The Summit at Salado Creek and The Canopy Apartments in San Antonio are set to be auctioned off next month due to the challenging borrowing climate. According to foreclosure documents, the two properties have a combined debt of $66.8 million.
In 2021, DB Capital Management secured a variable interest rate loan of $45.1 million from Benefit Street Partners for the Summit at Salado Creek property. Nelson Mullins Riley & Scarborough LLP has been appointed as substitute trustees for the upcoming foreclosure sale.
Similarly, when Canopy Multifamily acquired its property in 2022, it took on $21.72 million in debt as part of the deal. James Hollerbach, Jennifer Galloway, Stacy Kellner and Ryan Lorenz will serve as substitute trustees for this property.
The auction for both properties is scheduled for February 6th.
