GVA delinquent on another multifamily loan

Defaulted on $36M loan tied to Bella Madera apartments in San Antonio

GVA Missed Loan Payments For S.A. Apartment Complex
GVA’s Alan Stalcup and the Bella Madera apartments at 2914 Olmos Creek Drive in northwest San Antonio (Getty, GVA, Google Maps)

GVA is delinquent on yet another loan tied to a multifamily complex in San Antonio, adding to the firm’s slew of troubled properties across the Sun Belt.

The Austin-based syndicator, led by principal Alan Stalcup, failed to make its November and December mortgage payments for the 328-unit Bella Madera apartments at 2914 Olmos Creek Drive in northwest San Antonio, the Austin Business Journal reported

The missed payments have prompted Midland Loan Services, the loan’s servicer, to file delinquency.

GVA, one of the nation’s largest apartment landlords, financed its 2019 acquisition of Bella Madera through an adjustable-rate mortgage, allowing fluctuating payments based on interest rate changes. The loan, issued by CBRE Capital Markets in 2021 as part of a refinancing deal, is valued at $36.5 million, the outlet reported.

The loan’s structure allowed interest-only payments until 2026, with full amortization in October 2031. GVA’s monthly mortgage obligations surged from $80,000 to a staggering $240,000 by the time the loan was declared delinquent, and it still owes the full balance of the original note.

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GVA, which has a portfolio of roughly 30,000 units, has run into trouble with other San Antonio properties, as well. In November, the firm had defaulted on a $56 million loan tied to the 285-unit Solara apartment complex on the city’s North Side, prompting the lender, LoanCore Capital, to pursue foreclosure. 

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Two of the firm’s Austin properties — Falls on Bull Creek and Park at Walnut Creek — also went into foreclosure last month after defaulting on nearly $125 million in loans. 

GVA also faces foreclosure on the 264-unit Retreat at Stafford apartment complex in Houston, after falling delinquent on a $288 million loan.

GVA’s problems deepened earlier this week, when it missed payments on a $145 million loan tied to three Sun Belt assets, leading to foreclosure filings for two of them. 

—Quinn Donoghue