Blackstone, TPG among lenders foreclosing on $95M in SA apartments 

Multifamily woes mounting in the Alamo City

Blackstone, TPG Foreclose on San Antonio Apartments
FLW Capital's Mark Lemmons with Park at Callaghan apartments (FLW Capital, Google Maps, Getty)

It’s no secret that San Antonio’s multifamily market is under pressure. But while many landlords look to extend and pretend, the owners of four properties in San Antonio worth nearly $95 million now look set to lose them, according to Roddy’s Foreclosure Listing Service. 

KBA took the biggest hit, with two cross-collateralized apartments now scheduled for foreclosure in July. The larger of the two properties, the Henry B, located at 11530 Vance Jackson Road, was built in 1983 and has 198 units, according to PropertyShark. KBA missed payments on a $17.57 million loan at the property, the foreclosure notice alleges. 

KBA also stands to lose Blair at Bitters, a 190-unit development at 400 West Bitters Road. There, KBA is allegedly behind on a $16.33 million loan. 

The buildings were cross-collateralized in May 2021, shortly after the loans were originated. 

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The lender on both properties, Wispar 3 Finco, is a subsidiary of Blackstone Mortgage Trust. Together, the properties were recently assessed at $41.7 million. KBA is linked to Richland Hills’ Bella Asset Management, Arlington-based Kanesville Capital and Davenport Investments out of Philadelphia. 

FLW Capital, a Garden Ridge-based syndicator, appears set to lose the Park at Callaghan. The 53,500-square-foot development at 7810 Callaghan Road was most recently assessed at $25 million. FLW allegedly defaulted on a $21.1 million loan it received from Lument in Dec. 2021. 

FLW bought the Park at Callaghan in 2021 from GVA, a well-known syndicator that has lost properties in San Antonio and beyond in recent months. 

The largest property of the bunch, Cyclone Investment Group’s Westlake Villas, was noticed for a July 2 foreclosure sale. The 324-unit development at 1455 Cable Ranch Road was most recently assessed at $28 million. The loan is part of a CLO deal by TPG Real Estate Finance Trust. Westlake Villas and the Grove, another San Antonio apartment project in the CLO, received $55 million. 

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