SAN ANTONIO, TX – Financing from Wells Fargo has been secured for the innovative revitalization and construction of a multifamily community at the historic Borden Creamery property that serves as a very visible welcome to San Antonio on US 281 adjacent to the Pearl district.
Plans include demolition of the current self-storage facility and construction of 338 premium multifamily units compatible with the art deco exterior of the Borden building, which will be preserved in a separate project by AREA Real Estate LLC to include 60,000 square feet of office and retail commercial space.
The multifamily property plot includes San Antonio River improvements and promotion of walkable neighborhoods with sidewalks and an elevated pedestrian bridge that connects the Tobin Hill community to the river and the Brackenridge Park Trail.
“We have worked collaboratively with Bexar County and the City of San Antonio, the Tobin Hill Neighborhood Association and the San Antonio River Authority to ensure a careful design that thoughtfully integrates our apartment community into the context of the surrounding community,” said Jimmy McCloskey, Executive Vice President of Development for Embrey.
Multifamily community construction on the 5.1-acre site is scheduled to start in July. Project completion is scheduled for July 2023.

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BETHESDA, MD – Walker & Dunlop announced that it structured $340,097,797 in financing for Cortland’s landmark acquisition of PURE Multi-Family REIT.
The $1.2 billion transaction comprised 22 properties with a total of 7,085 units. Walker & Dunlop secured debt for nearly half of the broader portfolio: eight distinct multifamily properties, all of which are located in major metropolitan areas across the United States Sunbelt.
The Walker & Dunlop financing team was led by Senior Managing Directors and Co-Heads of the New York City Capital Markets team, Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz, as well as Director, Michael Ianno. Drawing on their choice network of capital providers, the team identified Deutsche Bank as the ideal lending partner. The financing includes flexible call protection and extension options at a floating rate.
The portfolio includes 2,170 units located within urban or high-density suburban submarkets, including Dallas, Houston, and Phoenix. Cortland, which operates more than 60,000 units nationwide, became the largest owner-operator in the Dallas-Fort Worth area with this portfolio acquisition. In keeping with its strong focus on elevating the resident experience, Cortland plans to make a significant investment in each of the properties to improve the exteriors, landscaping, amenities, and interior unit finishes.
“The acquisition of PURE Multi-Family REIT represents our confidence and conviction in multifamily growth,” said Mike Altman, Cortland Chief Investment Officer. “We’re grateful for a partner like Walker & Dunlop who believes in our business model and mission. By executing our financing on this acquisition, they’ve allowed us to continue our growth in these markets and to further our focus on delighting our customers with the resident living experience we provide.”
Walker & Dunlop’s Kurland commented, “We are honored by the faith and confidence Cortland had in our team to advise on one of their largest acquisitions in its history.” He continued, “We now look forward to leveraging the overall strength of the Walker & Dunlop platform, offering our clients truly best-in-class capital solutions for all asset types across the country.”

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NEW YORK, NY – Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its March 2020 US CMBS Delinquency Report.
The Trepp CMBS Delinquency Rate inched up in March, a rare break from the downward trend that has extended for nearly three years. The March reading was 2.07%, an uptick of three basis points from February. At least for now, heavy new issuance from late last year added performing supply to the denominator and some of the defaulted legacy loans continued to get resolved away in February.
The downward pressure of both variables on the delinquency rate should be reduced in the coming months with new issuance having stalled, distressed property sales being postponed, and COVID-19 related delinquencies starting to represent a new inflection point. Time will tell if the February level of 2.04% represents a post-crisis low for a long time to come.
For those looking for a large COVID-19 induced uptick in March, that was always unlikely, said Trepp Senior Managing Director, Manus Clancy. With most loans having payments due on the first of the month, most borrowers for performing loans would likely have made their March payment – this was before the industry gained more clarity on the magnitude of the outbreak’s disruption to businesses.
The largest rate drop among major property sectors in March belonged to the multifamily sector, with its delinquency reading dropping 16 basis points to 1.63%. The overall CMBS 2.0+ delinquency rate ticked up two basis points in March to 0.91%, up 26 basis points year over year. The retail delinquency rate climbed 27 basis points to 3.89%. Retail remains the worst-performing major property type.
For additional details, such as historical comparisons and analysis on all major property types, download the March 2020 US CMBS Delinquency.

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