$9M Double Deal Rolls Construction Debt

Robert Frank, a director in Dallas for Houston-based LJ Melody & Co., tells GlobeSt.com that the 10-year loans, with a 75% loan-to-value ratio, were financed by Stamford, CT-headquartered GE Asset Management in a 60-day start to finish. The double financing, which replaced construction debt with Texas American Bank, has a 30-year amortization and 6.13% fixed-interest rate, he says.

Frank says the centers, though unanchored, attracted high interest from the lending community due to their locations within their submarkets and high occupancies from credit-worthy local tenants.

The 56,945-sf Midway Hills, built in 2001 on 7.7 acres in Plano, is collateralizing the lion's share of the financing, nearly $6.5 million. The 95%-leased center at 350 Midway Road is across the street from Presbyterian Hospital and abuts an Eckerd drug store.

The second piece of the deal-making is the 36,857-sf Rockwall Central, a suburban neighborhood center with a 90% occupancy on 5.8 acres on the southwest corner of Interstate 30 and Goliad Street. The 2006 S. Goliad St. property is securing about $2.8 million of the financing. The Addison-based Sabre built the center in 2000 and expanded it two years later, according to Frank. The asset fronts Goliad Street, a major artery with interstate access, and abuts a Hobby Lobby in the far north sector of the metroplex.