Schelin Uldricks & Co. is pleased to announce that it has arranged a $10,387,000 loan to refinance and stabilize Olmos Creek Shopping Center, a 102,254 square foot retail center in suburban San Antonio, Texas. The new financing enables the property owners to pay off their maturing debt and provides more time to execute key leases and stabilize the property.
“Commercial real estate backed by retail tenants is more challenging to finance in the current state of markets, especially shopping centers that are not anchored by grocery stores,” commented Ethan Schelin, Managing Partner at Schelin Uldricks & Co. “Most lenders have significantly pulled back on their proceeds or have exited the market entirely due to uncertainty in the capital markets and robust inflation. Despite the challenging markets, we found a debt fund that was isolated from many of these challenges and executed the loan for our client.”
“This deal was put into application in late June when market uncertainty was at its highest. Many loans at that time were being repriced, resized, or rejected,” remarked Derek Uldricks, Managing Partner at Schelin Uldricks & Co. “Our team was able to execute a challenging transaction in a rapidly changing environment.”
Built between 1996 and 2004, Olmos Creek Shopping Center is located at the intersection of Huebner Road and NW Military Parkway in San Antonio. The property is leased to a mix of tenants that include a fitness center, family fun park, dollar store, and several inline restaurants and retailers.