Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

LaRue says Concourse I and II, developed in 1995 at 815 E. Rector St., was 93% leased when the refi went into play. The center is leased and managed by United Commercial Realty’s Sarah Teel in the San Antonio office. Concourse I, situated on the south side of the street, is made up of Party City, TJ Maxx and CompUSA, which has a cross-access agreement with Target Corp. and Concourse II has a Babies R Us anchoring in-line space.

La Rue says underwriting the deal are long-term leases across the board and the location. In addition, the shopping center is situated in the US Highway 281-Loop 410 corridor, sitting close to the San Antonio International Airport and beside two under-construction hotels.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.