Northmarq arranges refinance of the Plaza at Concord Park in San Antonio, Texas

SAN ANTONIO, TEXAS (May 8, 2023) — Bryan Leonard, senior vice president – managing director of Northmarq’s San Antonio debt and equity office, arranged refinancing for the Plaza at Concord Park, a class A mixed use property. Located at 700 East Sonterra Boulevard in San Antonio, Texas, the 82,824 sq. ft. property was built in 2007 and consists of one two-story building and two one story buildings. 

Northmarq arranged financing for an affiliate of Concord Properties through its relationship with one of its correspondent life insurance companies. The permanent-fixed rate loan was structured with a 5-year term and includes some interest only followed by amortizing payments. “The borrower was seeking to replace higher rate bank financing with lower rate fixed rate financing. Our long-term relationships with both the sponsor and lender produced an incredibly smooth and competitive execution in an evolving economic environment. We had seasoned professionals all the way around on this transaction who have been through real estate cycles and that allowed for us to keep the focus on the transaction. Relationships matter, particularly during times of uncertainty,” said Leonard.

The Plaza at Concord boasts a high-quality class A setting supported by high traffic counts. It is positioned as a valuable amenity in the heart of the high demographic and dense Stone Oak area and contains a diverse mix of tenants, including restaurants, offices, retail, fitness, and medical.  Tenants include local and national retailers such as FedEx Office Print and Ship Center, Trend Aesthetics and Wellness, Jimmy John’s, Natural Remedy Store and First Watch.  The location is bookended by two major regional hospitals, Sonterra Country Club and surrounded by Concord developed class A office along with class A multifamily projects.