JDI Loans LLC, an affiliate of JDI Realty LLC, closed a $6.65 million bridge loan to Convergence Brass LLC, secured by an 865-acre planned mixed-use development site in San Antonio’s fast-growing western suburbs.
The non-recourse loan will be used to pay off the current first mortgage, fund an interest reserve and fund various other pre-development costs before the property’s eventual sale.
“While most other lenders have curtailed lending, JDI was able to look past the current pandemic and underwrite to the submarket’s strength and long-term value of the subject residential development,” said Rob Weil, principal, JDI Realty.
The city-approved master development plan for the property envisions 2,498 single-family homes and 1,932 apartments in multiple communities around a central town square.
“During a time in which nearly all lenders were on the sidelines, JDI was able to understand a complex land development with several private and public stakeholders—and close on an accelerated timeline,” said Ben Bartlett, president and chief operating officer, Convergence Investments, a partner in Convergence Brass. “We’ve now completed three transactions with JDI, and each time they closed quickly without any last-minute surprise modifications. That’s a rarity in the private bridge lending world.”
