SAN ANTONIO–The San Antonio-based regional office of NorthMarq Capital has arranged the $18.25 million refinance of Concord Park II, a 121,698-square-foot office property located at 401 E. Sonterra Blvd. in north-central San Antonio.

“San Antonio is an attractive market for our lenders and investors,” Bryan Leonard, managing director, told GlobeSt.com. “Both sides feel confident in its market fundamentals and prospects for continued economic growth.”

The transaction was structured with a 7-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with the life insurance company AIG. The property contains a credit-oriented group of tenants that is unique to the city: Baker Hughes, Microsoft, Weatherford, Liberty Mutual and Raymond James.

“The tenant roster for Concord Park II is a strong group of recognizable names and its locational characteristics correlate very favorably to where these types of companies want to locate in the San Antonio market,” Leonard says. “It also is a building that has a very institutional class A presence that is attractive to tenants of this nature.” 

In addition, AIG “offered a great execution at a historically low interest rate…that enabled them to replace construction financing with longer term fixed-rate non-recourse financing,” he said.