SAN ANTONIO--CBRE recently arranged $60.5 million in financing for Alamo Ranch, a 465,000-square-foot, class A shopping center in San Antonio.

“Toronto-based RioCan REIT purchased Alamo Ranch in a JV with Inland Western Retail REIT in 2011 from Archon Group,” Scott Lewis, CBRE senior vice president, told GlobeSt.com. “Two years later, RioCan bought out the 20 percent stake of Inland Western [now Retail Properties of America].”

CBRE worked on behalf of RioCan REIT to secure the non-recourse loan. The five-year, fixed rate interest-only loan was secured through Capital One Bank.

“The new $60.5 million Capital One loan will be used to pay off a $49.875 million CIBC loan,” Lewis says.

Lewis, Greg Greene and Matt Ballard with CBRE's Dallas office originated and secured the financing on behalf of the borrower. 

Alamo Ranch is shadow-anchored by Super Target, Lowe's and JC Penney. The property is 93 percent occupied and includes an assortment of category leading and investment-grade anchor tenants, as well as strong regional and local tenants.

Alamo Ranch is located 14 miles west of downtown San Antonio at the confluence of three major thoroughfares: Loop 1604, State Highway 151 and Culebra Road. This intersection serves as an expansive trade area stretching over 20 miles to the west and southwest. Major retailers in the area include Super Target, Lowe's, Walmart Supercenter, Home Depot and H-E-B. Alamo Ranch is the leading shopping center in west San Antonio and its success is attributable to its strong location, tenant line-up, retailer synergy and a convenient shopping experience for the rapidly expanding, affluent residential area.