Northmarq completes $12.3 million bridge loan for single-story office property in San Antonio, Texas

SAN ANTONIO, TEXAS (December 22, 2021) – Bryan Leonard, senior vice president/managing director of Northmarq’s San Antonio debt/equity team, arranged the $12.3 million refinance of Teralta Corporate Park. The single-story suburban office property (built in 2017) contains 58,389 sq. ft. and is located at 4949 North Loop 1604 West in San Antonio, Texas. The interim loan was structured with a 3-year term and an interest only feature. Northmarq negotiated financing for the borrower, Sirell Properties, through its correspondent relationship with Aetna, a life insurance company. 

“Bill Ellis, President of Sirell Properties, noted “We have worked with Northmarq on many projects and were pleased to work with their correspondent lender Aetna on this refinance.  The process was very smooth and reliable. The leverage, rate and structure are complementary to our business plan.”

The financed property is an institutional grade, two building, single-story industrial flex property with frontage on Loop 1604 near Interstate 10. Traffic counts exceed 125,000 cars per day on Loop 1604 and the subject neighborhood is highly amenitized with the RIM mixed use development being located adjacent to the subject property and the La Cantera Resort, Six Flags and Shops at La Cantera being nearby.

“This transaction is unique because the collateral included undeveloped phase II land and we were able to structure flexibility into the terms to allow for future development or sale of that land,” said Leonard.  “Amazon is building a facility on an adjacent parcel so that bodes very well regarding the prospects and possibilities for Phase II.”