The five-year, floating-rate, and interest-only mortgage loan allowed River Rock to acquire Broadstone Oak Hills at 7714 Louis Pasteur Drive and Hawthorne House at 7403 Wurzbach Road in San Antonio’s medical center area, which sits about 12 miles northwest of the city’s downtown.
River Rock acquired the two assets from a joint venture between Alliance Residential, The Carlyle Group and M&M Properties, sources with knowledge of the deal. Alliance Residential announced in July 2019 that it had delivered both properties to market.
Meridian Capital Group arranged the financing on behalf of the borrower, negotiating and closing it in 30 days.
The two properties were delivered to market between 2018 and 2019. Together, they comprise 606 units in an immediate area that is dominated by San Antonio’s medical establishment, the South Texas Medical Center, which sports a number of medical institutions, restaurants, hotels and supplemental rental housing. Broadstone at Oak Hills and Hawthorne House is nestled right next to a large medical campus, which sports several hospitals, including university medical research centers and a veterans affairs hospital, as well as a Planned Parenthood.