NorthMarq negotiates acquisition financing of $24.6 million for The Park on Wurzbach in San Antonio, Texas

ATLANTA, GEORGIA (October 19, 2020) – NorthMarq's Atlanta office arranged acquisition financing of $24.6 million for The Park on Wurzbach, a 264-unit multifamily property located at 4707 Wurzbach Road in San Antonio, Texas. NorthMarq arranged the 10-year financing for the Borrower, Venterra Realty, through its in-house Fannie Mae team. Originating producers included Faron Thompson, regional managing director and Ali Meek, vice president of NorthMarq's Atlanta office, and Matthew Bronstein, vice president of NorthMarq's Houston office. 

The Park on Wurzbach provides ease of access to nearby I-410, Ingram Park Mall, Westover Hills, St. Mary's University, and major employment centers, including the South Texas Medical Center and USAA, making it a premier residential location.

Constructed in 2019, the community is located just nine miles from Downtown San Antonio. It features high-quality interior finishes, including stainless steel appliances, granite countertops, subway tile backsplash, wood plank flooring, and a washer and dryer. The property's high-end community amenities include a two-level swimming pool, a 24-hour fitness center with a separate yoga and spin studio, and a grand clubhouse with multiple TVs, kitchen, pool table, and shuffleboard. Residents enjoy easy access to numerous dining and retail options surrounding the community.

"Fannie Mae was able to provide a competitive financing option and certainty of execution for the long-time borrower, Venterra Realty, who leaned on their relationship with NorthMarq Atlanta's team for a seamless transaction on a high-quality asset," said Thompson. The NorthMarq Atlanta and Fannie Mae team met the Borrower's proceeds and timing request for a quick closing despite the current changing market conditions.