DESOTO, TX-Options Real Estate Investments Inc. has secured $3.5 million in a permanent, fixed-rate interest vehicle to replace a short-term bank note for the 68,000-sf Inwood Bank Building in Desoto.

The financing is a non-recourse mortgage with a 6.5% interest rate funded by Omni American Credit Union in Fort Worth, Todd McNeill, senior director of Metropolitan Capital Advisors in Dallas, tells He says the loan supported a dissolution of a single-asset partnership and rolled full title to the Dallas-based Options Real Estate, which leased and managed the 98%-occupied building at 1801 N. Hampton Road since 1995. The 10-year loan, with a 75% loan-to-value ratio, replaced a bank-financed seller’s note held since 1992 when Options bought out its joint venture partner in class B-plus, 20-year-old office building, according to McNeill.

The biggest obstacle in getting a signed deal was lenders’ views about the office market on the Dallas side of the metroplex. “The perception of the Dallas office market was a challenge to get over,” McNeill says, “and to compound that the perception about the South Dallas market.” The Inwood Bank Building is the largest office product in Desoto so there was “nothing for comparison in the market,” he explains.

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