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SAN ANTONIO-With one year invested into the plan, a privateinvestor from Chicago has reworked the financing for the 128,000-sfConcourse I and II. The $16.1-million refi has a 10-year term at asub-6% fixed-rate interest.

The straight-up refinance for the 11.5-acre retail asset,spanning both sides of East Rector Street in the north centralsubmarket, has replaced acquisition financing from Chicago-basedLaSalle Bank with a loan from Wells Fargo Commercial Mortgage. RobLaRue with Houston-based Live Oak Capital Ltd. tells GlobeSt.comthat the loan was secured at maximum leverage of 75% to 80% andincludes an interest-only provision. "Wells Fargo was smart enoughto realize they had to be pretty aggressive to secure thebusiness," he says, adding the deal was inked as the borrower hitthe amortization mark on the bank note.