Texas + Office | December 9, 2020

NorthMarq Arranges Refi for San Antonio Offices

Bryan Leonard, SVP/managing director of NorthMarq’s San Antonio office, arranged the $8 million refinance of Crownridge Centre. The 41,590-square-foot San Antonio office property is leased to a diverse tenant base including financial, medical and oil/gas tenants.
The transaction was structured with a fully-amortizing 20-year term. NorthMarq arranged the permanent-fixed loan for the borrower, a long-time San Antonio sponsor, through its correspondent relationship with a life insurance company. The transaction was a refinancing of the existing construction debt.
“The property is extremely well located and was developed by an experienced longtime local sponsor,” said Leonard. “We were able to secure competitive long-term permanent in a difficult pandemic environment to support ownership’s business plan for the asset.”
He added, “NorthMarq was able to capitalize on the value created in this asset by the borrower to attract competitive capital and the lender achieved a solid investment.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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