Location: San Antonio, TX
Loan Amount: $10,107,000
Loan to Cost: 65%
Loan Type: ConstructionRecourse
Arriba Capital successfully closed a $10,100,000 ground-up construction loan for a 99 key Element by Westin hotel in San Antonio, TX. The sponsorship is an experienced hotel operator throughout Texas.
The property is located within the Landmark development at the southeast quadrant of I-10 and Loop 1604. It is in close proximity to the RIM which has experienced tremendous growth in all property uses fueled by high-end residential development and very strong demographics.
The 18-month interest-only loan was leveraged to 65% of the total project costs and converts to a 5-year mini-perm post-construction.