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Our San Antonio office provides a complete range of options for all types of commercial real estate financing. We can arrange commercial mortgages for any type of commercial property through our unmatched network of lending partners. Call our local office to learn more.

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San Antonio Q2 Market Report: Market Conditions Mostly Stable Through the First Half


San Antonio Multifamily market report snapshot for Q2 2020
  • The San Antonio multifamily market posted relatively steady results in the first half of the year. Rents are up, absorption has remained positive, although vacancy has inched higher in recent quarters.
  • Apartment vacancy rose 10 basis points in both the first and second quarters, with the rate reaching 6.2 percent, 60 basis points higher than one year earlier.
  • Asking rents finished the second quarter at $990 per month, 2.2 percent higher than one year ago. Rent growth has averaged nearly 4 percent per year since 2015.
  • Investment activity in San Antonio slowed during the first half of the year, reflecting trends recorded across most major markets in the country. In transactions where cap rates are available, cap rates have averaged 5.2 percent in 2020, nearly identical to levels from last year.

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Phil Grafe and Bryan VanCura join NorthMarq’s San Antonio Investment Sales team

SAN ANTONIO, TEXAS (July 25, 2020) – NorthMarq’s San Antonio office added to its Investment Sales team by bringing on brokers Bryan VanCura and Phil Grafe. As multifamily specialists, Bryan and Phil will be responsible for selling apartment buildings in Central and South Texas. VanCura will have specific focus on the San Antonio MSA, while Grafe will focus on Texas secondary and tertiary markets, including, Corpus Christi, the Rio Grande Valley, Waco, Temple, and Killeen. They will report to Managing Directors Zar Haro and Moses Siller, who joined NorthMarq last month.

“Bryan and Phil joining the team will be an immediate win-win. Their experience in San Antonio and Texas secondary markets will complement the robust client base Zar and I have already in the region. Adding two seasoned professionals will enable our office to hit the ground running, and cover more ground in the process,” said Siller.

Prior to joining NorthMarq, VanCura was an Associate for an affiliate Cushman & Wakefield office selling multifamily locally. Prior to brokerage, he worked for a non-profit, launching its presence in San Juan, Puerto Rico, and then serving as an area director in San Antonio.

A few of VanCura’s transactions:

  • Oaks on Bandera – 1171 Bandera Road, San Antonio, TX – 206 Unit Value-Add Property
  • Calder’s Corner – 2718 Old Field Drive, San Antonio, TX – 34 Unit Value-Add Property
  • The Vistana – 100 N Santa Rosa Street, San Antonio, TX – 247 Unit Class A High-Rise
  • Tara – 8051 Broadway Street, San Antonio, TX – 234 Unit Value-Add Property
  • The Arches – 215 Jackson-Keller Road, San Antonio, TX – 70 Unit Value-Add Property
  • Tahitian Apartments – 202 Birch Leaf Drive, San Antonio, TX – 48 Unit Value-Add Property

Prior to joining NorthMarq, Grafe worked on the JLL Capital Markets team specializing in multifamily. Phil was instrumental in working on advising clients on over 160 assets across San Antonio and Texas Secondary Markets.

A few of Grafe’s transactions:

  • Royal Vista – 5348 S Sugar Rd, Edinburg, TX – 144 Unit Class A Property
  • Bella Vista – 4305 E Ruben M Torres Blvd, Brownsville, TX – 272 Unit Class A Property
  • Residence at Edinburg – 4590 S Professional Dr, Edinburg, TX – 302 Unit Class A Property
  • Stoneleigh Harlingen – 905 N Loop 499, Harlingen, TX – 180 Unit Value-Add Property
  • Parkview Apartments – 5445 S Alameda St, Corpus Christi, TX – 224 Unit Value-Add Property
  • Corpus 2 Property Portfolio – Corpus Christi, TX – 446 Value-Add Portfolio
  • Bridgemoor at Killeen – 2710 Cunningham Rd, Killeen, TX – 180 Unit Value-Add Property
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NorthMarq continues Texas expansion with Investment Sales leaders in San Antonio

MINNEAPOLIS (June 9, 2020) — NorthMarq extended its multifamily investment sales depth in Texas with the addition of Moses Siller and Zar Haro as managing directors-Investment Sales in San Antonio. They will collaborate with NorthMarq’s Texas offices in Austin, Dallas, and Houston, to market multifamily assets and help clients identity the best financing structure. Last month, Scott Lamontagne joined NorthMarq as managing director – Investment Sales in Austin; the Texas multifamily investment sales platform also includes an eight-person team in Dallas led by Taylor Snoddy.

Siller and Haro previously worked for JLL’s Texas Multifamily group and provided a full suite of capital solutions, including research, advisory, transactional, debt structures, and equity sourcing, to private and institutional apartment owners and developers. The team has a long track record of investment sales business and capitalization, completing more than 300 transactions totaling $3.5 billion.

Trevor Koskovich, president-Investment Sales, leads the multifamily investment sales platform’s growth, and looks for professionals who are interested in leveraging the company’s entrepreneurial culture and debt and equity expertise. “Moses and Zar complement our other investment sales leaders in Austin and Dallas, and provide a perfect fit to NorthMarq’s culture of entrepreneurship and innovation,” he said. “I am excited to have such a great team join us as we build our investment sales platform across the country.”

Siller comes to NorthMarq after six years of multifamily investment sales with JLL, where he handled value-add and Class-A transactions. He also worked for Marcus and Millichap, where he started his brokerage career as an adviser with the Institutional Property Advisors group. In his nearly 15 years of experience, Haro worked for JLL as an executive vice president, in investment sales at Marcus & Millichap and as commercial debt and equity advisor at Meridian Capital, LLC in New York City.

