The Summit at Salado Creek and The Canopy Apartments, two rental communities in San Antonio, are set to be auctioned off due to the challenging borrowing climate. According to reports from the San Antonio Business Journal, their owners have defaulted on tens of millions of dollars in debt. Foreclosure documents filed with Bexar County show that a total of $66.8 million is owed between the two properties.
In 2021, DB Capital Management secured a variable interest rate loan for $45.1 million from Benefit Street Partners for the Summit at Salado Creek property. Substitute trustees Nelson Mullins Riley & Scarborough LLP have been appointed for its foreclosure sale.
Similarly, when Canopy Multifamily acquired its property in 2022, it took on $21.72 million in debt as part of the deal. Substitute trustees James Hollerbach, Jennifer Galloway Stacy Kellner and Ryan Lorenz will oversee its foreclosure sale.
The auction for both properties is scheduled for February 6th.
