Newmark Knight Frank successfully arranged a $28-million refinancing loan for the Courtyard Marriott Riverwalk hotel in San Antonio. Executive managing director Ben Greazel of NKF’s Capital Markets group originated the 10-year, interest-only, nonrecourse loan on behalf of the borrower and long-time client, Finvarb Group, led by Richard Finvarb and Ronny Finvarb. Greazel secured the financing with Benefit Street Partners.
The Courtyard Marriott Riverwalk, which opened in 2009, is a 17-story, 220-room hotel located directly on the city’s River Walk. The property is within walking distance to the historic Alamo, Hemisfair Park, the Tower of the Americas, Rivercenter Mall, Market Square and multiple restaurants, shops and other attractions. In 2018, Finvarb Group completed a full property improvement plan, which included lobby, conference space and full-room renovations.
The newly renovated hotel offers a Spanish Mediterranean design, a Bistro restaurant, Starbucks, a meeting space, full-service bar, an outdoor swimming pool, fitness center, guest laundry, a 24-hour market and business center.
“The Courtyard Marriott Riverwalk’s beautiful, updated amenities combined with its River Walk location and the strong San Antonio market, resulted in advantageous terms for our client,” Greazel said in a statement.
Founded more than 40 years ago, Miami-based Finvarb Group is a real estate development and investment company specializing in developing hotels in urban locations and in emerging and underserved markets. The firm has developed an array of real estate projects including hotels, high-rise condominiums, multifamily apartment buildings, single-family developments, office building and retail.