Making its first acquisition was BH Park Green LP, which took over the 37,391-sf Parke Green Shopping Center at the intersection of Pleasant Valley Road and Riverside Drive with a 10-year loan from Archon Financial in Dallas. The 80% loan-to-value ratio and financing with a 5.5% fixed interest rate, minus a required amount for tenant improvements and leasing commissions, came about because the center historically has a strong financial history across the board, Todd McNeill, senior director for Dallas-based Metropolitan Capital Advisors, tells GlobeSt.com. Since 1992, Parke Green's occupancy has been 95% or better.
McNeill says the deal was further strengthened because there is no one year that would classify as a risk in terms of projected lease rollovers for the roster of national and regional names. The tenants include such names as Supercuts, Blockbuster Video, Jackson-Hewitt, Sally Beauty, GNC and Little Caesar's Pizza.
Metropolitan Capital's Scott Lynn, principal and director, arranged a $3.9-million loan for a master-planned development in nearby Round Rock. The Dallas duo of Provident Realty Advisors and Today Realty Advisors are the borrowers and developers of the acreage at the crossroads of Gattis School and Grimes roads. Lynn arranged a 24-month construction loan with Texas Capital Bank.
The development will consist of retail, office and single- and multifamily housing. To date, the developers are holding commitments from Randall's grocery, Eckerd and Weingarten Realty.
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