The 80% loan-to-cost financing is a 24-month vehicle with a roll to permanent funding at the option of the developer, JaRyCo Development LLC, Todd McNeill, senior director for Metropolitan Capital Advisors Ltd., tells GlobeSt.com. The 35,000-sf Twin Creeks Medical Center Two, set to rise on a 1.5-acre tract of JaRyCo's 7.5-acre holding, is a twin to the first building, which delivered at 100% occupancy in fall 2004 at the intersection of Raintree Circle Drive and Exchange Street.
"Once we showed the lenders the comps and activity," McNeill says, "we had four lenders bidding on it." The winner was TexasBank, which set up a floating-rate package with a prime plus half percent interest that kicked in at 6.2%, according to the loan originator.
JaRyCo, led by Bruce R. Heller of Allen, will deliver the specialty space in the fourth quarter. Transwestern Commercial Services' leasing team is preleasing the spec two-story building.
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