LOS ANGELES — iBorrow, a private commercial real estate lender, has provided a $2.1 million bridge loan to the Bandera Collection, a 7,700 square foot multi-tenant retail building in San Antonio, Texas.
The building is shadow-anchored by Home Depot, and is ideally located to draw traffic from additional anchored shopping centers in the other quadrants of the intersection, including Lowe’s, Target, and H-E-B Plus. The address is 9123 North Loop 1604 W.
“Not only was this a complex loan, but we also had a short timeframe to close the deal before the borrower’s CMBS loan matured,” said iBorrow CEO Brian Good.
The San Antonio market is ranked sixth nationwide for population growth, and has approximately 1.4 million residents. The Bandera Collection is located in a quickly growing neighborhood of San Antonio, which the iBorrow team evaluated prior to closing. The borrower acquired the Bandera Collection in 2007, and will use the loan to pay the first lien on the building, as well as miscellaneous legal and closing costs.
“The Bandera Collection is in an excellent retail corridor with high traffic counts, and has a number of long-term tenants, including Verizon Wireless and Papa John’s, which have both occupied the building since 2006,” Good added.
“The building is located in an affluent trade area with a strong retail submarket, and we are confident that the building’s value will increase due to new construction occurring in the area. Our flexible loan program was the best match for this borrower.”
The loan was originated in-house at iBorrow.