Pearlmark.