North Oaks Shopping Center

HOUSTON-HFF, operating on behalf of Austin, TX-based World Class Capital Group LLC, obtained $39.1 million in acquisition financing for North Oaks Shopping Center, a 448,760-square-foot power center in the northwest submarket. HFF arranged 85% acquisition financing for the borrower.

North Oaks Shopping Center is located at 4501 Farm-to-Market Road 1960 at the intersection of Veterans Memorial Drive. The center is situated on approximately 38 acres  and ispositioned midway between SH 249 and Interstate 45.  The center includes two large multi-tenant buildings; four outparcel multi-tenant buildings and four single-tenant buildings.  Renovated in 2012, the property is 93.7% leased to tenants including Hobby Lobby, Ross Dress for Less, TJ Maxx, Big Lots, Mardel, Staples, 99 Cents Only and Dollar Tree.

A $34.5 million, 10-year, fixed-rate senior loan was securitized through Deutsche Bank.  In aaddition, HFF also placed a $4.6 million mezzanine loan on behalf of the borrower with SteepRock Capital. Associate director Tyler Ford and director Christopher Vittetoe led the HFF team representing the borrower.