LoanCore Capital successfully acquired the Solara apartment complex for $21.3 million through an auction, resulting in a significant discount from its appraised value of $27 million. The previous owner, GVA LLC based in Austin, defaulted on a loan of $56.3 million tied to the property at 11710 Parliament St., which had a variable interest rate and was drawn in 2022.
The sale was handled by Holland & Knight’s Mark Weibel and his team as substitute trustees. GVA faced challenges in the local multifamily market with defaults on loans for properties such as Melia Apartment Homes and Bella Madera apartments before ultimately selling off Aspire Apartments.
This recent acquisition showcases LoanCore Capital’s expertise and success within distressed real estate markets, particularly within San Antonio where they were able to secure this valuable asset at an advantageous price point.
