The LIBOR-based loan, which came a "low rate," represented 75% loan to value for borrower Vigor Properties Inc. of Dallas, Scott Lynn, director and principal of Metropolitan Capital Advisors Ltd. in Dallas, tells GlobeSt.com. Vigor, which paid about $5.6 million for the center in December 2002, used the new capital to satisfy seller financing in the takeover from Today Realty Advisors of Dallas.
In February 2002, the center was accorded a local honor as the best retail renovation project. Vigor, led by principal Howard Kollinger, is still working on the re-tenanting strategy for the now 93%-occupied retail property. "That's why the floating rate," Lynn says.
Dollar Tree, Factory-2-U and Tuesday Morning anchor the center situated at the corner of Camp Wisdom Road and Cockrell Hill. Other tenants are Family Christian Bookstore, Simply Fashions and Southwest Texas Dental.
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