DB Capital Management has defaulted on a variable interest rate loan for a multifamily property located in San Antonio. As a result, they have relinquished ownership of the Summit at Salado Creek complex to Benefit Street Partners. This decision was made after DB Capital Management acquired the property in 2021 and subsequently stopped making payments on their $45 million loan.
Benefit Street Partners, who originally provided the loan for Summit at Salado Creek, took over control of the 352-unit property through a special warranty deed and also assumed responsibility for the outstanding loan from 2021. The county appraisal conducted in 2023 valued the property at $50.35 million.
A foreclosure sale is scheduled for March 5th with Jacob Sparks and Dean Smith from Nelson Mullins Riley & Scarborough LLP serving as substitute trustees appointed by Benefit Street Partners.
