Canyon Finances $55 Million Senior Construction Loan for Fifth Phase of Retail Development at the RIM in San Antonio
SAN ANTONIO & LOS ANGELES--(BUSINESS WIRE)--Canyon Capital Realty Advisors (Canyon Realty) has funded a $55.2 million senior construction loan to an affiliate of Thomas Land and Development, LLC (Thomas) to finance the fifth phase of the RIM, a highly successful power center located in San Antonio, Texas. Upon completion, the fifth phase of the RIM (RIM V) will consist of 253,606 square feet of retail space, 91% of which is already pre-leased to retail tenants.
“Thomas developed the first four phases of the RIM, which have become San Antonio’s premier power center, and we look forward to building on that success with the fifth phase of the center.”
“RIM V is a compelling investment opportunity for Canyon Realty given the project’s thriving trade area with affluent demographics, excellent visibility and access, and a diverse tenant mix of national and local retailers,” said Robin Potts, Director of Canyon Realty. “Thomas developed the first four phases of the RIM, which have become San Antonio’s premier power center, and we look forward to building on that success with the fifth phase of the center.”
The North San Antonio market, and the Northwest Corridor specifically, is the fastest growing and most affluent submarket in San Antonio. RIM V’s location at the nexus of Interstate 10 and Loop 1604 – which boasts a traffic count of 121,000 vehicles per day - places it in the heart of the most dynamic trade area in the region.
RIM V is slated for construction completion in the second half of 2014 and is pre-leased to a strong roster of national and local tenants, including Hobby Lobby, Hemispheres (a Hobby Lobby concept), PetSmart, Total Wine & More, Toby Keith’s I Love This Bar & Grill, and Bowl & Barrel. RIM V benefits from being situated in the middle of the first four phases of the RIM retail center which are 100% occupied by tenants including Target, Bass Pro Shops, Dick’s Sporting Goods, Palladium Santikos Theaters, Best Buy, T.J. Maxx, Nordstrom Rack, Ross, J.C. Penney, Saks Fifth Avenue Off 5th, Lowe’s, Michael’s and Lifetime Fitness.
“We are excited that Canyon Realty’s loan enables us to complete the vision of adding new top-tier retail tenants to the project,” said Stan Thomas, Founder, Chairman and CEO of Thomas Land and Development. “Canyon Realty brought significant value to the project by moving quickly to structure and to execute the construction loan in a short timeframe to meet the needs of the transaction.”
In addition to consumers from the surrounding residential communities, RIM V will be convenient to students at the nearby University of Texas at San Antonio campus, military personnel from the Camp Bullis military reservation and employees from local companies including Valero Energy Corporation, NuStar Energy and Medtronic.
This transaction represents the second investment that Canyon Realty has made in the Northwest submarket of San Antonio within the last three years.
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $24 billion in assets under management.
Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since its formation, Canyon Realty has completed over $6.0 billion of investments involving commercial real estate and mortgage assets with a total value of $14.9 billion.
About Thomas Land and Development, LLC
Thomas Land and Development, LLC is an Atlanta domiciled firm with large scale land development expertise focusing on large scale mixed use projects with strong retail development as the centerpiece of the development vision. The firm has a vertically integrated approach including development, construction, leasing and management of its projects and investments. Thomas Land and Development has a primary focus in California, Texas and southeastern states from Florida to Virginia.