Marcus & Millichap’s division IPA Capital Markets has closed a $79m construction loan for the El Tropicano Hotel in San Antonio, Texas, the US.
The property, originally built in 1962, is located on the city’s River Walk attraction. San Antonio International Airport is 20km from the El Tropicano Riverwalk hotel.
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The financing was secured by Jordan Ray, James Matheny, Steven Buchwald, and Rachael Krawiecki of IPA Capital Markets on behalf of lifestyle development company Trestle Studio.
Provided by Fortress Investment Group, the loan will support the renovation of the property and involve navigating both state and federal historic tax credits.
IPA Capital Markets executive managing director Jordan Ray said: “This complex transaction, which involved navigating state and federal historic tax credits, will fund a comprehensive renovation of the property.
“This financing was a truly collaborative effort, requiring innovative thinking and a deep understanding of the market. We’re proud to have partnered with Trestle Studio to secure the funding they needed to transform this landmark asset into a world-class destination. The renovation is expected to create hundreds of construction jobs and generate millions of dollars in economic activity for the city of San Antonio.”
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By GlobalDataEl Tropicano was acquired by Trestle Studio in December 2023 and will become a modern urban resort after the renovation.
Guests will have access to 315 guest rooms, an 8,065ft² pool deck, more than 16,000ft² of event space, food and beverage outlets, and a 5,000ft² fitness centre and spa.
The renovation will also see exterior improvements, encompassing a new staircase which will connect the hotel to the River Walk and a deck overlooking the river.
IPA Capital Markets offers commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity to major private and institutional clients.
Earlier this month, IPA announced the $34.65m sale of Home Ranch Commons, a 60,737ft² mixed-use medical and retail centre anchored by UCI Health in Yorba Linda, California.
