HOUSTON-Grandbridge Real Estate Capital LLC originated four loans totaling $15.9 million on behalf of developer Orr Commercial. The loans are being used to refinance existing debt on Heights Marketplace, 4500 Washington, South Main Plaza and I-45 @ Broadway.

According to a press release from Grandbridge, the new loans will improve the borrower's interest rates and in some instances are providing an equity recapture. Three of the loans were placed with CMBS lenders and one was furnished by a life insurance company. Terms Range from 10 to 13 years, with amortization ranging from 13 to 30 years. Interest rates range from 4.53% to 4.72%. The production effort was led by Grandbridge Real Estate's Greg Young, David Schwarz and Tip Strickland.

“The projects are all 100% leased with stable tenants that are well representative of the surrounding neighborhoods,” says Orr Commercial development partner and project manager Ryan Taaffe in a press release.

The properties in question are:

• The 19,471-square-foot Heights Marketplace, a new development at 174 Yale St.
• The 19,295-square-foot 4500 Washington, a two-story retail strip center in the same submarket as Heights Marketplace, an area that is undergoing regentrification.
• The 26,055-square-foot South Main Plaza at 9150 S. Main in the Texas Medical Center submarket.
• The two-building, 11,256-square-foot I-45@Broadway at 3933 Broadway in the southeast submarket.

“We are having an outstanding first quarter and our pipeline of deals is looking very healthy for 2013," Young comments in a press release. "We have an unbeatable platform and feel very fortunate to be able to offer our borrower clients highly competitive products in such a robust market.”

Adds Schwarz: "These transactions were a win-win across the board for both the borrower and the lenders. The borrower was able to replace almost $16 million of full recourse debt with non-recourse debt at very attractive interest rates. The lenders were able to establish a relationship with one of the marquis retail developers in Houston and deploy capital that is secured by excellent real estate."