IPA Capital Markets, a division of Marcus & Millichap, successfully closed a $79 million construction loan for the El Tropicano Hotel in San Antonio, Texas. This historic landmark property is located on San Antonio’s River Walk.
The complex transaction involved navigating state and federal historic tax credits to fund a comprehensive renovation of the property. Following renovation, El Tropicano is slated to become a modern urban resort featuring 315 guest rooms, an 8,065-square-foot pool deck, and over 16,000 square feet of event space.
This financing highlights IPA Capital Markets' innovative thinking and deep market understanding required for such intricate deals. The project is expected to generate significant economic activity for the city of San Antonio.
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