Intercontinental Hotel, San Antonio, Texas

Octagon Advanced a $35 million loan to the former National Bank of Commerce Building in San Antonio, Texas to rehabilitate and rebrand the building as The Intercontinental, San Antonio. The 21-month loan is collateralized with state and federal historic tax credit equity. The project brings 391 rooms and 368 structured parking spaces to the downtown San Antonio lodging market.

While previous interior renovation led to the removal of a majority of extant historic fabric, the building exterior retains its original proportions and massing, and generally the same cladding materials. The building, originally completed in 1958, represented the largest post-depression construction project in San Antonio and was one of the first buildings constructed to be oriented to the San Antonio Riverwalk, first completed in 1941.