San Antonio’s Lynd Living has locked in a fresh round of financing for one of its newest multifamily projects on the city’s Far West Side.
The developer secured a $58.75 million bridge loan from Ladder Capital for Potranco Commons, a recently completed 360-unit mixed-income apartment complex at 202 West Loop 1604 South, the San Antonio Business Journal reported. The financing comes to $163,000 per unit.
The property wrapped construction in the first quarter and was financed with two construction loans totaling $51.2 million: $39.9 million from Madison Realty Capital and $11.3 million from Pearlmark Real Estate.
Concord Summit Capital’s Kevin O’Grady and Daniel Edison arranged the refinancing. Lynd CEO David Lynd said the deal positions the asset well amid persistent volatility in debt markets.
The Potranco project was launched in partnership with Opportunity Home San Antonio, the city’s public housing authority, in 2020. Construction on Potranco Commons began in 2023.
The complex includes affordable and market-rate units and is part of Lynd’s broader push in high-growth Sun Belt markets while maintaining mixed-income components.
The firm’s decision to refinance comes as borrowing costs are elevated and construction financing is tough to secure.
Lynd described the last four years as an “experts-only market,” pointing to interest rate swings and daily cost recalculations that repeatedly reshaped loan terms at the closing table.
Potranco Commons is not Lynd’s only recent refi. The firm also scored a $132.5 million loan from MF1 Capital for its Villas at Tuttle Royale development in Florida late last month.
The Potranco refi signals continued investor appetite for stabilized, newly delivered product in San Antonio, particularly in growing suburban corridors.
Construction has slowed in the metro since peaks in 2022 and 2023, but fundamentals in fast-expanding pockets like the Far West Side have held up well, and especially for mixed-income projects backed by subsidies.
— Judah Duke