Broad Street Advisors managing partner Keith Broemmer says the New York City based American Realty Capital had its pick of lenders for the asset at U.S. Hwy. 290 and FM 1960. Broemmer, who secured the financing, tells GlobeSt.com that the regional bank selected had the most aggressive pricing and closed quickly. Broemmer declined to discuss the name of the lender or terms of the loan.

When American Realty Capital acquired the 2008-built asset in July 2009, lender Amegy Bank provided the bridge loan to allow the buyer to close quickly. "The market wasn't red-hot back then, so it made sense to close the deal and wait a little while," Broemmer tells GlobeSt.com.

Six months after closing, however, lenders are starting to creep back into the market. "There are may more lenders out there now, compared to six months ago," Broemmer comments. "They're being much more competitive."

But the lenders aren't throwing money at everything. Broemmer explains that several things worked in American Realty Capital's favor, not the least of which was the asset itself, a new facility, backed by a credit tenant that has a long-term lease. Furthermore, American Realty Capital itself seems to be appealing to lenders as well.

"If you're lending to a public non-traded REIT that's buying long-term leased, credit-backed assets with no risk, that's an attractive product type and an attractive borrower," Broemmer explains. "They're clearly interested in what ARC is buying because it's low risk and credit-backed."