Northmarq arranges acquisition financing of $12.285 million for Pinnacle Oaks in San Antonio, Texas

SAN ANTONIO, TEXAS (February 21, 2022) – Bryan Leonard, senior vice president/managing director of Northmarq’s San Antonio debt/equity office, secured acquisition financing of $12.285 million for Pinnacle Oaks. The 79,369 sq. ft. suburban single story office property (originally built in 2018) is located at 4830 North Loop 1604 West in San Antonio, Texas. It is 100 percent leased on a NNN basis to a diverse group of tenants with a 6+ year WALT. Northmarq secured the permanent-fixed loan for the borrower, Fuller Realty Partners, LLC, through its relationship with a commercial bank. 

“The loan proceeds represent 65 percent of purchase price. Northmarq was able to achieve desired proceeds, amortization, and interest only in order to serve our client well. Fuller Realty Interests is a privately owned, full service commercial real estate firm headquartered in Houston. They hope to expand in San Antonio, and we intend to continue to serve them through their expansion,” said Leonard. 

Pinnacle Oaks is extremely well located in Northwest San Antonio near major employment, higher educational institutions and upscale housing neighborhoods. In addition, access to major highways is excellent and there are high end retail amenities in the immediate subject neighborhood.  These locational attributes, along with a good supply/demand balance among its peer group and good relative value rental rates as compared with new high-rise office in the neighborhood are primary drivers of tenant demand for this project.  The tenant profile includes the life science, technology, real estate, advertising and marketing sectors. Clear Channel Communications, and outdoor advertising firm, represents 47 percent of the NRA and their lease expires in December 2029 and they have two 5-year renewal options.