At 93% overall occupancy and GE Pension Trust as the equity partner, lender interest was particularly high for the debt placement, John S. Brownlee, senior managing director in Dallas for Holliday Fenoglio Fowler, tells GlobeSt.com. The lending field represented the full spectrum, with a major life insurance company coming out on top.
Brownlee, hushed about the lender's ID and the loan-to-value ratio, says the "combination of interest rate and flexibility of the structuring" were key to the decision. "With the quality of sponsorship and the asset, we were able to negotiate some pretty attractive terms," he says of the five-year, fixed-rate loan. The permanent financing replaced a construction loan with Guaranty Bank of Dallas. According to Collin County Appraisal District, Eastside Village is assessed at $26.9 million.
The development takes up about five acres at 1013 15th Place and 1404 Vontress Dr. Lincoln Property Co. leases and manages it. The Stamford, CT-headquartered GE Pension Trust and Dallas-based Amicus brought out the first phase in 2001 and the second a year later. The development's chief drawing card is it abuts a light-rail station and served as a catalyst for the downtown's revitalization. The mix of efficiencies and one- and two-bedroom units range from 590 sf to 1,230 sf with rents running from $575 to $1,400 per month.
© 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.