San Antonio Office Park Lands $58M Refi
- Aug 04, 2020
Brass has received $57.7 million in refinancing for a 576,000-square-foot office park in San Antonio. NorthMarq arranged the 10-year, fixed-rate loan for with Brass Professional Center, which includes a one-year interest-only period followed by a 30-year amortization schedule with a CMBS lender through Goldman Sachs. According to Yardi Matrix data, the financing will retire the existing $61.5 million debt from Värde Partners.
Comprising 11 buildings located along Loop 410, the property is some 3 miles from the metro’s Medical Center, roughly 4 miles from retail centers such as The Village at the Summit and the Wonderland of Americas, as well as almost 12 miles northwest of downtown San Antonio. Completed between 1968 and 1986, the assets’ tenant roster includes more than 100 companies, ranging from local and regional firms to larger credit type and health-care providers.
Senior Vice President and Managing Director Bryan Leonard from NorthMarq brokered the deal. In mid-June, the company arranged $74 million in financing for a two-building speculative office project in Chandler, Ariz.