IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), specializing in capital markets services for major private and institutional clients, announced today the successful closing of a $79 million construction loan for El Tropicano Hotel, a historic landmark property on San Antonio’s River Walk in San Antonio, Texas.

Jordan Ray, James Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing on behalf of Trestle Studio, a national lifestyle developer. Fortress Investment Group provided the financing.

“This complex transaction, which involved navigating state and federal historic tax credits, will fund a comprehensive renovation of the property,” said Ray. “This financing was a truly collaborative effort, requiring innovative thinking and a deep understanding of the market. We’re proud to have partnered with Trestle Studio to secure the funding they needed to transform this landmark asset into a world-class destination. The renovation is expected to create hundreds of construction jobs and generate millions of dollars in economic activity for the city of San Antonio.”

Originally constructed in 1962, the property was acquired by Trestle Studio in December 2023. “Following renovation, El Tropicano is slated to be a modern urban resort featuring 315 guest rooms, an 8,065-square-foot pool deck—the largest in San Antonio—over 16,000 square feet of event space and signature food and beverage outlets,” added Ray. “Additional amenities will include a 5,000-square-foot fitness center and spa. The project will also involve significant exterior improvements, including a new staircase connecting the hotel to the River Walk and a deck overlooking the river.”

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.

Gina Relva, VP Public Relations gina.relva@marcusmillichap.com

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