Non-Performing Note Sale: Mosaic at Medical Center
- Original principal balance of $20.801MM, with interest-only payments scheduled through May 1, 2027.
- Receiver appointed in July 2026 has completed permanent boiler replacement in both boiler rooms.
- Garden-style community built in 1982, with 144 one-bedroom and 80 two-bedroom floor plans.
- With 166 of 169 vacant units not rent-ready, value creation runs through make-ready and lease-up.
- Reported leased rents on occupied units trail average market rent per the 8/25/2026 rent roll.
- Loan documents, recorded security instrument, receivership order, and June 2026 PCA are available.
Property Description
Brokered by Walker & Dunlop and powered by RealINSIGHT Marketplace, Mosaic at Medical Center at 5380 Medical Drive is a 224-unit garden-style multifamily community in San Antonio, Texas, securing a non-performing first lien loan with an original principal balance of $20.801MM. The note carries a 6.11% fixed rate, is interest-only through May 1, 2027, and is scheduled to mature April 1, 2033. A court-appointed receiver took control in July 2026 and has completed permanent boiler replacement and repaired all 46 exterior lighting deficiencies as life-safety work continues. Built in 1982 on approximately 10.1 acres, the collateral includes 16 apartment buildings, 154,392 rentable square feet, and approximately 336 surface parking spaces. Physical occupancy stands at 24.6%, with 55 occupied or notice units and 166 vacant units not rent-ready. Reported leased rents average approximately $809 per month against an average market rent of approximately $1,010. A June 2026 PCA identified approximately $1.270MM of recommended and immediate repairs, including $1.042MM of Priority 90-Day items, and trailing 12-month operations through April 2026 reflected negative NOI under prior ownership. The collateral offers an experienced multifamily operator a repositioning opportunity in the San Antonio Medical Center area, with access to major employment and medical demand drivers.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Apartment Buildings |
| Price: | $1,500,000 |
| No. of Units: | 224 |
| Average Occupancy: | 22 |
| Year Built: | 1982 |
| Building Size: | 154,392 Sq ft |
| Lot Size: | 10.10 Acres |
| Opportunity Zone: | No |
| Price per unit: | $6,696 |
| Parking Spaces: | 336 |
| Property Website | Click Here |
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