"The location was a major selling point," Eli Gershenson of Dallas-based Quantum First Capital LP, tells GlobeSt.com about Bank of America Lakeview Center at 2409 Lakeview Pkwy. The 100%-leased center was sold by its developer, St. Ives Realty of Dallas, to a New York City-based US holding company of an Israeli investor, who was turning around 1031 exchange funds from the sale of an office building in Connecticut, the loan arranger says.
Gershenson says the deal went full circle in 60 days, with First Fidelity Bank of Oklahoma providing a five-year loan at a fixed-rate interest in the low 6% range. The only hurdle was to "get the bank comfortable with financing a non-recourse loan to a US entity and not an individual," he adds. In all, four lenders had lined up for the deal.
St. Ives built the center in 2006 on a 2.3-acre tract fronting Texas 66. The tenant roster also includes Cato Fashions, Check 'n Go, H&R Block and Garland Dental Group.
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