The 23,000-sf Main Station is the collateral for a 10-year loan, with a 75% loan-to-value ratio, provided by Omni American Credit Union in Fort Worth, Todd McNeill, senior director of Metropolitan Capital Advisors in Dallas, tells GlobeSt.com. The financing, carrying a 6.5% fixed-rate interest, replaced construction financing, he says, adding the challenge was meeting the borrower's requirement for a 10-year term with 30-year amortization.
"It took a creative lender to understand, step out and do this, particularly in the center of Duncanville, which is not known for its commercial product," McNeill explains.
The fully leased development contains 11,000 sf of street-level retail and 14 loft-style apartments with units ranging from 950 sf to 1,200 sf. Rents range from $1 per sf to $1.20 per sf for the residential component and $15 per sf triple net for the shop space.
Options Real Estate partnered with the city on the project, with Duncanville kicking in the land to make the project happen. "This is the first of many to come," McNeill says of elected officials' plans for the suburban pocket.
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