Todd McNeill, senior director for Metropolitan Capital Advisors Ltd. of Dallas, placed the loan with Hibernia National Bank. McNeill tells GlobeSt.com that the acquisition funding wasn't difficult to place because the buyer put up 50% of the purchase price in cash. Besides, it's a medical property, which is a hot ticket in the Dallas-Fort Worth metroplex due to the stability of the tenant roll. Loan terms aren't being disclosed, except to say that it's a five-year note with fixed interest rate.
The Dallas-based buyer of record is Cottonwood Bros. Ltd. while the seller is Cottonwood Properties Inc. of Richardson. The 1960s-era center, situated along Cottonwood Drive, is fully leased to dentists and physicians.
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