Northmarq completes $15.31 million refinance of three industrial-flex properties in San Antonio and Austin, Texas

SAN ANTONIO, TEXAS (July 25, 2022) – Bryan Leonard, senior vice president/managing director of Northmarq’s San Antonio office, secured the $15.31 million financing of three industrial properties consisting of a combined 99,388 sq. ft. The transactions were structured with a 10-year term on a 30-year amortization schedule. Northmarq negotiated the three permanent-fixed loan for the borrower through its relationship with a local credit union. 

“This transaction was about managing interest rates in a rising interest rate environment.  We were able to secure a below market rate ahead of recent increases.  These non-recourse loans also don’t carry any prepayment provisions, so the owners are very well positioned in terms of flexibility for the long term,” said Leonard. 

Tech Center Southwest is located at 4635 Boston Lane in Austin, Texas. This 38,800 sq. ft. multitenant industrial property is fully leased to Yeti Coolers and United PF Holdings.  Built in 1999, Tech Center Southwest features of 24’ ceiling heights, 3 docks, and 124 surface parking spaces.

5600 Schertz Parkway is located at 5600 Schertz Parkway in Schertz, Texas. This 36,450 sq. ft. single-tenant industrial flex property is fully leased to medical industry related Nexus, a provider of independent clinical review and utilization management services for medical insurance and health care.  Nexus employs more than 100 employees and relocated to Schertz from New Braunfels.  Located just steps from the Baptist Neighborhood Hospital of Schertz, the subject property is positioned to serve the growing suburban market.  Built in 2020, the property sits on four acres of land, consists of new class-A finish outs, and contains 150 surface parking spaces.

5700 Schertz Parkway is located at 5700 Schertz Parkway in Schertz, Texas. This 25,138 sq. ft. multi-tenant industrial flex property is nearly fully leased to medical industry-oriented tenants. Tenant mix includes a total of six tenants, with the largest leasing 32 percent of rentable sq. ft. Located just minutes from the Baptist Neighborhood Hospital of Schertz, the subject property is positioned to serve the growing suburban market. Built in 2018, the property resides on 2.78 acres of land, consists of 16’ ceiling height, and contains 121 surface parking spaces.