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Stream JV Nabs $12M Refi for 157,521-SF Office Property

SAN ANTONIO-New York Life Insurance Company provides the $11.75 million loan to refinance One Castle Hills.

By Jennifer Duell Popovec | Updated on January 21, 2011

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.”

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