SAN ANTONIO, TEXAS (July 31, 2020) – Bryan Leonard, Senior Vice President/Managing Director of NorthMarq’s San Antonio office negotiated the $57.7 million refinance of Brass Professional Center. The 576,000 sq. ft. office park consisting of 11 buildings is located at along Loop 410 near Callaghan Road in San Antonio, Texas. The transaction was structured with a 10-year term with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower, a repeat local San Antonio client, through its relationship with Goldman Sachs, a CMBS lender.
“Relationships do matter and evidence of that is that we were able to leverage those to get this large loan closed during the COVID pandemic,” said Leonard. “The borrower has a long tenure of ownership and stewardship of this asset. Its profile being low density office in a suburban location is very attractive in this pandemic era. It has more than 100 tenants ranging in profile from larger credit type to smaller local and regional companies. The lender did a great job navigating market circumstances to structure and fund the loan and the borrower was able to secure stable financing for a long period of time. Both parties achieved success on this execution.”