Angelo Gordon & Co., the holder of the purse strings, and Provident Realty Advisors, owner of record, will be "pulling out some equity for a return of some of their capital" Jason Cohen of Carlton Advisory Services Inc. in New York City tells GlobeSt.com. Cohen and Carlton's chairman Howard L. Michaels are handling the refinancing talks with an unidentified lender. There is no closing date as yet, but Cohen figures one will be penciled in "if all goes according to plan" in the coming 30 to 45 days.
The Webb @ LBJ is the former North Town Mall at the intersection of Webb Chapel Road and LBJ Freeway. It stands today as a mix of retail and office, bearing an occupancy of 80%. Cohen says the current occupancy shouldn't complicate a closing since it's below the Dallas-Fort Worth market average of 23.9%.
Renovations wrapped up about two years ago on the single-story center, home to strong nationally recognized tenants such as SBC Communications, Burlington Coat Factory, Voice Stream PCS, Payless Shoe Source and Southwest Securities Group. Carlton says NOI is projected at about $5 million as new tenants are signed for the vacant space at the submarket's going rate of about $18.50 per sf. Lease step-ups push NOI to nearly $6 million in the next few years, according to the mortgage advisory company.
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