HFF Secures $54M Construction Loan for San Antonio’s Historic Joske’s Building
- Nov 11, 2013
Joske’s Building at the RiverCenter Mall in San Antonio is ready for its redevelopment. Ashkenazy Acquisitions Corp., owner of the historic 500,000-square-foot property, has obtained a $54.2 million construction loan to finance a rebirth.
Ashkenazy relied on commercial real estate and capital markets services provider HFF to secure the financing. Cornerstone Real Estate Advisors, acting on behalf of one of its managed funds, came through with a bridge facility.
Occupying a corner overlooking Alamo Plaza in San Antonio’s central business district, the Joske’s Building first opened its doors in 1887 as the original home of Joske’s Department Store, and those doors closed for the last time in 2008 when Dillard’s department store vacated the space. Ashkenazy, which also owns the RiverCenter Mall, snapped up the property from Dillard’s in 2008, with redevelopment plans in mind. And now it has the funds to bring those plans to fruition.
Details on the renaissance of the Joske’s Building are sparse, but HFF notes that the final product will encompass retail, restaurant and entertainment tenants. In January of this year, news emerged that Dave & Buster’s will open a 33,000-square-foot dining and entertainment venue in the building in 2014.
In general, the retail sector in San Antonio is faring well. The occupancy level in the third quarter was 94.3 percent, according to a report by commercial real estate services firm Transwestern.