3650 REIT Refis Mixed-Use Hotel-Condo Tower in Texas With $38M Loan
DC Partners has secured a $38 million loan to refinance the Thompson San Antonio – Riverwalk Hotel in San Antonio, Texas, Commercial Observer can first report.
The Loan was provided by 3650 REIT that carries a term of 30 months and two six-month extension options. The team was led by Michael Fleischer, Joel Thompson and Noah Moghavem.
“The Thompson San Antonio transaction is a prime example of 3650’s strategy of investing in well-located hotels in high-growth areas,” said Jonathan Roth, managing partner and co-founder of 3650 REIT, “as the travel industry continues to recover from the economic impacts of COVID-19, we believe the property will enjoy long-term success.”
Located at 115 Lexington Avenue, the 162-key Thompson San Antonio also houses 59 residential condominiums. The property is part of Hyatt Hotels Corporation’s Thompson brand. It features multiple food and beverage venues, including an indoor/outdoor rooftop restaurant and lounge, a ground-floor restaurant, a rooftop pool deck atop the property’s fourth-floor podium, an on-site fitness center, a full-service spa and nearly 7,000 square feet of riverfront meeting space.
“This is our second loan with 3650 and follows on the heels of our very successful mixed-use development adjacent to the River Oaks District in Houston financed by 3650,” said Douglas Dillard, CFO of DC Partners. “3650 has demonstrated their commitment to supporting our business through the economic cycle and across varying product types and cities. We are thrilled to be closing our second loan together and look forward to continuing to work together with 3650 in the future.”
In late 2020, 3650 originated a loan to DC Partners for the construction of 4411 San Felipe, a 95,000-square-foot mixed-use Houston project consisting of retail and office space.
Lawrence Britvan and Dylan Brandt of Hodges Ward Elliott arranged the financing.
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