RailField Realty Partners and Artemis Real Estate received a $44.6m loan from Fannie Mae for the acquisition of the Signature Ridge multifamily community in San Antonio, Texas.
Broker CBRE said the loan-to-value on the 10-year floater (five years interest-only) is about 70%, which values the asset at nearly $64m.
The 612-unit garden-style apartment community, located at 3711 Medical Drive in the Northwest/Medical Center submarket of San Antonio, is sprawled over more than 30 acres.
In June the joint venture acquired another apartment community, Vantage at Kitty Hawk in Converse, Texas, for a reported $27m. In that deal the joint venture received a seven-year, $19m Fannie Mae loan, which also carried a 70% loan-to-value.