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HOUSTON-Levcor Inc. has obtained about $18.7 million in permanent financing for its Centre at Bunker Hill, a 335,000-sf project at the intersection of Katy Freeway and Bunker Hill.

Atlanta-based ING Investment Management Inc. provided the financing, which is being secured by long-term leases to big box retailers Costco and Lowe’s. Harry D. “Buddy” Hopson Jr., senior vice president of Kinghorn, Driver, Hough & Co., put together the financing package for the 20-year, fixed-rate loan with a 25-year amortization. The shopping center opened in the spring.

The center’s strong positioning made it a good candidate from a lender’s perspective. “That the Centre at Bunker Hill has been so well received by retailers comes as no surprise based on the center’s extremely strong location,” Hopson tells GlobeSt.com.

Costco chose the Centre at Bunker Hill for its entry into the Houston market. The Katy Freeway exposure is attracting all major big boxes: Lowe’s, Michael’s and a newly opened Best Buy. The Bunker Hill location complements another Katy Freeway Lowe’s situated west of Texas 6. “Retailers are drawn to centralized locations with freeway exposure and immediate proximity to the requisite density of purchasing power,” he continues. “That The Centre at Bunker Hill’s market includes the affluent residential neighborhoods of close-in West Houston is an added benefit.”

Kinghorn, Driver, Hough & Co. is an independent mortgage banker that is currently working with numerous credit retail centers in Texas anchored by H-E-B, Costco, Lowe’s and Best Buy.

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