Dunhill acquired the 18-year-old shopping center from Dallas-headquartered RM Crowe Co. in a transaction leveraged with a $13-million senior facility from Greenwich Capital Markets Inc. of Greenwich, CT and a mezzanine loan of nearly $3.1 million from Mountain Funding LLC of Charlotte, NC, Arthur Nevid, the mezz lender's managing director, tells GlobeSt.com. The 22-acre center at 2200-2400 Airport Freeway in Bedford is assessed at close to $19.7 million by Tarrant County.
Dunhill's plan is to reinvent a traditional grocery-anchored property with restaurants and entertainment space, Nevid says, adding talks are underway with three restaurateurs to add to a mix that includes Chili's, Jason's Deli and a Movie Tavern plus the Sack N Save anchor grocery. "It's a class B in a class A location," Nevid says.
The mezz financing is Mountain Funding's first transaction with Dunhill although it tried several times last year to win business from the Dallas-based repositioning pro. Nevid says a second transaction is being worked up as Dunhill advances with due diligence on a shopping center in Plano.
According to Nevid, Mountain Funding provided gap financing to ante the loan to value to 90% in a financing vehicle with a 36-month term and the option to extend for another two years. Randy Fleischer of LJ Melody & Co.'s Dallas office arranged the financing.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.