IPA Capital Markets Arranges $40.3 Million Bridge Financing for Birwood Heights in San Antonio

IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), has arranged $40.3 million in non-recourse bridge financing for Birwood Heights, a 312-unit multifamily community located at 4003 N Loop 1604 West in San Antonio, Texas, the firm announced Sept. 3, 2026.

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.

Loan Structure and Lender Demand

The non-recourse bridge financing carries a three-year initial term, with loan proceeds sized to 80% stabilized loan-to-value and a 6.45% stabilized debt yield. The transaction drew significant lender interest, with 15 total quotes submitted — nine at floating rates and six at fixed rates.

"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.

At 80% loan-to-value, the financing implies a stabilized asset valuation of approximately $50.4 million, or roughly $161,000 per unit. The bridge loan itself represents approximately $129,000 per unit across the 312-unit property.

Property Profile: Birwood Heights

Birwood Heights was delivered in March 2019 as a three-story, garden-style community offering one-, two- and three-bedroom residences. Unit sizes range from approximately 736 to 1,446 square feet. Interior finishes include 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, resident lounges, a media center, cyber café, clubhouse and volleyball court. The property is situated near Loop 1604 and Northwest Military Highway in the Northwest San Antonio submarket, providing residents access to Interstate 10 and the North East Independent School District.

Location and Demand Drivers

Birwood Heights sits within an established employment and commercial corridor in Northwest San Antonio. Nearby demand drivers include USAA's headquarters, the South Texas Medical Center and The University of Texas at San Antonio. Retail and entertainment options in the immediate trade area include The Rim and The Shops at La Cantera.

The depth of lender interest — 15 quotes across floating and fixed structures — reflects continued appetite for newer-vintage, well-located multifamily assets in Sun Belt markets.

About the Firms

Institutional Property Advisors is a division of Marcus & Millichap focused on capital markets services for major private and institutional clients, offering expertise in acquisition, disposition and financing of institutional properties and portfolios.