What is the asking price for Non-Performing Note Sale: Mosaic at Medical Center | Receiver In Place?

Please use the contact form to get in touch with a broker and find out more about what this multifamily property has to offer.

What is the total size of Non-Performing Note Sale: Mosaic at Medical Center | Receiver In Place?

The property has a total square footage of 154,392 SF.

When was this property built?

Non-Performing Note Sale: Mosaic at Medical Center | Receiver In Place was built in 1982.

How many parking spaces are available at Non-Performing Note Sale: Mosaic at Medical Center | Receiver In Place?

Parking information for the property isn't currently listed. However, other nearby parking options include Lot 17, located 0.57 miles away , and Lot 25, which is 0.64 miles away.

5380 Medical Drive, San Antonio, TX 78240

For Sale Contact for pricing
Property Type Multi-Family
Property Size 154,392 SF
Units 224
Lot Size 10.1 Acre
Building Class B
Year Built 1982
Date Updated Nov 5, 2026

Description

Starting Bid: December 16th, 2026

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.

First Lien Note at 6.11% Fixed Rate: Original principal balance of $20.801MM, with interest-only payments scheduled through May 1, 2027.

224 Units Across 16 Buildings on 10.1 Acres: Garden-style community built in 1982, with 144 one-bedroom and 80 two-bedroom floor plans.

Lease-Up From 24.6% Physical Occupancy: With 166 of 169 vacant units not rent-ready, value creation runs through make-ready and lease-up.

Starting Bid: $1,500,000

Auctioneer: Lamar P. Fisher

Auctioneer Company: Fisher Auction Company Inc.

Auctioneer License: 10344