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The Light and Print Buildings
Undisclosed Amount Construction-Completion, TI/LC Financing
San Antonio, TX | April 2021
Thorofare Capital has funded a construction-completion loan for the completion and lease-up of The Light and Print Buildings, which total 147,116 SF of historic-to-modern converted class A office space in San Antonio, Texas.
Since Texas is a non-disclosure state, the loan amount will not be made public.
At the time of loan origination, the Spanish Colonial Revival historic renovation project was 14%-leased with two additional new leases pending.
The Light and Print Buildings are well located in downtown San Antonio within 0.5 miles from the San Antonio Riverwalk, 1 mile of the Alamo, and 1.2 miles from the Pearl district. The project will be the newest Class A office building in the submarket. In addition, the City of San Antonio issued $100MM bond to upgrade the streetscape along the Broadway corridor, which is expected to be completed by March 2022. The adjacent buildings are connected via a below-grade tunnel and sky bridge on the second floor known as the Connector Building.
The property will offer tenants modern space with a historic feel, high ceilings, public and private balconies, class A office finishes. With easy downtown highway accessibility and downtown appeal, the buildings are centrally located near major highway intersections.
The limited recourse, interest-only bridge loan carries an initial term of two years and includes two additional performance-based extension options.
The sponsor is an experienced local owner, operator, and developer with over 40 years of experience that owns and operates over 3 million square feet of office, retail, multifamily, and parking assets primarily located in Texas.