DALLAS-As soon as the prepayment door opened, Dallas-based Retail Plazas Inc. bundled a $6-million loan to replace a vehicle with a higher interest rate. The 54,201-sf Frankford Center in North Dallas is the collateral.
Retail Plazas picked up a 10-year loan with a fixed rate hovering 5.5% from Lehman Brothers in New York City. "It's just a stable, performing retail center," Joseph Hevey, managing director in Dallas for Holliday Fenoglio Fowler LP, tells GlobeSt.com about the 91%-occupied center at 18110 Midway Rd. "There were quite a few lenders competing for the loan." Retail Plazas, he says, has done business with Lehman Brothers before, but "they won the business outright," he says.
The 10-year owner locked in financing, amortizing over 30 years, at an 80% loan to value. Details about the retired debt weren't available. HFF will service the new loan for the 19-year-old center on 5.5 acres at the junction of Midway and Frankford roads.
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