(To read more on the debt and equity markets, click here.)

SAN ANTONIO-With one year invested into the plan, a private investor from Chicago has reworked the financing for the 128,000-sf Concourse I and II. The $16.1-million refi has a 10-year term at a sub-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 central submarket, has replaced acquisition financing from Chicago-based LaSalle Bank with a loan from Wells Fargo Commercial Mortgage. Rob LaRue with Houston-based Live Oak Capital Ltd. tells GlobeSt.com that the loan was secured at maximum leverage of 75% to 80% and includes an interest-only provision. “Wells Fargo was smart enough to realize they had to be pretty aggressive to secure the business,” he says, adding the deal was inked as the borrower hit the amortization mark on the bank note.

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