Northmarq Capital Arranges $54M Refi of San Antonio Office Center
- Jul 20, 2016
San Antonio—Bryan Leonard of NorthMarq Capital’s San Antonio office arranged a $54 million refinance loan for Brass Professional Center, a 728,059-square-foot office property located on Loop 410/Callaghan Road in San Antonio.
NorthMarq arranged financing through its relationship with a New York-based bridge lender. The loan is prepayable at any time with no lock-out or prepayment fees. The property’s major tenants are Aetna, QTC, MCNA and the University Health System.
“The borrower was seeking to recapitalize the asset with lower-cost bridge debt to take advantage of recent strong leasing activity and to properly position the asset according to the business plan,” said Leonard. “Our relationship with a large national bridge lender translated into loan approval 36 days from application and funding in 43 days. This was particularly remarkable due to the fact that this was a complex transaction with approximately 125 tenants.”