August 6, 2020
NorthMarq managing director Bryan Leonard negotiated the $57.7-million refinance of Brass Professional Center, an 11-building, 576,000-square-foot office park along Loop 410 near Callaghan Road in San Antonio.
The transaction was structured with a 10-year term with one year 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.
“The borrower has a long tenure of ownership and stewardship of this asset,” said Leonard. “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.”
He added, “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.”
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