San Antonio, TX Retail Center Gets $10.6M Loan

SAN ANTONIO, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged a $10.6 million loan for the refinance of Bandera Heights, (top right photo) a 159,528-square foot retail center located at 7102-7098 Bandera Rd. in San Antonio.

Sharone Sabar, an associate in the Encino office of Marcus & Millichap Capital Corporation, arranged the financing package for Bandera Heights.

“This was a challenging deal because the retail center had two anchor tenants that occupied about 45 percent of the center’s space. The tenant had leases that were rolling over soon,” says Sabar. “MMCC was able to find a lender that could close the deal within a tight time frame.

“The borrower wanted to refinance the seller’s note, but was unable to find another funding source,” adds Sabar. “MMCC found a lender that allowed the borrower to take advantage a low adjustable-interest rate with an option to fix the rate any time during the term of the loan.”

Financing for Bandera Heights was provided by a commercial bank at an adjustable interest rate of one-month LIBOR, plus 310 basis points. Terms of the loan were for five years with a 30-year amortization schedule. Loan-to-value was at 65 percent.

“This type of transaction is indicative of the market trend to price off of swaps instead of the U.S. Treasury,” shares Sabar.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704