IPA Capital Markets, a division ofMarcus & 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.