Independent Bank provides $26m loan on San Antonio’s ‘Pyramid’ offices

Independent Bank has provided a $25.77 million acquisition loan to Taurus Investment Holdings on the 220,693-sq ft Pyramid office building in San Antonio, according to property records.

Independent Bank has provided a $25.77 million acquisition loan to Taurus Investment Holdings on the 220,693 sq ft Pyramid office building in San Antonio, Texas, county property records show.

The five-year, floating rate loan allowed the borrower to purchase the property for $35.5 million from Buchanan Street Partners, which had acquired the property from Sequoia Partners in August 2006.

The Pyramid, San Antonio, Texas
The Pyramid, San Antonio, Texas

The Pyramid, Class A office building at 601 NW Loop 410, is 87 percent occupied with a long-term lease with the General Services Administration (GSA) for nearly half of the rentable space, according to a statement from HFF, which arranged the deal. Additional tenants include Davidson Troilo Ream & Garza, Experian, Kimley-Horn & Associates and Arthur J. Gallagher & Company.

Boston-based Taurus has purchased and sold more than $3.5 billion worth of commercial real estate assets throughout the world since its founding in 1976, according to the firm’s Q2 earnings report. This month the firm used a $32.1 million acquisition loan from Citizens Bank on a 15-building industrial portfolio in the Dallas/Fort Worth, Texas area, as part of a joint venture with Augustus Investment Holdings.

Independent Bank held a total of $2.2 billion in commercial real estate loans at June 30, 2016, compared to $1.95 billion held at December 31, 2015, according to its latest quarterly report. The bank and borrower did not respond to requests for comment.

Regional and local banks had the largest share of commercial real estate loans during the first half of this year, taking home 21 percent (or $38.4 billion) of originations, filling a gap left by the decline in CMBS lending, as Real Estate Capital has reported.

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