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462 Acres Near Mexico Border Refinanced

EL PASO, TX-Following the lease up of a two million-sf business park here, Santa Teresa Limited Partnership and Santa Teresa Real Estate Development Company open two new industrial parks, one of which is located directly on the Mexico border.

By Brian K. Miller | Updated on May 29, 2003

EL PASO, TX-Santa Teresa Limited Partnership and Santa Teresa Real Estate Development Company have refinanced 462 acres of developable industrial land in the greater El Paso area en route to two new industrial parks.

The $8.7-million loan from a life company is a short-term facility that paid off the existing senior and mezzanine debt as well as providing working capital for the developer, according to Tremont Realty Capital, which arranged the refinancing. The bridge loan follows the stabilization of the Santa Teresa Business Center in El Paso, which has over 2 million sf of space and is “virtually full,” according to Tremont.

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