San Antonio, TX

CBRE Arranges Record-Setting Construction Loan at Hemisfair Development in Downtown San Antonio, TX

September 25, 2023

Rendering of the Hemisfair Park mixed-use development in downtown San Antonio

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CBRE has arranged a record-setting hotel construction loan for the first building in the high-profile Hemisfair Park mixed-use development in downtown San Antonio. Zachry Hospitality (Zachry) will develop a Curio Collection by Hilton Hotel.

Jay Wagley, Frank Piasta, Bond Foster and Ham Berry with CBRE Capital Markets’ Debt & Structured Finance in Dallas represented the borrower, Zachry Hospitality, in the deal.

“CBRE delivered valuable assistance in canvassing the financial markets and introducing us to a variety of lenders,” said Tara Snowden, vice president of Public and Government Affairs with Zachry. “With their guidance, and the recent financial closing including TX-PACE debt, Zachry will deliver a Curio Collection by Hilton Hotel which will be the most energy, water, and environmentally conscious property in downtown San Antonio.”

The property is located two blocks south of the Alamo and directly across the street from Zachry’s famous Hilton Palacio Del Rio that opened in 1968. The upscale, full-service hotel will consist of 200 luxury hotel rooms, a signature restaurant and bar, café, rooftop bar, underground speakeasy bar, a terrace pool with cabanas, full-service spa, fitness center, retail outlets and a public garden. This Curio Collection by Hilton product also offer ballroom and meeting space to serve as a wedding, conference and event venue. Zachry will own and manage both hotels.

Interbank will serve as the senior construction lender and consented to a commercial property-assessed clean energy (C-PACE) financing provided by Nuveen Green Capital (NGC). According to the Texas PACE Authority, C-PACE loan is the largest project in Texas history.

“It was our pleasure to represent Zachry Hospitality to secure financing for this exciting development.” said Mr. Piasta, Vice President with CBRE. “Despite market uncertainty facing hospitality from the COVID-19 pandemic, interest rate increases, and inflationary pressures on construction costs, Zachry maintained its vision and commitment to this project. Interbank and NGC partnered to create an efficient long-term financing solution for the construction and stabilization of this iconic asset.”

Interbank is based in Oklahoma City and is a market leader in luxury hospitality financing. Interbank maintained the originally proposed structure despite the macroeconomic headwinds.

“There are great things happening in Hemisfair Park thanks to the leadership of the City of San Antonio and the Zachry family,” said C.K. Lee, InterBank’s President and COO. “Our DFW team did outstanding work, and we are pleased to lend our support to this project.”

NGC is a leader in sustainable commercial real estate financing, and is an affiliate of Nuveen, the $1T+ asset manager and wholly owned subsidiary of TIAA. C-PACE loans allow commercial property owners to obtain financing for energy efficiency, water conservation and renewable energy projects. In Texas, the non-recourse financing can be used to finance resilience upgrades or greenfield construction with repayment in the form of a fully amortizing tax assessment.

“Our team at Nuveen Green Capital is honored to be involved in Zachry Corporation’s Curio Collection by Hilton Hotel development project that will further complement the growth and revitalization of San Antonio’s downtown core,” said Sean Ribble, Senior Director at NGC. “We are committed to economic development across the great state of Texas and excited to see the lasting positive impact projects like Zachry’s will have on the surrounding community.”

The hotel is expected to begin construction this fall and deliver in late 2025.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at