Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-Retail Plazas Inc. of Dallas has secured $12 million, mostly dedicated to tenant and broker incentives, to replenish the roster in the 70%-filled, 316,693-sf Ridgmar Town Center in Fort Worth.

The Prudential Mortgage Capital Co. financing is a three-year bridge loan with a floating interest rate, starting out at about 4%, that will roll to a permanent vehicle when the center “hits certain occupancies and clears cash flow hurdles,” Joe Hevey, managing director in Dallas for Holliday Fenoglio Fowler LP, tells GlobeSt.com. Retail Plazas, led by Jeffrey C. Olyan of Dallas, acquired the 25.5-acre asset, excluding the Mervyn’s, two years ago from New York City-based Reliance Insurance.

Hevey says the occupancy made the deal challenging to complete, but there were several lenders willing to stake the repositioning for the regional center at the intersection of Green Oaks and Ridgmar Meadow boulevards. Prudential, he says, “gave him (Olyan) the most flexibility.” Part of the capital also retired old debt.

All Hevey can say about the pool is that “a substantial amount” has been set aside for leasing commissions and tenant build-out. “He’s got the time and the capital to put some new tenants in the space,” he emphasizes about the owner’s recovery push.

Ridgmar Town Center’s roster includes Ross Dress for Less, Oshman’s PetsMart, Half Price Books, SAS Shoes, Ridgmar Cinema Tavern and an assortment of national and local names running the gamut from insurance agencies to eateries. Names removed from the marquee, and the root of the problem, included Drug Emporium and MJ Designs, Hevey says. The quoted rents for available spaces range from $8.75 per sf to $16 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.