Capital One Bank has provided Toronto-based RioCan REIT with a $60.5m loan for the refinancing of Alamo Ranch, a 465,000 sq ft shopping center in San Antonio, Texas.
The five-year, interest only, non-recourse loan is fixed through a hedge at 3.45%, according to CBRE Capital Markets’ Debt & Structured Finance team, which arranged the deal.
The new loan will be used to pay off a $49.9m loan from Canadian Imperial Bank of Canada.
RioCan REIT bought the property from Archon Group in 2011 through a joint venture with Inland Western Retail REIT, and two years later it bought out the 20% Inland Western (now called Retail Properties of America) share. CBRE represented Archon Group on the 2011 sale.
Alamo Ranch features more than 90 stores, services and restaurants, including co-anchors Super Target, Lowe’s and JCPenney. The property is located 14 miles west of downtown San Antonio at the confluence of three major thoroughfares — Loop 1604, State Highway 151 and Culebra Road.