Northmarq’s San Antonio office arranges sale and financing of Casa Grande in Brownsville, Texas

SAN ANTONIO, TEXAS (September 1, 2022) –Northmarq’s San Antonio investment sales team of Zar Haro, Moses Siller, Phillip Grafe and Bryan VanCura collaborated to secure the sale of Casa Grande. The 116-unit/2-story multifamily property (built in 1973) is located at 2425 Barnard Road, Brownsville, Texas. Northmarq represented the Seller Raybec Investments, in the sale. The Purchaser was an up-and-coming Austin based syndication group led by Dare Investing LLC who plans a heavy renovation on the property.  

 “The buyer plans an extensive improvement to the interior and exterior of the property. The original architecture is a Roman coliseum style building, unique to the area. The new owners should do a fantastic job, and when finished will compete with single family homes as the floorplans are massive, averaging 1,150 sq ft with some floorplans being almost 2,000 sq ft,” said Haro. 

Bryan Leonard, senior vice president/managing director of Northmarq’s San Antonio debt/equity team, arranged acquisition financing for the property. The transaction was structured with a 2-year interest only term. Northmarq negotiated the bridge loan for the borrower through its relationship with an investment advisory firm. “Building on a previous success, we were able to structure our second transaction between the buyer and lender which led to certainty of execution. Also attractive is that the bridge loan carries a fixed rate of interest without the cost of a cap which can be expensive in the current marketplace,” said Leonard.

Located at the southernmost tip of Texas and stretching the Gulf Coast, Casa Grande is just moments from SpaceX and the beaches and attractions of South Padre Island. Residents at Casa Grande benefit from convenient access to highly rated school districts, two international airports, three shopping centers, and five parks – all within 25 miles of the property. Brownsville is influenced by its rich cultural exchange from Mexico, offering classic heritage while being perfectly stationed along the coast.

Amenities include: Air conditioning, heating, ceiling fans, cable ready, tub/shower, dishwasher, range, refrigerator, carpet, tile floors, dining room, walk-in closets, balcony and patio. Community amenities include: Laundry facilities, pool, and courtyard. 

The sale comes in the context of increased activity in the local investment market during Q2, according to Northmarq’s recently released San Antonio multifamily market insights. Year to date, the number of properties that have changed hands has increased by nearly 50 percent from the same period in 2021.