IPA Capital Markets Arranges $40.3 Million Financing for 312-Unit Birwood Heights in San Antonio
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IPA Capital Markets Arranges $40.3 Million Financing for 312-Unit Birwood Heights in San Antonio
Marcus & Millichap (MMI), through its IPA Capital Markets division, arranged $40.3 million in non-recourse bridge financing for Birwood Heights, a 312-unit apartment community in San Antonio, Texas.
SAN ANTONIO--(BUSINESS WIRE)--IPA Capital Markets, a division ofMarcus & Millichap (NYSE:MMI)specializing in capital markets services for major private and institutional clients, has arranged $40.3 million in financing for Birwood Heights, a 312-unit apartment community in San Antonio, Texas.
Brandon Roth, managing director in the firm’s Palo Alto office, worked with Adam Mengacci and Travis Headapohl in Dallas to secure the loan on behalf of a private client. The non-recourse bridge financing features a three-year initial term with loan proceeds sized to 80% stabilized loan-to-value and a 6.45% stabilized debt yield.
“Lenders provided nine floating-rate and six fixed-rate quotes for this financing opportunity, demonstrating the tremendous lender appetite for newer-vintage multifamily properties across the Sunbelt,” said Roth.
Birwood Heights was delivered in March 2019 and offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances, kitchen islands and in-unit washers and dryers. Shared amenities include a resort-style swimming pool, fitness center, outdoor grilling areas, and resident lounges.
Located near Loop 1604 and Northwest Military Highway, Birwood Heights offers residents convenient access to Interstate 10, the North East Independent School District and major employment, education, healthcare, retail, and entertainment destinations. Nearby demand drivers include USAA’s headquarters, the South Texas Medical Center, and The University of Texas at San Antonio, while The Rim and The Shops at La Cantera provide shopping, dining, and entertainment options. The property is well positioned within Northwest San Antonio’s established employment and commercial corridor.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.
A short-term loan used to cover immediate cash needs while a longer-term financing or sale is arranged, where the lender can only seize the specific collateral backing the loan and cannot pursue the borrower’s other assets. It matters to investors because it changes who bears loss if things go wrong: lenders are limited to the pledged collateral, which can affect a company’s credit risk, potential dilution or asset sales, and the timeline for reaching permanent financing — like borrowing against a single item until a bigger loan arrives.
stabilized loan-to-valuefinancial
The stabilized loan-to-value (stabilized LTV) is the size of a loan divided by the property’s estimated value once it is operating under normal, steady-state conditions (typical occupancy, rental rates, and income). Lenders use this forward-looking ratio to judge how much of the property's long-term value is financed—similar to comparing a mortgage to the home’s value once any temporary problems are fixed—so it shows the lender’s cushion against loss if the borrower defaults.
stabilized debt yieldfinancial
Stabilized debt yield is a lending metric in commercial real estate equal to the property's expected annual net operating income at stabilization divided by the loan amount. It measures how much income the asset produces relative to the debt, giving lenders a simple, interest-rate‑independent view of how quickly loan principal could be covered by steady property cash flow—like checking how many years of typical income would repay a loan.
floating-ratefinancial
A floating-rate is an interest rate on a loan, bond or other debt that moves up or down over time based on a regularly published reference number, so the payments change as market rates change. For investors, that means income and interest costs track current market conditions—like a thermostat that adjusts with room temperature—offering protection when rates rise but adding uncertainty about future cash flow.
