Aztec Arranges Construction Loans for Courtyard Inn in San Antonio, TX
MIAMI, FL, July 21, 2008. Aztec Group, Inc., Florida's leading real estate investment and merchant banking firm, is pleased to announce the placement of a $28,050,000 construction loan for the development of a Courtyard and a Residence Inn in San Antonio, Texas.
The hotels will be located in the NE Quadrant of Interstate 10 and 1604 loop, in the La Cantera neighborhood of San Antonio, Texas.
The site is adjacent to the RIM, an 800-acre mixed-use development currently in its final stage of completion. The RIM provides firstclass shopping, dining and entertainment through various merchandisers, specialty retailers, and restaurants. The complex also offers office and residential facilities.
The Courtyard will include 120 rooms and will be adjacent to the 140-key Residence Inn. The hotels will be constructed simultaneously on a split parcel, with construction to commence in July 2008. Both of the properties are being developed and will be operated by Concord Hospitality based in Raleigh, North Carolina.
"The ability to secure construction/mini perm loans in today's challenging lending environment is a tribute to the strength of the sponsorship, the brands and the location of these hotels", noted Boaz Ashbel, Aztec's Managing Director, who along with Jason Shapiro, placed these loans.
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