SAN ANTONIO-A joint venture comprised of Stream Realty Partners LP and MetLife Inc. has obtained an $11.75 million loan to refinance One Castle Hills, a 157,521-square-foot, class B office building here.

New York Life Insurance Company provided the adjustable-rate loan, which has a three-year term, according to Allan Young, managing partner for Stream’s local operations. “I think our timing was good,” he says. “If we had refinanced eight or nine months ago, the capital markets were not as active then and we wouldn’t have received as much interest from lenders.”

HFF associate director Colby Mueck and director Matt Kafka placed the new loan, which takes out an existing floating-rate loan with Citibank. “We put that loan in place when we acquired the building in 2007, and it was maturing,” Young explains, adding that the eight-story, multi-tenant building received roughly six loan quotes from a range of lenders including CMBS, banks and life companies. “The interest was fairly good because the building is well-located within San Antonio, and it is well leased.”