DALLAS-The two-year owner of a 19,617-sf shopping center has refinanced the asset for $1.4 million with a 75% loan-to-value vehicle. The 10-year loan was sealed with a sub-6% fixed-rate interest, 25-year amortization and 1.4 debt coverage.
Korea Town Plaza I Ltd. of Dallas closed the refi for the 10544 Walnut St. property through Anne Stewart in the Florida office for Atlanta-based Column Financial Inc. The locally based Ty Equity Group, which brokered the refinance, is the 99.6%-leased center's property manager. Stewart says the professionally managed, seven-tenant center has held firm to its occupancy since it was bought.
The Korea Town Plaza, built in 1988, is an unanchored holding near the intersection of Walnut Street and Plano Road. The "mom and pop" tenant roster includes a chiropractor, acupuncture clinic, optical shop and video store. The 1.4-acre property is assessed at $1.5 million by Dallas County.
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