REBusinessOnline

INLAND FUNDS $10.35 MILLION BRIDGE LOAN

Posted on by in Office, Texas

SAN ANTONIO — Oak Brook, Ill.-based Inland Mortgage Capital Corp. has provided a $10.35 million acquisition loan for a three-building office park located in San Antonio. North Park Corporate Center Phase II is situated on 7.35 acres at 17319 San Pedro Ave. in the city’s Hollywood Park neighborhood. The three buildings total 86,400 square feet of leaseable space. The financing is an interest-only, floating-rate, first-mortgage bridge loan with a 76 percent loan-to-value ratio. The undisclosed borrower will use the financing to acquire the property and lease the remaining space. The property was 75 percent occupied at the time of closing. Leslie Lundin of Inland originated the loan.

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