Z Modular Inks $62.3M Refi for San Marcos Apartments
Castle Lanterra (CL) and InterVest Capital Partners (ICP) closed on a $62.3 million senior bridge loan with borrower Z Modular for Flatz 512 in San Marcos, TX.
Flatz 512 is a recently constructed, 384-unit modern apartment community offering a mix of studio, one-, two-, and three-bedroom residences. Located between Austin and San Antonio along the I-35 innovation corridor, the community benefits from strong regional job growth and sustained population inflows.
Z Modular metal building units are 90% completed in their off-site manufacturing facilities before being transported to the property location for final assembly and finishing. The company says the process reduces costs and construction time.
Castle Lanterra launched its credit platform in 2023, focusing on the origination and acquisition of senior bridge loans, mezzanine loans, and preferred equity. With the addition of the two transactions closed with ICP, Castle Lanterra has completed $101.3 million in credit investments since the platform’s inception.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout