The 100%-leased center at 6301 Abrams Road in Dallas collateralized a 10-year loan with a sub-6% fixed-rate interest from RBS Greenwich Capital, the Greenwich, CT-headquartered securities arm for Greenwich Capital Markets Inc., says Randy Fleisher, managing director of the Houston-based LJ Melody Co.'s Dallas office.
Fleisher tells GlobeSt.com that Dunhill negotiated an early payoff of a quasi-mezzanine loan with preferred equity put up by the New Hyde Park, NY-based Kimco to acquire the center. "Everyone worked together. Kimco enabled the transaction to happen because of the early payoff," he says, adding the timing allowed the borrower "to take advantage of interest rates before they shot up. It was very fortuitous." The refinancing bundled assumable debt hanging from the acquisition and Kimco's equity.
Fleisher, who secured the financing, says the deal was shopped, but the decision still fell to RBS Greenwich to mark its fifth transaction with Dunhill. The duo's relationship and Greenwich's "competitive quote" swung the transaction to the Connecticut lender, he says.
The Skillman Abrams center is anchored by a Tom Thumb grocery store. The roster also includes Siegel's, Atlanta Bread Co. and All Smiles Dental.
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