Costa Bella Apartments is a Class AA garden style, 344-unit apartment community, located in the heart of prestigious north central San Antonio. Setting a new standard for the premier apartment community, Costa Bella is one of the most desired, close-in suburban locations in the San Antonio metropolitan area. The property sits adjacent to the Vineyards retail shopping center, in close proximity to Stone Oak Medical Center, minutes from The Shops at La Cantera, and located in the highly regarded North East Independent School District. The community contains 17 Mediterranean style buildings on 18.7 acres with easy access to Loop 1604, Hwy 281, Interstate 10, and the San Antonio International Airport.

With construction complete in early 2007, Costa Bella was only 60% occupied during the Borrower’s due diligence timeframe. With exposure to heavy drive-by traffic of over 160,000 vehicles per day, the terrific curb appeal and the rapid lease up, Primary Capital Advisors submitted the transaction with the expectation that the property would reach a breakeven occupancy. Since the property was in excellent condition and was located in the most desirable, highest growth area in San Antonio, Primary Capital Advisors was able to get a loan commitment prior to the property reaching stabilization.

Primary Capital Advisors arranged with the lender, New York Life Investment Management, a $23,250,000 cash mortgage loan. Minimizing their risk during lease up, Primary Capital Advisors was able to provide the Borrower with desirable permanent financing.

For more specific details on this transaction, contact:
Charlie Mentzer at 404.591.1120 or email cmentzer@primarycapital.com
2060 Mt. Paran Road, NW, Suite 101, Atlanta, Georgia 30327