IPA Capital Markets Arranges $40.3 Million Financing for 312-Unit Birwood Heights in San Antonio
September 03, 2026
SAN ANTONIO, Texas, Sept. 3, 2026 – IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged $40.3 million in financing for Birwood Heights, a 312-unit apartment community in San Antonio, Texas.
Brandon Roth, managing director in the firm’s Palo Alto office, worked with Adam Mengacci and Travis Headapohl in Dallas to secure the loan on behalf of a private client. The non-recourse bridge financing features a three-year initial term with loan proceeds sized to 80% stabilized loan-to-value and a 6.45% stabilized debt yield.
“Lenders provided nine floating-rate and six fixed-rate quotes for this financing opportunity, demonstrating the tremendous lender appetite for newer-vintage multifamily properties across the Sunbelt,” said Roth.
Birwood Heights was delivered in March 2019 and offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances, kitchen islands and in-unit washers and dryers. Shared amenities include a resort-style swimming pool, fitness center, outdoor grilling areas, and resident lounges.
Located near Loop 1604 and Northwest Military Highway, Birwood Heights offers residents convenient access to Interstate 10, the North East Independent School District and major employment, education, healthcare, retail, and entertainment destinations. Nearby demand drivers include USAA’s headquarters, the South Texas Medical Center, and The University of Texas at San Antonio, while The Rim and The Shops at La Cantera provide shopping, dining, and entertainment options. The property is well positioned within Northwest San Antonio’s established employment and commercial corridor.
Brandon Roth, managing director in the firm’s Palo Alto office, worked with Adam Mengacci and Travis Headapohl in Dallas to secure the loan on behalf of a private client. The non-recourse bridge financing features a three-year initial term with loan proceeds sized to 80% stabilized loan-to-value and a 6.45% stabilized debt yield.
“Lenders provided nine floating-rate and six fixed-rate quotes for this financing opportunity, demonstrating the tremendous lender appetite for newer-vintage multifamily properties across the Sunbelt,” said Roth.
Birwood Heights was delivered in March 2019 and offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances, kitchen islands and in-unit washers and dryers. Shared amenities include a resort-style swimming pool, fitness center, outdoor grilling areas, and resident lounges.
Located near Loop 1604 and Northwest Military Highway, Birwood Heights offers residents convenient access to Interstate 10, the North East Independent School District and major employment, education, healthcare, retail, and entertainment destinations. Nearby demand drivers include USAA’s headquarters, the South Texas Medical Center, and The University of Texas at San Antonio, while The Rim and The Shops at La Cantera provide shopping, dining, and entertainment options. The property is well positioned within Northwest San Antonio’s established employment and commercial corridor.
# # #
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.