Marcus & Millichap's (MMI) IPA Capital Markets division said Monday it has closed a $79 million construction loan for the renovation of El Tropicano Hotel, a historic property along the River Walk in San Antonio, Texas.
IPA Capital Markets secured the financing on behalf of Trestle Studio, the developer, while Fortress Investment Group provided the financing, the company said.
Following renovation, the 1962-built El Tropicano is to re-open as a 315-room resort, the company said.
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