SAN ANTONIO-The owner of Brass Professional Center has obtained a bridge loan of $39 million for the 759,341-square-foot office asset. Local owner Magi Real Estate Services, operating under the entity name Brass Centrview Holdings LLC, worked with NorthMarq Capital to secure financing for the office campus, formerly known as the Kroger Center.
Located on the 4200 block of Woodcock Drive, Brass Professional Center is made up of 16 buildings, with major tenants including Aetna, MCNA, Santa Rosa, Harris Connect and QTC. According to a press release from NorthMarq, financing was arranged through a life company lender.
“This transaction had a complex capital structure, ownership history and more than 100 tenants,” says Bryan Leonard, senior vice president and managing director of NorthMarq’s Houston Regional office in a press release. “Our insurance company investor immediately recognized and understood the value opportunity Brass Professional Center represented from the beginning. The investor maintained flexibility on a complex transaction which is a testament to the sponsorship and market.”