Tap to get financing
HUD Loans
HUD Loans
Loan Programs
FHA & HUD LoansHUD 221(d)(4)HUD 223(f)HUD 223(a)(7)HUD 241(a)HUD 232/223(f)
Calculators
Break-Even Ratio CalculatorCap Rate CalculatorCash-on-Cash Return CalculatorCommercial Mortgage CalculatorDebt Yield CalculatorDSCR CalculatorLoan Repayment CalculatorLTV CalculatorNOI Calculator
Resources
BlogLoan DocsHUD REAC InspectionsHUD Section 202 Supportive HousingHAP Contracts2021-2022 HUD Multifamily Basic Statutory LimitsFrequently Asked Questions
About
CompanyLeadershipTeamWe're Hiring
Contact Us
Get financing
Was This Article Helpful?
Newly Published
Oct 5 at HUD Loans
HUD’s New Surplus Cash Distribution Changes
Oct 3 at HUD Loans
What Are Replacement Reserves?
Sep 12 at HUD Loans
Is HUD Financing Available for Assisted Living Facilities?
Explore the Janover Network
Feb 2 at Multifamily Loans
Top 10 Fannie Mae Multifamily Lenders of 2023
Jan 31 at Commercial Real Estate Loans
Top 10 Commercial Property Management Companies of 2023
Jan 30 at Commercial Real Estate Loans
Top 5 Markets for Medical Office Investing in 2023
HUD Multifamily Loans Blog
Last updated on Dec 8, 2022
2 min read
by Jeff Hamann

San Antonio Community Gets $50M HUD 223(f) Loan

The loan, originated by Greystone, refinances the 360-unit property The Bascom Group acquired in 2014.

Get Quotes ← Apply for a loan in minutes and get multiple quotes today

The Anthony at Canyon Springs. Image from Google Street View.

The Bascom Group has taken a $49.7 million HUD refinancing loan for The Anthony at Canyon Springs, a 360-unit Class A multifamily asset in San Antonio. The 223(f) financing has a 35-year, fully amortizing term at a fixed interest rate. Greystone originated the HUD-insured note, which includes a 35-basis-point reduction in its mortgage insurance premium, or MIP, because the asset includes a number of green, sustainable features.

Bascom had purchased the asset back in 2014, securing HUD acquisition financing from Greystone to seal the deal, public records show.

The community, located about 20 miles north of downtown San Antonio at 24245 Wilderness Oak, has a mix of one- to four-bedroom units across 37 garden-style buildings. The 2001-built property has a range of high-end amenities, including a sauna, putting green, and movie theater. Bascom plans to invest in capital improvements to both the interior and exterior areas.

Lagging Development Activity

Despite a swiftly growing population, San Antonio has yet to see a significant increase in development activity, Marcus & Millichap’s 2022 outlook on the market states. As a result, vacancy is dropping faster than in any other Texas metro. While this will stimulate rent growth in the near and long term, San Antonio’s rents compare favorably against asking rates in nearby Austin or in Houston or Dallas-Fort Worth.

At the same time, while cap rates have compressed across the state and the country, San Antonio boasts higher yields than its Texan neighbors, which in turn has become a magnet for private investors. The northern reaches of the market — where The Anthony is located — are drawing comparatively more investment dollars, due to the presence of major employers like USAA and the largest portion of population growth. However, some of the market’s best potential yields are in the south, particularly in the areas surrounding the Port San Antonio technology and innovation campus near Lackland Air Force Base.

Categories
  • News

Getting commercial property financing should be easy.⁠ Now it is.

Click below for a free, no obligation quote and to learn more about your loan options.

Get financing →
Janover logo

HUD Loans is a Janover company. Please visit some of our family of sites at: Multifamily Loans, Multifamily Today, Commercial Real Estate Loans, SBA7a Loans, CMBS Loans, Apartment Loans, HUD Loans, HUD 221d4 Loan, HUD 232 Loan, HUD 223f Loan, HUD 223a7 Loan, SBA Express Loans, SBA 504 Loans, and OpportunityZones Help.

Janover Inc.

6401 Congress Ave
Ste 250
Boca Raton FL 33487

hello@hud.loans

Site Information

Privacy Policy
Terms of Use

This website is owned by a private company that offers business advice, information and other services related to multifamily, commercial real estate, and business financing. We have no affiliation with any government agency and are not a lender. We are a technology company that uses software and experience to bring lenders and borrowers together. By using this website, you agree to our use of cookies, our Terms of Use and our Privacy Policy. We use cookies to provide you with a great experience and to help our website run effectively.

Freddie Mac® and Optigo® are registered trademarks of Freddie Mac. Fannie Mae® is a registered trademark of Fannie Mae. We are not affiliated with the Department of Housing and Urban Development (HUD), Federal Housing Administration (FHA), Freddie Mac or Fannie Mae.

Copyright © 2022 Janover Inc. All rights reserved.