Nuveen Green Capital Provides $28M Construction Loan For InterContinental Hotel In San Antonio

Nuveen Green Capital, Benefit Street Partners Realty, and Octagon Finance LLC have collaborated on a $102.8M financing package for the historic repositioning of a new InterContinental-flagged hotel in central San Antonio. The loan, provided by Nuveen Green Capital, amounts to $28,000,000 and is a construction loan with a fixed rate and a term of 30 years.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $28,000,000
• Lender: Sean Ribble - Senior Originations Director - Nuveen Green Capital
• Loan Terms: 30 years, fixed rate

This collaboration will enable the hotel to undergo significant improvements using the Commercial Property Assessed Clean Energy (C-PACE) financing. The funds will be allocated towards enhancing the building envelope, lighting, HVAC, and plumbing, ensuring that the hotel operates efficiently while promoting energy and water conservation. Through these improvements, the hotel anticipates over $400,000 in energy and water efficiency savings during its first year of operation.