Their recent transaction history includes:

  • Terravista Portfolio: A South San Antonio value-add multifamily portfolio that included five-properties comprised of 772 units
  • Lone Star Brewery Site: Future master planned, mixed use development site in the heart of San Antonio Southtown District.
  • Oakridge Apartments: A value-add multifamily asset with 216 units in northeast San Antonio
  • Tribute at the RIM: A new-construction, Class-A asset with 380 units

Siller and Haro will join the NorthMarq San Antonio office located at 70 N.E. Loop 410, Suite 285, and collaborate with Bryan Leonard, managing director – debt and equity in San Antonio, along with the debt and equity experts from Austin, Dallas, and Houston.

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Bryan Leonard participates in virtual San Antonio CRE Lending Update

Bryan Leonard, senior vice president/managing director of NorthMarq’s San Antonio office, joined Laurie Griffith, executive vice president of Texas Capital Bank San Antonio, for a webinar hosted by The Real Estate Council of San Antonio. Carrie Caesar, Cushman & Wakefield San Antonio senior director – Capital Markets – Private Capital Group, moderated the program.

The session, titled “San Antonio CRE Lending Update,” covered such topics as the “Economy at a Glance,” “What Lenders Are Active Locally,” “Local Property Types In and Out of Favor,” and “Interest Rate Indications for San Antonio.”

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Bryan Leonard discusses state of the market in San Antonio

Bryan Leonard joined four other NorthMarq Capital producers to discuss and answer questions regarding tertiary and secondary markets. He noted in his remarks “We expect that San Antonio will remain a dynamic and attractive investment market across the property type spectrum for both investors and lenders alike for reasons that have always held true—steady, measured growth absent of volatile peaks and valleys.” Read Bryan’s responses below.

1. What property type/niche are seeing/hearing about in your market? What conditions make this possible?
San Antonio has long been characterized as a very stable market and for good reasons. It has a diverse economic base, perceived high quality of life and a very reasonable cost of living. It was named as the number two place to visit in the world on a recent list published by Budget Travel and consistently ranks in the top 15 of US event destinations. Many people don’t realize it is the seventh largest city in the country.  In recent years, the San Antonio CBD has largely been a tourist destination but that is no longer the case. San Antonio’s CBD is undergoing a residential and commercial renaissance. For the first time since 1989, a new $142 million 460,000 sq. ft. office tower designed by the world renowned Pelli Clark Pelli architecture firm is under construction in the CBD. Numerous multifamily and entertainment venues have also been and are currently under development. Additionally, the suburbs are doing well and seeing a mix of office, retail and multifamily construction as one would expect given San Antonio was ranked sixth in population growth in the US among big metros last year. Housing starts continue to be solid and demand is outpacing supply with an estimated 3.4 months of inventory available according to local sources. We have seen many people relocating to San Antonio from other parts of the state and nation for work in recent years. These factors support healthy real estate markets locally in the broad sense. There does seem to be a niche in the affordable/workforce housing space in this market and several developers and local municipalities have capitalized on those opportunities. San Antonio is also a good hotel market given its strong position in the tourism industry.

2. What type of borrowers/lenders are in your market? For example; is it primarily agency or are bank and life companies also part of the mix? Why?
Borrower profiles in our market range from local to national, international and institutional. We do have quite a bit of interest and investment from investors located in California as well as the northeastern and southeastern part of the country. In the last several years, wealthy families with diverse business interests from Mexico have been significant real estate investors in San Antonio. It is a great relative value market when compared to the gateway markets as competition for product can translate into very thin investment returns. The San Antonio market offers investors stability with upside potential and real estate is still priced quite reasonably. NorthMarq is active with all lender types including life companies, agencies, CMBS, banks and other balance sheet type lenders in San Antonio. I would summarize by observing that San Antonio enjoys very good capital liquidity when it comes to the commercial and multifamily real estate markets and there is robust interest in investing here from a wide variety of investor types.

3.  What are the unique challenges facing your market?
Like many metropolitan areas experiencing strong growth, San Antonio is working to insure highway infrastructure keeps up with increased population and traffic. Our airport is undergoing an expansion with modernization. More frequent direct flights to key destinations will be important to future growth as well as the continued strong performance in the convention and tourism business. Our convention center is state-of-the-art and San Antonio is focused on continuing to be a leader in that very competitive industry. Like any growing city, strong pro-growth leadership will be necessary to perpetuate economic growth. We are fortunate to have a strong city manager as the city is in very good financial health and maintains excellent bond ratings. San Antonio is somewhat unique in that our water supply is derived from underground resources as opposed to surface resources. Long term plans to address and guarantee that resources will be plentiful for future generations are also in place and new avenues to supplement that plan are constantly being evaluated and implemented.

4. What are the unique opportunities present in your market?
San Antonio has a unique combination of resources and geography that contribute to its desirability. It has a culture unique to South Texas and a perceived high quality of life. As previously mentioned, the cost of living is low relative to many other places and weather is favorable in that winters are generally mild, making outdoor recreation very accessible just about year around. The economy is based on a diverse mix of industries such as tourism, import/export, manufacturing, healthcare and bioscience, aerospace, financial services and military. San Antonio is home to mission critical military bases and other governmental operations and is the epicenter of the burgeoning cybersecurity field. Due to the low cost of power and general lack of significant weather events, large data centers have located in San Antonio. For example, Microsoft recently purchased land to build a $1 billion facility that is in addition to two data centers they already occupy in San Antonio. We expect that San Antonio will remain a dynamic and attractive investment market across the property type spectrum for both investors and lenders alike for reasons that seem to have always held true here- steady, measured growth absent of volatile peaks and valleys.

Read the full story here.

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