The financing, collateralized by 5555 Morningside Dr., represents 71% of the loan to value, according to Keith Van Arsdale, loan originator and director of the Southwest region for Dallas-based BMC Capital LP. Deluxe Accessories Inc., the asset's owner since 2004, replaced a floating-rate vehicle from a local bank with a seven-year loan with a sub-6.3% fixed-rate interest from a New York City-based portfolio lender, Van Arsdsale tells GlobeSt.com.
The Morningside Drive center, built in 1984 on less than an acre, is a 90%-leased mix of street-level retail and restaurants with second-floor office space. "A mixed-use property can be challenging to finance," Van Arsdale explains, "but due to the location and quality of the asset there were multiple lenders interested in it." Start to finish, the financing, which amortizes over 30 years, was completed in less than 60 days.
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