Bryan Leonard, senior vice president/managing director of NorthMarq’s San Antonio office arranged the $8 million refinance of Crownridge Centre. The 41,590-square-foot office property, located at the intersection of IH-10 and Camp Bulls in San Antonio, is leased to a diverse tenant base including financial, medical and oil/gas tenants.
The transaction was structured with a fully amortizing, 20-year term. NorthMarq arranged the permanent-fixed loan for the borrower, a long-time San Antonio sponsor, through its correspondent relationship with a life insurance company. The transaction was a refinancing of the existing construction debt.
“The property is extremely well located and was developed by an experienced longtime local sponsor. Interstate 10 construction in front of the project has concluded and there are excellent neighborhood amenities at the nearby RIM and LaCantera developments to support office development,” said Leonard. “We were able to secure competitive long-term permanent in a difficult pandemic environment to support ownership’s business plan for the asset. NorthMarq was able to capitalize on the value created in this asset by the borrower to attract competitive capital and the lender achieved a solid investment.”
