DB Capital Management has defaulted on a variable interest rate loan for a multifamily property in San Antonio. As a result, ownership of the Summit at Salado Creek complex has been relinquished to Benefit Street Partners. The property was originally acquired by DB Capital Management in 2021 with the assistance of a $45 million loan from Benefit Street.
According to the 2023 county appraisal, the current value of the property is $50.35 million. In light of this, Benefit Street has taken control through a special warranty deed and will also be assuming responsibility for the original loan.
A foreclosure sale for March 5th has been scheduled as Jacob Sparks and Dean Smith from Nelson Mullins Riley & Scarborough LLP have been appointed substitute trustees to oversee proceedings.
This recent development marks an important shift in ownership and management for this rental property without any involvement from Connect CRE or its affiliates.
