By Anca Gagiuc, Associate Editor
Cenizo Flats, an apartment complex located on the North Central Side of San Antonio, has new ownership. The acquisition was financed with a $15.1 million bridge loan provided by Greystone. JD Stettin of Chicago originated the transaction.
Borrower Presidium Group will try to pursue long-term HUD financing through Greystone, since the interest-only bridge loan carries a two-year term.
“Greystone’s ‘one-stop shop’ offering of bridge financing leading up to a permanent HUD loan perfectly complements our existing acquisitions strategy, and their execution is second to none,” said John Griggs, Co-CEO of Presidium Group.
Cenizo Flats is a garden-style apartment community built in 2000 and comprising 150 units. Residents have access to fitness amenities and green space.
“Presidium is keen to take advantage of the ample multifamily acquisition opportunities in Texas, and Greystone’s bridge-to-HUD offering — which provides interest-only interim financing while securing a long-term, low-rate loan — is well suited to their strategy,” said Stettin. “After three successful transactions to date with Presidium, we look forward to continuing to build our relationship as their real estate finance needs change and grow.”
Presidium Group has acquired more than 1,650 apartment units in Texas during the months of November and December. The portfolio exceeds $75 million. Besides Cenizo Flats, Presidium purchased 3737 Hillcroft Apartments, a 381-unit complex in Houston; Colonial Woods, a 112-unit complex in Houston; Plaza on Harvest Hill, a 404-unit complex in Dallas; and Spring Hill Apartments, a 606-unit complex in Dallas.
The new owner will rebrand the properties in the following months; furthermore, Presidium will renovate interiors and upgrade resident amenities and common areas.
“These five acquisitions are consistent with our strategy to invest in well-located properties in Texas’ major metropolitan markets,” said Presidium co-CEO Cross Moceri. “While Texas is experiencing an aggressive real estate market, Presidium has been successful in securing deals by leveraging its strong reputation for quality property management and leadership in innovative, sustainable technologies.”