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SAN ANTONIO — IPA Capital Markets has arranged a $40.3 million loan to refinance the 312-unit Birwood Heights in San Antonio. The name of the borrower was not disclosed. IPA’s Brandon Roth, based in Palo Alto, California, worked with Adam Mengacci and Travis Headapohl in Dallas to secure the loan. The lender that provided the non-recourse bridge financing was also not disclosed. Birwood Heights was developed in 2019 and is comprised of one-, two- and three-bedroom units along with a resort-style pool, fitness center, outdoor grilling areas and resident lounges.