San Antonio Office Park Receives $5M Refi
- May 06, 2019
Money360 has secured a $4.5 million, 7.8 percent fixed-rate bridge loan for the 63,382-square-foot Triangle Park Office Complex in San Antonio. The two-year financing will retire two existing loans which the private owner took out last year, per Yardi Matrix information.
Located at 6322 Sovereign Drive in a dense residential area, the three-building asset is surrounded by both retail and dining options. The office complex is adjacent to Interstate 410 and less than 9 miles north of downtown San Antonio. According to Yardi Matrix data, the Triangle Park was completed in two phases in 1975 and 1982 on a 3.9-acre site. The tenant roster includes medical businesses and local offices of insurance companies.
According to a recent Yardi Matrix seasonal outlook, the San Antonio market has seen a moderate increase in the office-using job market, especially compared to neighboring Austin, Dallas and Houston. Despite this, promising projects such as the $450 million redevelopment of The Alamo and San Pedro Creek Culture Park’s fist phase will jump-start office development in the area.